Customer experience may not always seem like an obvious candidate for driving revenue. But there is cause to rejoice: Forrester research shows “a clear correlation between improvement in CX and gaining topline growth”, as Vikram Sehgal, Forrester vice president and research director, pointed out at the recent CX Singapore Forum.
The not so good news? Brands in Singapore are struggling to delight customers, and transactions can’t buy brand loyalty.
About 90% of brands in Singapore were found to deliver poor or very poor CX, based on Forrester’s inaugural Singapore Customer Experience Index report, a survey of 3,792 Singaporeans that ranked 16 brands across four sectors (local banks, insurance, airlines and government) and scored using Forrester’s CX Index.
Even the two top-rated brands –DBS Bank and OCBC Bank – ended up plummeting to the bottom of the OK range.
The opportunity cost of bad CX
Singaporean consumers are notoriously hard to please. In the Global Customer Service Barometer 2017 study by American Express, Singaporeans were found to the most demanding globally when it comes to customer service: 66% said they did not complete a purchase when they received poor customer service, while 33% consider switching companies right after experiencing poor customer service.