In a cross-industry effort, Kantar, Bain and Company, and Qualtrics are collaborating to establish a set of jointly-endorsed customer experience (CX) standards. The initiative marks the first-ever industry-wide attempt to introduce a common language for excellence in the CX industry and elevate the quality of CX practices across all sectors.

The proposed standards focus on three areas for benchmarking customer-centric excellence: Culture, Capability, and Execution. The companies are inviting feedback from industry partners and practitioners on the proposed CX Standards at cx-standards.com. The final CX Standards are scheduled to launch on CX Day, 1 October.

Data from Kantar suggests that brands delivering meaningful experiences are 2.5 times more likely to significantly increase their market share. However, only 25% of CX leaders say their company’s CX program actually delivers improvements in their customers’ experiences, and a mere 12% say their work impacts overall business performance.

Global Head of Customer Experience at Kantar, Rob Huijboom, said: "Our research shows there is a significant opportunity for our industry to have an impact on any company’s bottom line. This initiative aims to provide unparalleled support to organisations who strive to deliver exceptional customer experiences and enrich the lives of customers. Our market-leading approach to quantifying the role of customer experiences in how brands grow brings an invaluable evidenced-based lens to this first-of-its-kind partnership."

Principal Author of the Standards and Executive Vice President at Bain and Company, Stanford Swinton, said: "The need for common CX standards is critical; they establish a universal benchmark for excellence, ensuring that companies worldwide know exactly how to deliver superior customer experiences," he said.

President and COO, Qualtrics, Brian Stucki, said: "With nearly 20,000 customers globally, Qualtrics is the leader and creator of Experience Management. We are excited to bring our global expertise to bear on this important initiative, and to continue to play a lead role in shaping the future of the CX," he stated.