Inspired by the renowned Michelin Guide, the CX Stars 2023 program resembles a visionary initiative meticulously designed to identify, benchmark, and celebrate organizations of unparalleled excellence in CX (customer experience) delivery.
The program, driven by a threefold objective, aspires to:
- Identify Leading CX Stars: Recognizing organizations at the forefront of exceptional CX.
- Measure CX Progress: Enabling companies to track their current CX performance.
- Foster Best Practices: Promoting the adoption of industry-leading CX approaches.
Through this program, Twimbit seeks to illuminate exemplary businesses and motivate others to remain steadfast in their commitment to customer-centricity – the driving force behind sustained success.
This report presents a concise summary of the program’s findings, offering valuable insights into the CX landscape across various industries and geographies. Additionally, it spotlights the top performers in the realm of customer experience.
CX Stars Benchmarking Methodology
At Twimbit, we believe that delivering Exceptional CX requires a combination of experiences – Digital, Service, Brand and Employee.
Our analyst team at Twimbit devised a multifaceted approach to evaluate the companies nominated for CX Stars 2023:
- Mystery shopping: Assuming the role of customers allowed us to gain firsthand experiences without potential biases, exploring digital platforms, contacting call centers, and visiting branches.
- Secondary research: Analyzing annual reports, crowdsourced reviews, and public communications provided a thorough assessment of the company’s recognitions and capabilities.
- Analyst calls: Engaging with selected companies via video calls offered a deeper perspective on organizational cultures and best practices.
- Comprehensive evaluation: Utilizing our meticulously crafted ‘Exceptional CX Mastery Scale’ allowed us to position these companies within the realm of CX.
Overview of Findings
CX Performance vs Business Outcomes
- A solid correlation between CX Star rating and revenue & financial performance.
- Companies in Advanced and Exceptional CX categories not only experienced faster revenue growth but also accelerated margin growth, showcasing that Better CX allowed companies to charge a higher premium for their services.
Industry Average vs Best-in-Class
- Employee experience (EX) is a key challenge for most organizations and requires concentrated effort
- Despite significant investments in brand communication and marketing, service levels often fall short of expectations.
- While there has been substantial investment in the digital pillar, simply enabling digital channels without a holistic reassessment of the customer journey for each channel fails to enhance the overall service experience.
- Contact center operations are progressively transitioning towards an omnichannel experience; however, the persisting challenge lies in seamless data integration across channels.
Industry-level analysis
Country-level analysis
Leading CX Stars
In the upcoming reports, we will delve deeper into the CX landscape, which will detail a comprehensive and practical checklist on how companies can achieve exceptional CX along with learning about the best practices observed in the companies we’ve benchmarked. Stay tuned!