OpinionLab Releases CUSTOMER OPINION INDEX (COI): SEPTEMBER 2014

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Based on the voices of millions of consumers across the globe, new COI report analyzes the multi-channel customer experience across eight major industries

The COI has rapidly become the gold standard when it comes to measuring the pulse of the multi-channel experience across major industries.

OpinionLab today released its updated CUSTOMER OPINION INDEX (COI): SEPTEMBER 2014 report, which features more than 60 customer experience benchmarks across eight major industries. The report leverages OpinionLab’s proprietary COI framework, as well as millions of pieces of direct customer feedback, to provide a detailed, actionable picture of multi-channel customer experience performance heading into Fall 2014, as well as identify specific functional areas for improvement and optimization.

“The COI allows brands and industries to quickly assess how they stack up when it comes to customer experience – not just at the overall level, but also at the functional levels where they can gain an advantage,” said Sean Fallon, CEO of OpinionLab. “It illuminates new opportunities to achieve customer experience excellence and ultimately provides an important leading indicator of future customer behavior such as purchasing likelihood, loyalty, and brand endorsement.”

Key findings from the CUSTOMER OPINION INDEX: SEPTEMBER 2014 include:

  • While companies are making positive strides, many industries still struggle to make the leap from mediocre customer experiences to truly remarkable ones – and, in the process, they are foregoing hundreds of millions of dollars of revenue by inviting higher churn and dampening the financial impact of positive word of mouth.
  • The multichannel customer experience continues to improve. The overall COI rose from 508 to 519 (out of a possible 1000) over the course of the second quarter, for a small yet notable increase of 2.2% in Q3 2104. While companies continue to improve in areas such as service & support and account management, other functional areas like loyalty pages have declined, indicating brands are more interested in incremental improvements than bold moves to transform their customer experience strategy.
  • Financial Services leads the way in customer experience excellence with a COI score of 755, followed by Insurance companies, who collectively logged a score of 607. Conversely, Telecommunications’ customer experience score continues to slide down into negative territory with a 15% quarterly decline to a COI score of 253 with poor showing in core functions such as store locator, product information, and checkout.

The full report, with benchmarks across Financial Services, Insurance, Multi-Channel Retail, eTail, Airlines, Travel, Telecommunications, and Healthcare, is available for immediate download here. The report marks the first anniversary of the COI, and a complete archive can be found here.

“The COI has rapidly become the gold standard when it comes to measuring the pulse of the multi-channel experience across major industries,” Fallon continued. “We’re pleased to mark the first anniversary of the industry’s only true multi-channel index as part of our ongoing effort to help companies optimize the customer experience online, in store, in contact centers, and on mobile devices.”

About the CUSTOMER OPINION INDEX:
OpinionLab’s Customer Opinion Index (COI) is the only true multi-channel index of customer experience performance across all customer touchpoints. The COI is computed using proprietary mechanisms that blend context-rich qualitative and quantitative customer experience data together into a unique thousand-point index. COI calculations are derived from OpinionLab’s patented opt-in Comment Cards, which to date have captured more than 200 million pieces of feedback from engaged customers. This includes Functional Mean Ratings (FMR), a new and revolutionary set of normative metrics that aggregate customer experience performance across highly specific functions, areas, and sections of a brand’s digital touchpoint.

About OpinionLab
OpinionLab is the pioneer and global leader in omnichannel Voice of Customer (VoC) feedback innovation with over a decade of success and a dozen patents on major VoC advancements. Starting with the familiar [+] feedback symbol, the company’s end-to-end solution suite allows clients to improve the omnichannel experience with precise, real-time intelligence into what customers want and need. Global leaders choose OpinionLab for actionable VoC insight across web, mobile, store and product touchpoints. Recently recognized by Inc. Magazine as one of the fastest growing companies in America, OpinionLab is proud to service over half of the Fortune 50, including Walmart, Bank of America, and Ford Motor Company. For more information, visit OpinionLab online, read the blog or follow Voice of Customer on Twitter.

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