XM Institute NPS and Customer Ratings Benchmark

Since many companies use Net Promoter® Score (NPS®) to evaluate their customers’ loyalty, they also need an NPS Benchmark to compare scores across organizations, industries and leaders. This new solution not only includes an NPS Benchmark from the XM institute but it also includes another benchmark called the XMI Customer Ratings – Overall which is a composite metric of customer experiences measured across three dimensions: success, effort, and emotion. This benchmark was formerly known as the Temkin Experience Ratings.

Quickly launch this XM Solution and use the benchmark data from ‘XMI Customer Ratings – Consumer NPS’ and ‘XMI Customer Ratings – Overall’ to start collecting feedback from your customers, establish company standards, compare yourself to industry leaders, and identify where action is needed to improve the customer experience.

As you collect feedback, the dashboard will be populated with response data. The dashboard is configured to display your company’s scores alongside the industry average and leader.

Companies can:

• Quickly stand up a relational NPS survey and a Customer Ratings Overall program to measure and analyze against XM Institute benchmark data
• Use the XM Institute benchmark data to establish company standards and compare yourself to the industry average and leader
• Use pre-configured dashboards and key drivers to monitor NPS and Customer Ratings Overall to take action

XMI Customer Ratings – Consumer NPS

Many large companies use Net Promoter® Score (NPS®) to evaluate their customers’ loyalty. The NPS benchmark used in this dashboard can either be the average NPS for your industry or the leader or you can choose to display both.

With this XM Institute benchmark, you can:

• Understand how your company’s NPS performance compares against the industry average and leader
• Identify companies that are delivering best-in-class customer experiences based on NPS
• Establish NPS goals based on company and industry comparisons

XMI Customer Ratings – Overall

How does the quality of customer experience differ across industries? To address this question, the XM Institute created the ‘XMI Customer Ratings – Overall’, which evaluates the quality of the customer experiences delivered by U.S. companies. The ‘XMI Customer Ratings – Overall’ benchmark used in this dashboard can either be the average for your industry or the leader or you can choose to display both.

With this XM Institute benchmark, you can:

• Understand the overall performance of your customer experience program using 3 key criteria — success, effort and emotion
• Establish customer experience goals, compare your performance to industry peers and against the market overall
• Identify the industries delivering best-in-class customer experiences and see the top brands within each industry

What You Get

To compare scores across organizations and industries, the Qualtrics XM Institute measured Customer Ratings – Overall for 324 organizations across 21 industries, and NPS for 319 companies across 20 industries. The data in the benchmark comes from XM Institute’s Q2 2020 Consumer Benchmark Study, which was conducted in May 2020. The benchmark data is updated annually, and you can find historic data beginning in 2019.

The following industries were included in both benchmark studies:

• Airline
• Automotive
• Banking
• Car Rental
• Computer Makers
• Consumer Payments
• Electronics
• Fast Food
• Grocery
• Health Insurance
• Hotel
• Insurance
• Investment Firms
• Parcel Delivery Services
• Retail
• Software Firms
• Streaming Media
• TV/Internet Service Providers
• Utilities
• Wireless
• Federal Agencies (Note: We only collected data on Customer Rating – Overall for Federal Agencies)

This XM Solution contains benchmark data, email templates, questions, and dashboards for two XM Institute benchmarks:

1. XMI Customer Ratings – Consumer NPS
2. XMI Customer Ratings – Overall

With this pre-configured solution, you can use dashboards to display your company’s benchmark scores alongside industry averages and use key drivers to better understand where to focus to improve the customer experience.

The first page of the dashboard outlines key metrics related to your organization’s NPS and Customer Ratings Overall. Here you will also be able to use the verbatims widget to display open comments and the key driver widget to see your company’s key drivers by satisfaction.

Further, you will be able to use widgets to analyze demographic information and quickly pinpoint and compare how your company is doing relative to industry averages in the context of success, effort and emotion.

And lastly, the dashboard also provides insights into historical data so you can measure against your industry average over time.