An analysis of companies investing in Qualtrics found that customer satisfaction increased by 7-12% year-over-year and employees saved hundreds of hours automating manual tasks
The average benefit to the companies analyzed was $6.3 million in savings and $1.2 million in new revenue according to Nucleus, the recognized global leader in ROI technology research
PROVO, Utah and SEATTLE, Feb. 22, 2024 /PRNewswire/ — Companies that invested over the last three years in experience management software from Qualtrics saved an average of $6.3 million and increased their annual revenue by $1.2 million, according to a new report from Nucleus research. Companies using Qualtrics saw their customer satisfaction metrics rise 7-12% year over year.
Nucleus analysts conducted in-depth interviews with six organizations using Qualtrics to understand their business challenges, their decision and deployment processes, the costs incurred, benefits achieved, and best practices learned from their deployments. The customers had annual revenues ranging from $10B to $90B. Based on customer data collected, Nucleus completed an ROI assessment of three customer deployments and validated that ROI audit with each customer’s project team leadership.
“Qualtrics equips organizations with the capabilities they need to deliver superior experiences, fostering deep connections with customers and employees,” said Brad Anderson, President of Product and Engineering at Qualtrics. “Businesses are more focused than ever on delivering strong profits and this report shows the clear link between experience management and increased revenue, employee productivity and cost savings that have a major impact on a company’s topline results.”
Bad customer experiences lead directly to lost revenue, and just one negative interaction can result in losing a customer and their potential spending in the future. New Qualtrics research found that globally, organizations are putting $3.7 trillion annually at risk due to bad customer experiences, an increase of approximately $600 billion (19%) compared to projections from last year. Organizations use XM solutions to understand their greatest friction points, retain and engage top talent, and take the right action to deliver exceptional products and services.
Organizations that participated in the Nucleus research increased revenue, employee retention, customer satisfaction, and cut costs, by using the Qualtrics platform to reduce customer churn, uncover business opportunities, reduce compliance risk, and improve employee recognition. The report highlighted several significant benefits of using the Qualtrics platform.
Increased Revenue:
- One organization identified common mistakes in its processes and lowered customer churn for clients due to better allocation of support resources, resulting in an annual revenue increase of $2.5 million.
- One Qualtrics customer in healthcare was able to use insights from the platform to fix bugs on its website that were interfering with patient payments, increasing its annual net collection rate by approximately $1.3 million.
- Qualtrics also played a key role in identifying and validating new business opportunities. Nucleus found that insights provided by Qualtrics enabled organizations to optimize post-pandemic reopening strategies, new product-line segmentations, and strategic merger and acquisition prospects.
Improved Scalability:
- Thanks to the platform’s high scalability, some organizations managed to avoid extra per-survey expenses from their former providers, leading to yearly savings ranging from $90,000 to $650,000 by consolidating their experience management efforts into a single platform.
- Organizations reduced average survey and XM technology costs by 37.5 percent, accomplished by consolidating several platform features and tools into Qualtrics. One customer was able to consolidate eight different systems into one instance of Qualtrics.
- The Qualtrics platform allowed customers to do more with fewer employees – Nucleus found that avoided extraneous overhead across Qualtrics customers ranged from 1.25 to 100 full-time equivalents (FTEs) depending on the scale of the deployment.
Increased Productivity and Frontline Engagement
- Qualtrics XM® for Customer Frontlines made a strong impact on frontline engagement.
- One organization avoided having to manually capture and enter customer complaints by switching from a system without the necessary functionality, saving more than 800 hours annually.
- Reporting was another area of improved CX efficiency, with one organization experiencing an 80 percent average decrease in time spent generating reports.
- By using Qualtrics to learn about employee needs, including training requirements and new equipment, a large healthcare provider reduced caregiver turnover by 1.2 percent, saving it the cost and hassle of replacing 26 caregivers every year.
- The same healthcare industry customer reduced the workload for risk executives by avoiding escalations, saving 32 hours per week on average
- Organizations in the logistics and retail sectors improved employee performance by using Qualtrics to share direct feedback from customers.
“By employing an all-comprehensive experience management platform, organizations can streamline vendor management costs and complexities while reaping benefits from a singular data source, assuring effective delivery of outcomes at the intersection of customer and employee experience,” states Research Manager Evelyn McMullen. “Qualtrics’ CrossXM product converges customer experience (CX) and employee experience (EX) data and processes to optimize decision-making and amplify business impact across different experiences.”
Download the full Nucleus Research report to learn more.
About Qualtrics
Qualtrics, the leader and creator of the experience management category, is a cloud-native software platform that empowers organizations to deliver exceptional experiences and build deep relationships with their customers and employees. With insights from Qualtrics, organizations can identify and resolve the greatest friction points in their business, retain and engage top talent, and bring the right products and services to market. Nearly 20,000 organizations around the world use Qualtrics’ advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. Qualtrics is co-headquartered in Provo, Utah and Seattle. To learn more, please visit qualtrics.com.
Contact:
Tyler Petersen, Qualtrics
press@qualtrics.com
SOURCE Qualtrics, LLC