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2026 Research Report

The State of Customer Value

Organisations that connect customer experience to financial value first will have a structural advantage. Here's where Australia stands.

State of Customer Value research
CSAT
Churn Risk
CLV
Revenue
CX
NPS
Foreword

Foreword

I started Revlence because I believed most organisations couldn't reliably tell you what their customer relationships are worth, and people within those organisations are making decisions without the full picture. Behind that belief was something more personal: customers were suffering for it, with their problems rarely getting solved.

This report tested that belief against two sources: what Australian enterprises report publicly, and what the senior leaders running customer measurement inside them describe directly.

The public data showed the gap in measurement. The executive interviews showed something harder to resolve: the gap is already visible to the people inside it. The leaders we spoke to diagnosed the problem with precision. Several had been working on it for years.

What the institution around them could not produce was the financial case that would move capital toward closing it, because the case requires the number the measurement produces.

The cost of not knowing cannot be priced without the instrument that ends the not-knowing.

Without that number, the argument loses to priorities that already carry one. Every time. The revenue consequence accumulates invisibly until it shows up downstream as churn, or as a number nobody can quite explain.

This report makes those consequences visible as a starting point. What is required is a financial case, and the measurement infrastructure to support it: the ability to say, with precision, what customer relationships are worth, where value is bleeding, and what to do about it.

This is the first edition of what Revlence intends to publish regularly. The methodology will deepen. The question at the centre of it will not: are Australian enterprises governing customer value, or merely describing it?

In 2026, the work is still in motion. Every organisation in this research is working on the problem, and what this report provides is a baseline. A point from which progress can be measured, rather than assumed.

We look forward to documenting that progress.

Harrison Deck

Harrison Deck

Founder and CEO, Revlence

Introduction

Australian enterprises are closing the gap between experience and value.

Customer value is not a feeling. It is an economic fact: the revenue a customer relationship generates, net of the cost to serve it. Australian enterprises know this. Ask any CFO or Chief Customer Officer what a customer is worth and they will describe it in economic terms. Retention, tenure, balances, product depth, profitability.

But that understanding has not yet reached the metrics that govern decisions. What reaches the board is NPS, active customer growth, and complaint volumes: metrics that describe the customer relationship but cannot quantify it. The gap between how value is understood and what gets reported is not incidental. It reflects a structural condition in which the measures available to leadership are insufficient to build a financial case for CX investment.

That case can be built. The data required exists inside most Australian enterprises. What is missing is the measurement infrastructure to surface it.

Customer Value Framing

Often as

  • How many customers are acquired
  • How customers feel

Rarely as

  • How much economic value customers generate over time
  • How durable customer relationships are

Practitioners could name the gaps, describe them, and in several cases had been trying to close it for years. What they couldn't do was make the financial case.

The consequences are practical. If you cannot measure what a customer relationship is worth, you cannot know whether it is growing or eroding. You cannot identify which customers are at risk before revenue falls. You cannot govern the response. But the organisations in this research are not standing still. They are building toward that capability. This report documents how far the industry has come, how far it has to go, and gives you a way to locate yourself within it.

About the Research

How the dataset was built and why it covers what it covers.

This report draws on two evidence bases. One documents what the Australian public record says about customer value. The other diagnoses why the record looks the way it does.

The public record

46 ASX-listed enterprises across 7 sectors.

The quantitative analysis produced 690 scoring decisions, each anchored to a specific page reference in a published annual report. Every company was scored against a 15-point framework covering customer experience proxies, retention metrics, customer growth and unit economics. The scoring was completed by humans, then audited across three independent verification passes before the dataset was locked.

Public Record Composition

Each square represents one company · Annual Report 2025

Banking

Financial Services

Insurance

Retail

Telecommunications

Travel

Utilities

Source: Revlence 2026 State of Customer Value Report

Revlence

The practitioner base

11 executive interviews across 3 sectors.

On-the-record conversations with senior practitioners responsible for customer measurement inside Australian enterprises. Each interview was structured around a common protocol covering what the organisation measures internally, what reaches the board, how decisions are made from the data, and what the practitioner sees as the measurement blind spot.

Practitioner Base Composition

Each circle represents one interview

Banking

Financial Services

Retail

Source: Revlence 2026 State of Customer Value Report

Revlence

What this research can and cannot see

The findings are shaped by what Australian reporting architecture requires and permits. Accounting standards such as AASB 17 and AASB 15 produce customer-economic disclosure as a by-product. Regulatory guidance such as ASIC RG 271 requires granular complaints data to the regulator, but not to the annual report. The gap between what companies measure, what regulators see, and what reaches the investor is itself part of the finding.

The Findings

The gaps between knowing and governing.

Key findings from the quantitative analysis and executive interviews. They point at the same problem from different directions.

01

CX and financial performance are reported as parallel narratives.

Beyond revenue, companies measure acquisition most consistently: how many customers were added, how fast the base is growing. Experience metrics follow, signalling relationship quality without quantifying it. The economic measures that would connect those relationships to financial outcomes, retention, cost to serve, customer-level profitability, trail behind.

Prevalence by metric category

% of companies disclosing at least one metric · cross-sector

Disclosed
Not disclosed

Customer growth

New customers, growth rate

72%

CX proxies

NPS, CSAT, complaints

57%

Retention metrics

Churn, tenure, retention rate

17%

Unit economics

Revenue, margin, cost to serve

15%

The Linkage Problem

Disclosure of CX proxies and unit economics across 46 ASX-listed enterprises.

13%

Both

2%

Unit economics only

CX proxies only

Neither

Source: Revlence 2026 State of Customer Value Report

Revlence

Most companies share customer experience metrics, yet the customer-level economics that would make the experience data meaningful are rarely published. Only 13% publicly disclose both in a way that enables even a partial connection.

The practitioners running these organisations confirm the pattern directly. They describe customer value the way a CFO would: retention, tenure, balances, profitability, product depth. Then they describe what their boards govern on: NPS, active customer growth, complaint volumes. Both positions belong to the same organisation. Both are held simultaneously. The reconciliation between them is what the measurement infrastructure has not yet produced.

02

Enterprises are getting better at explaining why customer experience matters. Yet they stop short at broad correlations.

Organisations can articulate why customer experience metrics like NPS, complaint volume and retention drive financial value. Some demonstrate the ability to segment those standards by product line or complaint category. Yet very few segment them at the level of the individual customer.

One organisation describes NPS measurement as critical to minimise churn and accelerate revenue growth. Another ties NPS to attrition and revenue as the rationale for executive incentives. The correlations are described in broad terms, not demonstrated at the level where action can be taken.

The consequence is that sweeping statements are made from aggregates. A one-point NPS movement is treated as a signal that retention will improve, or that revenue will follow, or that a service investment paid off. The aggregate cannot support those inferences. These inferences reach the board as signals they are treated as, not as the aggregates they are.

One described the organisation's inability to connect customer problems to customers at a product level, another described being unable to see experience at the individual customer level, the product level, or even the theme level, and named the absence of that capability as the binding constraint on acting on what the organisation already captures.

Every practitioner interviewed described active work to close this gap. The direction is clear. The detail is what causality requires, and the detail is what the connecting infrastructure produces.

03

Operational decisions are driven from customer examples

Practitioners named verbatim feedback as the most useful source of customer insight in their organisation, and confirmed it rarely reaches senior leadership. Qualitative signals carry weight operationally, where teams act on what customers say. But they cannot be treated as evidence at the executive level, where leadership requires data. So what gets presented upward is the CX proxy: NPS, CSAT, complaint volumes. The result is an organisation operating on two separate information standards. Operationally, decisions are made from examples. At the leadership level, decisions are made from metrics that practitioners themselves consider the least meaningful.

What practitioners act on

Verbatim feedback

“She’s a loyalty member, shops weekly, average basket around $180. She submitted a complaint regarding missing items on click-and-collect order two months ago. She hasn’t been back since.”

Store operations escalation, large retailer

Monthly board report

What leadership governs on

CX proxy

44

NPS · up 2pts month-on-month

The insight exists at both layers. Only the score travels upward.

Source: Revlence 2026 State of Customer Value Report

Revlence

Interviewees reveal a common thread: NPS persists because it enables comparison against competitors and is easy to present to a board. Many believe it is not the most meaningful metric. It is retained as a communications tool rather than a decision-making one.

04

Incentive structures still favour acquisition over retention.

New customers acquired, active customer growth, increased loyalty members. These are the metrics that dominate disclosure and executive attention. The metrics that describe the quality of those relationships, how engaged, how loyal, how likely to stay, are reported less often and acted on later.

The dataset revealed this clearly. For some organisations, NPS declined materially year on year while customer volume grew, and executive pay outcomes were strong. The growth was rewarded. The quality decline underneath it carried no consequence. Where CX proxies appear in executive scorecards, they appear as a token presence: named but weighted lightly or not at all. Volume always carries the bonuses.

Volume is easier to move and easier to measure. Yet almost always at a detrimental expense to the business. Increased marketing spend, last-minute discounting, or promotional pricing can be invoked to achieve targets. And whilst executives know acquiring new customers costs more than retaining existing ones, they spend disproportionate effort on acquisition anyway.

Improving the quality of customer relationships requires a fundamental change in how the organisation collectively operates and how they measure success. Organisations that have worked this out, and are truly customer-centric, are the ones today that are excelling, and the ones tomorrow that will continue to prosper.

05

Detection and governance cadence operate at different speeds.

Across every organisation interviewed, the same pattern emerged without exception: issues surface at the operational layer within days through voice-of-customer signals and frontline escalation. Formal governance, resource allocation, and executive decision-making operate on monthly reporting cycles. The speed advantage of early detection is absorbed by the reporting cadence before it translates into a governed response.

Two-Speed Measurement

Detection speed vs governance cadence

Source: Revlence 2026 State of Customer Value Report

Revlence
06

Organisations are moving in the right direction.

Across every organisation interviewed, executives described active work to improve how customer value is measured. CLV models are in development. Customer-level scoring is on the roadmap. Survey-based measurement is being phased out in favour of feedback captured directly from customer interactions. Real-time data integration is being scoped and prioritised. Data infrastructure, integration capability, and financial linkage are the remaining barriers. The direction is clear.

What's new in 2026–2027

  1. Customer value as operational metric

  2. Root cause tied to revenue

  3. Continuous customer-level risk scoring

  4. Fixes prioritised by revenue risk

  5. Named accountability for customer value

  6. Enterprise-wide customer thinking

Self-Assessment

Where does your organisation sit?

Five questions drawn from the measurement dimensions in this research. Select the answer that most accurately reflects your organisation today, not where you aspire to be.

01

How does your organisation primarily measure customer value?

A. We do not have a formal customer value measure.

B. We track NPS, CSAT, or complaints as our primary measure of customer health.

C. We measure revenue per customer or product holdings alongside CX metrics.

D. We model customer lifetime value and connect it to retention and financial outcomes.

02

What dominates your leadership customer performance conversation?

A. We do not have a regular, structured customer performance review.

B. Sentiment scores and customer growth numbers.

C. A mix of CX metrics with some unit economics or segment profitability.

D. Customer value segmentation with retention, profitability, and lifecycle data.

03

Can you connect a customer experience outcome to a revenue impact?

A. No. CX and financial data are managed separately.

B. Directionally. We believe the relationship exists but cannot quantify it.

C. Partially. We can link some interactions to financial outcomes.

D. Yes. We can attribute CX investment to measurable revenue outcomes.

04

How do you know when a customer is at risk of leaving?

A. We typically find out when they have already left.

B. We monitor NPS drops or complaint spikes as early signals.

C. We track tenure and churn patterns across customer segments.

D. We model retention risk at the customer level with early intervention triggers.

05

How long does it take for a customer issue to trigger a governed response?

A. It may not. There is no structured escalation path.

B. Weeks. Issues surface in monthly reporting cycles.

C. Days. Fast signals reach operational teams quickly.

D. Hours. Automated triggers route issues to governance in near real-time.

Your result

Mostly A

You are at the starting point. Customer value is not formally measured and revenue risk is invisible until it appears in financial results.

Mostly B

You are measuring experience but not value. NPS and CSAT tell you how customers feel. They do not tell you what those customers are worth or whether that worth is growing or eroding.

Mostly C

You have the building blocks. The opportunity is connecting them into a governed system that links CX investment to financial outcomes and surfaces retention risk before it becomes visible in revenue.

Mostly D

You are ahead of most organisations in this research. The question is whether your CLV model is operational and embedded in day-to-day governance, or still a framework that has not yet reached board-level reporting.

Customer Value Maturity Ladder

Where does your organisation sit?

Tier 4

True lifetime value

Absent from dataset

CLV is operational, embedded in governance, and reported at board level.

Ahead of the entire dataset.

Tier 3

Economic foundation

Both retention metrics and unit economics are present, even if incomplete.

Strong position. The question is whether CLV is next.

Tier 2

Partial economics

Either retention or unit economics disclosed — not both.

Building blocks exist. The gap is connecting them into a governed system.

Tier 1

Proxies only

NPS, CSAT, complaints, or growth metrics — no retention or economic data.

You know how customers feel. You don't yet know what they're worth.

Tier 0

No disclosure

No meaningful customer value metric measured or reported.

Revenue risk is invisible until it appears in financial results.

Source: Revlence 2026 State of Customer Value Report

Revlence
What Comes Next

The work is the same work, whether you start now or in a year’s time.

Most organisations in this research sat at Tier 1 or Tier 2 on the maturity ladder. Every organisation interviewed described active work to move. The difference between moving and standing still is usually a single decision: to commit to the infrastructure that connects customer experience to economic outcome, and to name the person accountable for closing that loop.

This work compounds. An organisation that begins this quarter will have twelve months of customer-level data, a working attribution model, and a board conversation changed by both, before the next edition of this research is published. An organisation that waits will start that clock later, with the same commercial pressure and a harder conversation about what has been missed in the interval.

Revlence exists to make that timeline shorter. The platform is built to quantify what every customer relationship is worth, expose where value is bleeding, and govern the response from root cause to resolution. The diagnostic is the starting point. It runs on your own data, surfaces the specific gaps in your measurement, and returns an evidence-based read of where your organisation sits and what moving forward would require.

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