The importance of benchmarking

Benchmarking is an essential activity for companies of all types, shapes, and sizes … be they B2B, B2C, B2B2C, public services companies etc. Popular metrics include revenue, profit, share price, customer base, and market share. However, in the domain of customer service and customer perception, ascertaining a company’s competitiveness takes on a whole new and different level of complexity.

Customers are constantly comparing their providers’ service provision to that of other companies; their choice processes are complex, and their decisions often driven by emotions evoked during their interactions with those companies. These customers have a desire for consistent, intentional, differentiated, and valuable experiences throughout their journey as a customer … Welcome to the Experience Economy!!!

In order to compete successfully in today’s Experience Economy; organisations need to understand how their “customer experience” compares to that of others in the marketplace, and in order to ensure that their service provision (as perceived by their customers) is sufficient to keep them competitive.

However the complex nature of this Experience Economy coupled with the difficult task of identifying customers’ physical and emotional needs in the realms of customer experience means that organisations need a new way of measuring their performance in this area. Traditional cost-focused management tools no longer equip managers with the kind of information they require in order to compete as this business context continues to evolve.

The iCustomerExperience Index fills this void, providing managers with a unique and unparalleled means of measuring customer experience performance as perceived by their customers and in relation to their sector and the wider marketplace.