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The value of experience.

The IPA EffWeek conference on the 16th October 2019 saw the launch of a major new piece of research conducted by The Effectiveness Partnership for Publicis Sapient.

Simon James, International Lead – Group VP of Data Science & AI, Publicis Sapient International revealed the background and outcomes from this seminal new research.

Whilst 89% (up from 36% in 2010) of companies compete primarily on the basis of customer experience (Gartner); and service brands are spending 5x more on customer experience than marketing – it’s challenging to measure the return on investment from CX.

“The last best experience that anyone has anywhere, becomes the minimum expectation for the experience they want everywhere.” 

Bridget van Kranlingen IBM.

Publicis Sapient together with The Effectiveness Partnership set out to measure the business and brand value of CX; to understand how CX creates consumer and brand value; and finally to get closer to the understanding how it pays back.

Using qualitative focus groups and quant surveys we set out to measure the value of CX in the personal banking sector. Out of this research we derived three metrics: Experience Stock (memorability, quality, frequency of experience), Reputation Stock (mentions, sentiment) and Net User Growth (acquisition, retention).

Our key findings were that digital experience drives reputation and growth. Digital disruptor banks have higher ‘Experience Stock’ than legacy brands (and are growing faster as a result).
Simon summarised the learnings for the audience of client and agency executives, that marketing should own CX, because it’s a key growth driver; that ‘Digital experience’ is not the same digital advertising and that the measurement of its investment is an industry wide challenge.

For further information on the study or for a discussion about how The Effectiveness Partnership can help with other research and analysis get in touch: gurdeep@theeffectivenesspartnership.com