Forrester Study: Economic impact of Qualtrics CustomerXM
Vicky Katsabaris presents the results of Forrester’s Total Economic Impact™ study on the Qualtrics Experience Management Platform.
In today’s fast moving experience economy where every dollar counts, it is more vital than ever to leverage a platform that drives real, quantifiable business outcomes. Unfortunately, one of the most common challenges is quantifying the value these initiatives actually have, which makes it challenging to invest in technologies to support them.
The Economic Impact of Experience Management
Qualtrics recently commissioned a study from Forrester Consulting, which applied Forrester’s Total Economic Impact™ methodology to measure some of the real results attained by organisations that leverage the Qualtrics Experience Management Platform™ to close their experience gaps.
Forrester applied a rigorous analysis process that involved interviews with enterprise executive customers who are using Qualtrics for various levels of experience management. Forrester estimates the ROI of Qualtrics experience management software over 3 years is 633% with a payback of less than 3 months.
The study determined organisations leveraging the platform achieved $38.4 million in benefits:
$24.5 million in improved customer care support and service, such as reducing the cost of incident support by shifting hundreds of thousands of customer calls to self-help.
$12.3 million in increased customer retention and reduced cost of acquiring new customers, resulting from improved customer journeys and providing more personalised experiences.
$1.7 million in avoided costs of previous survey and analytics tools, resulting from companies standardising on Qualtrics and expanding feedback collection methods beyond traditional surveys.
In other words, the TEI framework shows that implementing the Qualtrics CustomerXM™ platform yielded a net 3-year benefit that exceeds $33.2 million.
Organisations interviewed for the study also experienced the following unquantified benefits:
Supporting the company’s transition to a data-centric and customer-centric culture. According to the study, customers repeatedly said that Qualtrics was a key partner in creating standard, consistent, and trusted data across the enterprise, as well as a unified view of the customer experience, which resulted in a company wide change in culture.
Leveraging the Qualtrics Partner Network for complementary services. Customers who used additional services from Qualtrics partners saw these partner relationships as highly successful. The services complemented the flexibility of the Qualtrics XM Platform, enabling customers to grow their program based on business needs.
Having flexibility to tailor and grow their program according to specific needs. Customers using Qualtrics CustomerXM could customise their CX program to specific geographies, divisions, and buyer journeys, in addition to expanding it as they grew in CX maturity. Organisations could also expand their program into employee experience management or product development.
Download the full, complimentary Forrester Consulting study ‘The Total Economic Impact™ of Qualtrics CustomerXM,’ an October 2019 commissioned study conducted by Forrester Consulting on behalf of Qualtrics, to see the full results of the benefits, costs, and added flexibility of the XM Platform™.