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Customer Experience reaches new heights in India

But brands still need to differentiate themselves more

Based on a survey of more than 10,000 customers in India in 2019, Forrester's CX Index methodology was used to benchmark the CX quality of brands in six industries. This year, four brands were excellent, which no brand managed to do so previously. Furthermore, 33 brands delivered good CX, up from 19, and only two brands continued to provide mediocre CX.

The industry average for banks went up over points to retain pole position, while the multichannel retail industry rose more than points to go from last to second. Despite increases in their average scores, auto and home insurers fell from third to fifth, and credit card issuers - last year's second - was at the bottom of the rankings. The digital retailer and automotive manufacturer industries were third and fourth respectively.

Despite improved scores, most brands were unable to differentiate themselves and the quality of their CX remained on par with their competitors'. Only HDFC Bank managed to emerge as a true CX leader.

"We see that Indian firms are transforming their culture to become customer-centric and adopting design practices to improve customer experiences," said Amit Bhatia, Forrester senior analyst. "However, only brands that can differentiate themselves will reap the benefits of better CX. Brands that want to break away from the pack should focus on emotion: How an experience makes customers feel has a bigger influence on their loyalty to a brand than effectiveness or ease in nearly every industry."

Forrester's CX Index helps brands identify the key drivers of a positive CX for their customers to prioritize efforts. Even a minor improvement to a brand's CX quality can add crores of rupees of incremental revenue by reducing customer churn and increasing share of wallet. Additionally, superior CX leads to reduced service costs and lowers the cost of customer acquisition through word of mouth. CX leaders grow revenue faster, drive higher brand preference, and charge more for their products.

Have you seen Easy Ways To Make Marketing Pay?

This is the marketing playbook that will help keep your business at the top of every customer's mind - and wallet - and help you increase Profits, Customer Satisfaction, Customer Retention, Customer Loyalty and Word-of-Mouth Advocacy, both online and offline.

This 120+ page report distils a whole spectrum of marketing best practices, do's and don'ts, practical how-to's, research and wisdom from respected global marketing veterans, explaining both emerging and established marketing techniques, technologies, strategies and practices, and providing you with the data you need to support the best decisions for your new, more profitable, more engaging marketing strategy.

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Get it on Amazon (Kindle/Print)