XMI Customer Ratings

About XMI Customer Ratings

Qualtrics and the XM Institute (formerly the Temkin Group) have developed comprehensive benchmarks based on data gathered on leaders in the Customer Experience industry. When this data is added to CX dashboards as reference lines on widgets, it can provide valuable insights and drive your company’s action-planning.

There are three XMI Customer Ratings benchmarks:

• XMI Customer Ratings – Consumer NPS®
• XMI Customer Ratings – Digital
• XMI Customer Ratings – Overall

This page covers the methodology used for each report, how to acquire to them, and how their data can be implemented in your CX dashboards.

XMI Customer Ratings – Consumer NPS®

The XMI Customer Ratings – Consumer NPS® are comprehensive Net Promoter® Score (NPS®) benchmarks based on data gathered on leaders in the Customer Experience industry.

Methodology

An NPS® score is gathered by asking one simple question: On a scale from 0 (not at all likely) to 10 (extremely likely), how likely are you to recommend our company to a friend?

Net Promoter® Score, commonly referred to as NPS®, is a customer loyalty metric that gauges how willing a customer is to recommend a product or service. Developed by Fred Reichheld, founder of Bain & Company’s Loyalty Practice, Net Promoter® Score is now considered the gold standard customer experience metric by thousands of organizations around the world.

The XMI Customer Ratings, formerly the Temkin NPS Benchmarks, are NPS® data gathered on more than 340 of the top-performing companies catering to U.S. consumers. Every year, the XM Institute surveys thousands of consumers on top companies, and uses this data to compile a new NPS® benchmark. This means you can look to the most recent and relevant data when using these benchmarks to establish company standards and compare yourself to industry leaders.

XMI Customer Ratings – Digital

The XMI Customer Ratings – Digital are benchmarks that provide a reference point for companies looking to compare their digital customer experience against peer organizations.

Metholodology

Digital Customer Experience seeks to understand how customers navigate a company’s web presence, and how this web presence can be used to further company goals of customer conversion, acquisition, retention, and more.

The Digital Experience Rating Score can help you understand where your company stands related to the competition. It is a calculation involving CSAT, Ease of Use, and Likelihood to Return. CSAT stands for Customer Satisfaction, and is measured on a 1 (not at all satisfied) to 5 (completely satisfied) scale. Ease of Use measures how easy or difficult a customer found their digital experience on your site to be, from “extremely easy” to “extremely difficult.” The Likelihood to Return is as it sounds; how likely are customers to return to your company’s digital space?

The XMI Customer Ratings – Digital contain data compiled from 180 of the top e-commerce companies from the Tempkin NPS® benchmark study.

XMI Customer Ratings – Overall

The XMI Customer Ratings – Overall is a cross-industry, open standard benchmark of customer experience.

Metholodology

To generate these ratings, we asked 10,000 U.S. consumers to rate their recent interactions with 294 companies across 20 industries and then evaluated their experiences across three dimensions: success, effort, and emotion. All three of these dimensions were measured on a 1 (low score) to 7 (high score) scale. Success measures the degree to which customers are able to accomplish their goal while working with the company. Effort measures how easy it is for customers to work with the company. Emotion measures how the customer feels overall about their interactions with the company.

To calculate the overall score for a given company, we first separate out each dimension by the percentage of high scores (either a “6” or “7”) and low scores (either a “1”, “2”, or “3”). Then, we subtract the percentage of low scores from the percentage of high scores for each dimension. Next, we average the three dimension scores together to come up with the XMI Customer Rating – Overall for the company. To determine the XMI Customer Rating – Overall for an industry, we average the individual overall scores for the companies that make up that industry.

Getting Access to XMI Customer Ratings

XMI Customer Ratings are currently available to all CX1, CX3, and CX5 customers who are interested, and can be implemented right inside the dashboard. If you are the Brand Administrator, you can request access to these benchmarks by reaching out to your Account Executive or Customer Success Representative. If you are not an administrator, please reach out to your Brand Administrator.

If you do not have the proper Qualtrics license but are still interested in any of the benchmarks, you can request a demo here.

Adding Benchmarks to Dashboards

The Benchmark editor allows you to upload benchmarks to your CX dashboard, so they can be more easily loaded onto your widgets. Once you purchase access to the XMI Customer Ratings (or if you are a CX1, CX3, or CX5 customer), you can add these ratings to your dashboard using this tool. See Benchmark Editor (CX).

Adding Benchmark Goal Lines to Widgets

Once you have access to XMI Customer Ratings, you can use the aggregate data to set goal lines on widgets displaying your company’s data. This provides a nice visual key of where your company’s data stands against industry leaders.

1. Create a Simple Chart widget.
   
2. Set the Chart Type.
   
   Qtip: Generally, goal lines work best with the Line Chart type.
3. Set your Metric and X-Axis breakout.
   Qtip: In this example, we use an Average metric of our company’s NPS data, and set the X-Axis to a date field. We then organize this date by Quarters to show how the data has changed from fiscal quarter to fiscal quarter.
   
4. Click Add Reference Line.
   
5. Click your newly made reference line.
6. Label your line.
7. Leave the Line Type as Based on value.
8. Type the value of the benchmark you’d like to use as a goal line.
9. Repeat Steps 4-7 as needed.
   
10. Change the colors of your reference lines.
    
11. Select Show Tooltip.
    
12. Add a description designating the goal lines by color. This will appear as a tooltip your dashboard users can hover over.