- Forrester introduces the Total Experience Score, a new metric combining brand and customer experience to drive up to 3.5x revenue growth.
- The score integrates Forrester's BX Index and CX Index across 413 brands in 13 countries, highlighting industry strengths and weaknesses.
- Direct banks in North America and investment firms in Europe and Asia Pacific score highest, while insurers face challenges.
Forrester (FORR, Financial) has announced a groundbreaking metric known as the Total Experience Score, designed to enhance the synergy between brand and customer experiences. This innovative measure combines insights from Forrester’s new Brand Experience Index (BX Index™) and its well-established Customer Experience Index (CX Index™), promising significant business benefits including up to 3.5 times revenue growth and increased customer loyalty.
The Total Experience Score offers an integrated view of how both noncustomers and customers perceive a brand, providing companies with actionable insights to fine-tune their strategies for maximum impact. According to Forrester's recent global rankings, direct banks in North America emerged as top performers, whereas insurers, particularly health insurers in the US and auto/home insurers in Canada, lagged behind.
In Europe, the disparity between customer and noncustomer perceptions was evident, with UK investment firms achieving high scores, while Swedish banks fell short. Meanwhile, in the Asia Pacific region, countries like India and Singapore saw investment firms leading, while Australian banks topped the charts, with auto home insurers facing challenges.
Forrester emphasizes that aligning brand perceptions with customer experience is crucial for organizations aiming to excel in both acquiring new customers and retaining existing ones. The Total Experience Score, along with the “growth grid” tool, provides a strategic framework for companies to assess their market position and refine their business strategies to achieve sustained growth.
