The importance of benchmarking your customer experience against competitors

Posted by sharad khandelwal on Apr 17, 2019 9:00:00 AM

I have been asking all the Customer Experience Directors I meet whether they benchmark their customer experience against the past or their main competitors and the answer is more often than not - NO. When I ask "why?" the usual answer is that this is just too difficult of a thing to do. 

Customer experience benchmarking

With customer experience and satisfaction being a key success factor and often a business differentiator it's critical to know how good your customer experience is compared to the past or your main competitors.

Benchmarking provides the business with a reality check against its own perception of how good their customer experience is, by comparing it to what their and the their competitor's customers think – which is in fact the reality of the customer experience.

Knowing how you perform compared to your competitors ensures that you can make decisions to improve your customer service when there is a risk of losing customers to a better service. Despite collecting vast volumes of customer feedback data very few businesses benchmark their customer experience against their competitors although in a globally competitive market this could be a major oversight.

Benchmarking can for many businesses be an extremely complex process with benchmarks agreed, peer competitors identified, measurement tools identified, research strategies implemented and reports compiled. Without the right tools in place this can be a complicated and resource hungry process. In addition benchmarking needs to be a continuous process and not just a one-time task so it can tie up precious resources on an on-going basis. 

To make life a bit easier for some businesses, there are a number of externally published annual reports that measure customer satisfaction and compare top brands across a sector (e.g. in mobile telecoms) but these reports are typically delivered annually or at best quarterly. Also most often these will only look at a few customer touch points, analysing only one or two major channels but are unlikely to cover the complete channel experience across all the touch points in a customer journey.

As a business you need to be able to answer the following questions:

  1. How does your customer journey experience really measure up to your competitors on a regular basis?
  2. How does your customer experience today measure up to the past, is it improving?
  3. Can you easily see where on your customer journey you compare well to our competitors and where badly?
  4. Do you have real-time visibility of major issues with your customer journey and how are your competitors dealing with them that might benefit you?
  5. Where do you perform well compared to your competitors and why?

Having this benchmark information to hand on a daily basis specifically for your business and compared to your sector and aligned to your customer touch points gives you a really good insight. Not only that but it provides you with a really good measure from which to improve and to continue improving. Being able to see how your main competitors compare at each stage of the customer journey arms better decision-making.

We, at SentiSum are able to you provide with a personalised AI platform that completely simplifies the process of customer experience competitor benchmarking. We deliver all external customer feedback information from across your sector into one place so that you can see exactly how your customer experience compares to that of your competitors. Moreover, we empower you to act on the insights you are getting by identifying areas of improvement and required actions. 

Wait no longer, contact us and START LISTENING TODAY!

Topics: customer experience, artificial intelligence

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