Have you wondered what the impact of improving customer experience is in terms of dollars and cents? If a company improves their customer experience, how much more revenue can they expect?

According to Forrester Research, there is a correlation between customer experience and revenue. Forrester conducted a study looking at what a one-point increase in CX index score meant for revenue impact for 9 specific industries last year. Here are the results:

Untitled

[1] Recreated from Figure 2 The Revenue Impact of Customer Experience 2015, August 2015, by Forrester Research Inc., Copyright © Forrester Research Inc. See footnote.

Wireless providers are the biggest gainers, but telecom is not the only industry showing big gains to the bottom line as a result of customer experience initiatives. The fast food industry is also trending similar results.

50 million Americans are served daily at one of over 160,000 fast food restaurants[2]. But one fast food chain stands out from the field in terms of customer satisfaction: Chick-fil-A. According to a survey of more than 4,700 Americans by the American Customer Satisfaction Index, Chick-fil-A gets the highest customer satisfaction score of any fast-food chain they have measured over their 21-year history.

Chick-fil-A scored 87 out of 100 in terms of customer satisfaction making it the highest scoring fast food chain for the year and also beating out the 300 other companies that ACSI measures. In addition to scoring high on the ACSI poll, Chick-fil-A also ranked as the top chicken restaurant in America.

Despite some negative sentiment after the president’s anti-gay comments in 2012, the company is doing very well. In 2015, its sales hit $16 billion, marking 48 straight years of growth. Perhaps the most important statistic is that Chick-fil-A has the highest Average Sales per Store: $3.157m vs the market leader McDonalds which does $2.6m[3].

What does all this mean? Customer experience means big money for businesses.

[1] Source: Forrester Research: Research Date: August 11th, 2015. This analysis shows the effect on revenue potential of increasing CX Index scores by one point from the industry average CX score. Curves for individual brands differ from this industry curve. For brands that don’t have a linear relationship between CX and revenue, the revenue effect of improving CX by one point will vary greatly depending on the CX score that serves as the starting point for this analysis.

† Number of customers represents number of customers of a big player in the industry based on inputs that include Forrester’s Consumer Technographics®, Forrester’s analysts, and publicly available industry data.

[2] Source: Pew Research Center: Research Date: October 8th, 2015

[3] Source: Statistic Brain Research Institute: Research Date: March 12th, 2015