Bain & Company, Kantar, and Qualtrics have unveiled an updated version of their jointly-endorsed Global Standards for Customer Experience (CX) following a 10-week industry-wide consultation. The revised standards come as their latest analysis shows a 19% increase in the revenue at risk across companies due to poor CX.

The standards are designed to guide businesses’ CX programmes and offer proven strategies for superior customer experience. Research from Kantar suggests that companies that improve customer experiences are 2.5 times more likely to significantly increase their market share than those that make no improvements.

Analysis from Qualtrics indicates that organisations are putting approximately US$3.7 trillion annually at risk due to poor customer experiences, an increase of roughly $600 billion (19%) compared to projections from last year. More than 1,500 CX practitioners and stakeholders downloaded the standards during the consultation window, providing feedback from companies and individuals in 23 countries.

Around half of the initial Global Standards for CX have seen refinements, and three new standards have been added. Key themes from the responses included the application of standards in complex organisations and suggestions for additional standards, such as capturing the Return on Investment (ROI) of CX programmes, and how technology can and should be developed to support CX.

"The Experience Economy has caused a fundamental shift for businesses, and experience is now an important - if not the single most important - driver for growth," Rob Huijboom, Global Head of Customer Experience at Kantar, said. "Our clients and the wider industry have responded positively to the Global Standards for CX, demonstrating that a set of common industry standards is long-overdue, and an enthusiasm for the growth our framework can unlock."

Stanford Swinton, EVP at Bain & Company and Principal Author of the standards, added, "There’s work to be done now in winning over hearts and minds of the industry and generating critical mass behind the Global Standards for CX. In doing so, we aim to re-establish the role of CX within businesses; it’s more than just doing satisfaction surveys."

Brian Stucki, President and COO of Qualtrics, also commented, "The real value of experience management is in helping organizations better serve their stakeholders. These global standards serve as a roadmap for companies aiming to build durable differentiation and the discipline to quickly adapt to the evolving needs of their market, their customers and their employees."