Overall perception of the quality of Singaporeans' experiences with brands is poor, according to a new Forrester report
SINGAPORE, Sept. 4, 2018 /PRNewswire/ -- Singapore brands provide customers with weak customer experience (CX), according to Forrester's inaugural Singapore Customer Experience Index (CX Index(TM)). Fourteen of the 16 brands ranked fell into the very poor or poor categories, with no brand reaching good or excellent. Government agencies particularly underperformed, and two of them were rated very poor by Singaporeans.
Based on a survey of 3,792 Singaporean adult customers, Forrester's 2018 CX Index measures and ranks 16 brands in Singapore to identify how well a brand's customer experience strengthens the loyalty of its customers. Released for the first time in Singapore, 2018 rankings include brands in the banking, insurance, government, and airline sectors.
Singaporeans demand more from their interactions with brands. However, brands fail to differentiate themselves and move beyond effective but very transactional relationships. Their inability to deliver led to unsatisfactory scores -- and unimpressed customers. Brands especially fail to create emotionally engaging experiences, so while some may be delivering easy and effective experiences, it is not enough to strengthen customer loyalty. For example, a mere 27% of government customers said that their experiences were emotionally compelling -- the least amount across all industries. Brands must excel at all three dimensions of CX to avoid disappointing customers and instead drive loyalty.
"Singaporeans have high expectations and require interactions that are emotionally positive, easy, and effective -- but the low quality of CX in Singapore drives customers away, cuts revenue per customer, and reduces customer advocacy," Tom Mouhsian, principal analyst at Forrester and author of the new report, said. "Brands must work harder to deliver the strong experiences that consumers demand, as even a minor improvement to CX quality can add tens of millions of dollars of revenue by reducing customer churn and increasing share of wallet."
Though even top-ranked brands do not stand out as CX leaders, the airline and banking industries in Singapore are showing the best path forward. In 2017, multichannel bank leader DBS Bank invested in CX using journey mapping and digitalized processes, which paid off: According to Forrester's CX Index, it provides the easiest experience for customers, with 53% of customers agreeing that it's easy to interact with the bank. Additionally, airline leader Singapore Airlines provides the most effective experiences, which contributes to its unmatched loyalty. More than half of its customers confirm they can accomplish their goals when interacting with it, and the brand's customer retention loyalty is 26 points above average.
For a full list of the 2018 Singapore CX Index rankings, read Forrester's report. [subscription required]. Contact us to learn more about how Forrester's CX Index can help your business.
About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in the market today. The CX Index gives businesses a deep and actionable understanding of the quality of their customers' experiences, competitive benchmark data so that business and technology leaders know how they stack up against their peers, and the ability to model the improvements that will have the biggest impact on revenue.
For more information, please visit http://forr.com/cxindex.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester's unique insights are grounded in annual surveys of more than 675,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data and analytics, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.
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