To understand the connection between customer experience (CX) and loyalty, we examined feedback from 10,000 U.S. consumers that describes both their experiences with and their loyalty to 293 companies across 20 industries. Our analysis shows a strong correlation between customer experience and loyalty factors such as repurchasing, trying new offerings, forgiving mistakes, and recommending the company to friends and colleagues. While all three components of customer experience—success, effort, and emotion—have a strong effect on loyalty, our research shows that emotion is the most important element. When we compared the consumers who gave companies a very good customer experience rating to those who gave companies a very bad customer experience rating, we found that at companies with high customer experience ratings, the percentage of customers who plan on purchasing more is 18 points higher, the percentage who will forgive the company if it makes a mistakes is 12 points higher, the percentage who will try a new offering is 10 points higher, and the percentage who trust the company is 19 points higher. Additionally, companies with very good CX ratings have an average Net Promoter® Score that is 24 points higher than the scores of companies with poor CX. We built a model to evaluate how, over a three-year period, customer experience impacts the revenue of a $1 billion business within each of the 20 industries. This model shows that CX has the largest impact on the revenue of hotels ($823 million) and rental cars ($755 million) over three years. This report also includes a five-step approach for building a model that estimates the value of CX for your organization.