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Total Economic Impact Study for Qualtrics CustomerXM Shows Over 630 Percent Return on Investment over Three Years
Last updated: October 14, 2019
Conducted by an independent consulting firm, the study demonstrates how CustomerXM enabled organizations to generate bottom line business outcomes
SALT LAKE CITY and SEATTLE, Oct. 14, 2019 /PRNewswire/ — Qualtrics, the leader in customer experience and creator of the experience management category, today released its Total Economic Impact™ study, conducted by Forrester Consulting,1 quantifying the benefits and returns of Qualtrics CustomerXM™. The study concluded that a composite organization based on interviewed Qualtrics customers saw a return on investment of 633 percent over three years, equaling benefits of $38.4 million, with a net present value of $33.2 million. The organization also saw a payback period of less than three months.
Additional quantifiable benefits of the composite organization using Qualtrics CustomerXM over three years:
- $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 personalized experiences.
- $1.7 million in avoided costs of previous survey and analytics tools, resulting from companies standardizing on Qualtrics and expanding feedback collection methods beyond traditional surveys.
One enterprise executive customer from the financial services industry interviewed for the study said, “Qualtrics, as an organization, is beyond just a survey platform. It creates a dialog about data that spans from the front lines to boardroom executives. Qualtrics is a huge asset in helping us retain customers, improve products, increase the quality of our service and otherwise enrich the customer experience.”
Another enterprise executive customer, director of customer experience at a global financial services firm, said, “We definitely benefited from having a centralized database for all our customer insights through Qualtrics. This enabled us to move quicker, provide better insights to our executive team, and support decisions.”
Organizations 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 customize their CX program to specific geographies, divisions, and buyer journeys, in addition to expanding it as they grew in CX maturity. Organizations could also expand their program into employee experience management or product development.
“More companies are adopting Qualtrics for customer experience because of the direct impact on ROI from enabling teams to proactively respond to customer needs. The combination of the right experience management platform with a robust set of partners enables organizations to drive better bottom-line results,” said Webb Stevens, executive vice president of CustomerXM, Qualtrics. “We believe that Forrester’s study validates the high caliber and business impact of Qualtrics CustomerXM, our people, and our partners.”
Qualtrics CustomerXM, built on the Qualtrics XM Platform™, allows companies to predict, deliver, measure, and respond specifically to customer needs, in order to improve the customer experience and impact key business outcomes such as customer lifetime value, acquisition, and retention. Organizations from more than 100 countries use Qualtrics to close the gap between what customers expect and the experience they receive. In the first half of 2019 alone, brands have used Qualtrics to launch more than 500 new customer experience programs globally, making Qualtrics the fastest growing provider in the industry.
About the Total Economic Impact of Qualtrics CustomerXM Study
Forrester developed the Total Economic Impact of Qualtrics CustomerXM study, commissioned by Qualtrics, through five enterprise executive customer interviews and subsequent financial analysis. Forrester conducted customer interviews across financial services, healthcare, telecommunications, and technology industries. The Total Economic Impact methodology is developed by Forrester and helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
About Qualtrics
Qualtrics, the leader in customer experience and creator of the Experience Management (XM) category, is changing the way organizations manage and improve the four core experiences of business––customer, employee, product, and brand. Over 10,000 organizations around the world are using Qualtrics to listen, understand, and take action on experience data (X-data™)––the beliefs, emotions, and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform™ is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love, and build a brand people are passionate about. To learn more, please visit qualtrics.com.
1 The Total Economic Impact™ Of Qualtrics CustomerXM, an October 2019 commissioned study conducted by Forrester Consulting on behalf of Qualtrics.
SOURCE Qualtrics