Forrester Study: Economic Impact of Qualtrics CustomerXM

Experience management from Qualtrics isn’t just a good strategic decision. It’s an excellent financial decision. In a Qualtrics-commissioned Total Economic Impact™ study (TEI), Forrester Consulting estimates the 3-year benefit of Qualtrics experience management software at $38.4 million – which is an ROI of 633%.

As we move further into an economy driven by experience, companies must actively manage key experiences for their customers and their employees. This is why organizations are investing more resources than ever into initiatives like, Voice of Customer, Employee Engagement, User Experience, and Brand Management.

“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.”¹

- Excerpt from Qualtrics customer survey interview

That’s also why 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.

“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.”²

- Excerpt from Qualtrics customer survey interview

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 organizations that leverage the Qualtrics Experience Management Platform™ to close their gaps.

Discover how to maximize ROI with experience management. 

Forrester applied a rigorous analysis process that involved interviews with enterprise executive customers who are using Qualtrics for various levels of experience management. Forrester determined that interviewed organizations leveraging the platform achieved:

• $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.
• A payback period of less than 3 months

In other words, the TEI framework shows that implementing the Qualtrics CustomerXM™ platform yielded a net 3-year benefit that exceeds $33.2 million.

“Qualtrics is a huge asset in helping us retain customers, improve products, increase the quality of our service and otherwise enrich the customer experience.”³

- Excerpt from Qualtrics customer survey interview

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.

Driving bottom-line results

“More companies are adopting Qualtrics for customer experience because of the direct impact on ROI from enabling teams to proactively respond to customer needs,” says Webb Stevens, Executive Vice President of CustomerXM, Qualtrics.

“The combination of the right experience management platform with a robust set of partners enables organizations to drive better bottom-line results.

“We believe that Forrester’s study validates the high caliber and business impact of Qualtrics CustomerXM, our people, and our partners.”