Since the insurgence of the dot-com boom of the 1990s, tech mania has gripped the business headlines. And it’s easy to see why—aspointedly states, “Seven of the world’s 10 most valuable companies are in the tech sector….” This isn’t even mentioning the amount of tech start-ups bursting onto the scene every year.
However, for all the problems modern tech has solved, it, like many industries, still struggle with the same obstacles: streamlining and improving the customer experience.
CustomerGauge’s 2018 NPS & CX Benchmarks Survey, conducted in collaboration with MIT CISR and NPSBenchmarks.com, reached out to 468 companies and 15 different industries. Two of those industries fell under the technology sector: IT & Software and IT Services.
Despite topping some of the world’s most valuable companies, these two subindustries did not rank out on top when it came to Net Promoter Score® or retention. They were, however, the most primed for improvement.
See the average Net Promoter Score® and retention rate for each industry (including our tech categories) by downloading the full report.
Below we'll look at the rankings of each subindustry.
IT & Software—Turning From Product-Centricity to Customer-Centricity
+ 7 increase in Net Promoter Score over 3 years
#11 Net Promoter Score out of 15 industries
#10 retention rate out of 15 industries
Across the industries, the average age of a Net Promoter or customer experience program was around 3 years. Within the IT & Software industry, the average increase in Net Promoter Score over those 3 years was +7. While any improvement in Net Promoter Score is commendable, along with IT Services, IT & Software rank in the lower rung of Net Promoter Scores of the 15 industries surveyed.
With incredibly fierce competition and a rising portfolio of options for customers to choose from, many IT & Software companies are making the switch from product-centricity to customer-centricity. In Adobe’s 2017 Digital Trends in the Technology Sector report, 81% of tech companies surveyed said they are putting customers at the heart of future initiatives, including personalization and customer journey management.
This is consistent with the findings in this year’s 2018 NPS & CX Benchmarks Report, in which many companies recognized the need to bulk up their product innovations with superior support and services. In other words—in an increasingly crowded space, service is becoming the true differentiator.
To get the full insights, Net Promoter Score, and retention rate for the IT & Software industry, download the free report.
IT Services—Building Lasting Relationships
+22 increase in Net Promoter Score over 3 years
#14 Net Promoter Score out of 15 industries
#5 retention rate out of 15 industries
Despite being the second to last lowest ranking industry by Net Promoter Score, the IT Services industry has experienced the largest growth in terms of Net Promoter Score. In addition, they rank 5th out of 15 industries for highest retention rate. What does this tell us?
The IT Services industry seeks to answer the strong desire for managing both the relationship side and technical expertise of a growing IT landscape. As a relatively new category in the tech space, IT Services as an industry has had to adapt quickly to the advanced and complex needs of tech customers, while also fostering continued relationships.
Therefore, despite boasting one of the lowest Net Promoter Scores in the 2018 NPS & CX Benchmarks Report, IT Services is making, quite possibly, the most incredible progress in terms of customer experience and retention strides out of all 15 industries. Gartner has similarly stressed how IT service managers are relying more on user satisfaction metrics in determining success, beyond just operational metrics.
The vast improvement in Net Promoter Score corresponds well with the high ranking retention rate of the IT Services industry. By focusing on building long-term relationships with customers and improving those experiences, the industry has seen an increase in promoters and therefore retained profitable customers.
To get the full insights, Net Promoter Score, and retention rate for the IT Services industry, download the free report.
Despite boasting some of the world’s most renown Net Promoter and customer experience titans, such as Apple, and some of the top Fortune 500, there are still improvements to be had in the crowded technology marketplace.
However, strides are being made. For example, many technology companies are trying to reduce the siloed nature of certain departments to better streamline the customer journey. One of these “breaking down of barriers” situations include putting Development and Support teams in closer proximity to each other.
Interested in learning more about the 13 other industries mentioned? Download the full report now.