PRESS RELEASE
Bain & Company, Kantar, and Qualtrics partner on new standards to elevate the quality of customer experience practices globally
London, 16 July 2024: Bain & Company, Kantar, and Qualtrics today announce they are working in partnership to establish a set of jointly-endorsed CX standards. This first ever cross-industry effort introduces a common language for excellence in the CX industry and standards to elevate the quality of CX practices across all industries.
Kantar data shows that brands that deliver meaningfully different experiences are 2.5 times more likely to significantly increase their market share. However, only 25% of CX leaders say their company’s CX program actually delivers improvements in their customers’ experiences. Only 1 in 8 (12%) say their work impacts overall business performance. The new global standards for CX provide companies with proven strategies for superior customer experience, an expert-backed CX framework, actionable insights and comprehensive support.
The newly proposed standards framework focuses on three areas for benchmarking excellence in customer centricity:
- Culture: A brand’s positioning aligns to its company purpose and values. Metrics are in place to measure progress against targets, the leadership spends time in the shoes of customers and employees, and there are systems to regularly capture feedback and issues. Systems for supporting and rewarding staff are aligned with the company’s values.
- Capability: The organisation joins the dots between different sources of data and customer feedback, from transactional level data to brand evaluation metrics, and makes these insights available to all within the organisation. Data management practices are based on a single customer view, linking customer experience to business value.
- Execution: The value of CX investment and its impact on brand and growth is well understood throughout the organisation. Target journeys are designed with users in mind, with teams organised around customer needs. All customers are understood in terms of their value and brand advocacy, with this insight prompting personalised actions.
Kantar, Bain and Company and Qualtrics are inviting feedback from industry partners and practitioners on the proposed CX Standards. Final CX Standards are scheduled to launch on CX Day on 1 October.
Discussing the motivation for the new alliance, Rob Huijboom, Global Head of Customer Experience at Kantar, said: “Our research shows there is a significant opportunity for our industry to have an impact on any company’s bottom line. This initiative aims provide unparalleled support to organisations who strive to deliver exceptional customer experiences and enrich the lives of customers. Our market-leading approach to quantifying the role of customer experiences in how brands grow brings an invaluable evidenced-based lens to this first-of-its-kind partnership.”
“The need for common CX standards is critical; they establish a universal benchmark for excellence, ensuring that companies worldwide know exactly how to deliver superior customer experiences," stated Stanford Swinton, Principal Author of the Standards and Executive Vice President at Bain and Company.
‘With nearly 20,000 customers globally, Qualtrics is the leader and creator of Experience Management. We are excited to bring our global expertise to bear on this important initiative, and to continue to play a lead role in shaping the future of the CX’ added Brian Stucki, President and COO, Qualtrics.
To read the CX Standards and share feedback, visit cx-standards.com.
The consultation closes on 31 August 2024.
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About Bain & Company
Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes.
About Kantar
Kantar is the world’s leading marketing data and analytics business and an indispensable brand partner to the world’s top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future. For further information, please contact [email protected].
About Qualtrics
Qualtrics, the leader and creator of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees. With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle. To learn more, please visit qualtrics.com.
