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Key Findings
Quantified benefits. The following risk-adjusted quantified benefits are
representative of those experienced by the companies interviewed:
› Reduced cost of staff required for the same work of $470,015. The
interviewed organizations told Forrester that they would need
significantly more staff to get the same results using other tools in the
market. The organizations reported improved efficiency at deploying,
analyzing, and giving analysis tools to executives directly.
$470.0K
Initial Year 1 Year 2 Year 3 Reduced cost of Reduced cost of Avoided cost of Avoided cost of
staff required customer delivering inferior previously
engagement and products to purchased tools
support market
CASE STUDY
Employed four fundamental elements of TEI in modeling Qualtrics’ impact:
benefits, costs, flexibility, and risks. Given the increasing sophistication
that enterprises have regarding ROI analyses related to IT investments,
Forrester’s TEI methodology serves to provide a complete picture of the
total economic impact of purchase decisions. Please see Appendix A for
additional information on the TEI methodology.
DISCLOSURES
Readers should be aware of the following:
Qualtrics provided the customer names for the interviews but did not participate
in the interviews.
Specifically, 49% of respondents cited processes that are reactive instead of predictive as a challenge.
Thirty-seven percent indicated that organizational silos make it difficult to connect disparate data to
gather timely insights. Thirty-five percent said that lack of visibility into all research domains is a
challenge. All of those most common challenges point back to the overarching issue of disconnected
data and the resulting experience gaps. See Figure 1 below for the full set of challenges respondents
experience today.
Fewer than half of respondents indicated they were at least somewhat satisfied with their firms’ efforts
to capture emotions, beliefs, and sentiments from stakeholders in an unobtrusive way. This indicates
that companies are looking for tools that make the collection of these important elements less onerous
for stakeholders. Finally, fewer than half of respondents from firms with 20,000 or more employees are
at least somewhat satisfied with their efforts to predict market needs and opinions. See Figure 2 below
for the areas in which fewer than half of total respondents and half of 20,000+ respondents were
satisfied with their organizations’ efforts.
"How important are each of the following factors to your organization when
considering a platform for managing customer experience, employee experience,
and/or market research?"
Interviewed Organizations
For this study, Forrester conducted 10 interviews with executives at eight
companies using Qualtrics. Interviewed customers include the following
companies:
Hospitality and
Director, customer insights Global CX, EX, PX, and BX
entertainment
Key Challenges
The organizations told Forrester that before using Qualtrics, they struggled
with effectively gathering intelligence and being able to synthesize and
leverage data quickly. Most organizations engaged Qualtrics without a
corporate vision for XM. As they first engaged, Qualtrics not only provided
superior tools for current market research activities but often helped define
a vision within the organization for CX, EX, PX, and BX. Specifically, the “We would get data that said
organizations told Forrester that before using Qualtrics, they: we had a 70% satisfaction
rate, but we didn’t know what
› Struggled with disparate and antiquated market research tools.
that meant. Why isn’t it 80%?
One manager told Forrester: “The digital tools we were using were just
Why isn’t it 90%? What levers
not meant to scale. For example, one of our tools had to be reset every
do we need to pull to drive
time it reached 7,000 responses. As a result, we collected a lot of data,
but the data wasn’t in any kind of form that allowed us get the value out change in these numbers?”
of it.” Manager, customer insights,
insurance industry
› Needed a tool that was flexible in technical features. One director
said: “Our previous tool was slowing us down in terms of technical
ability. We needed more in terms of JavaScript and CSS.” Another
executive added: “When I arrived, we were still using paper. Getting
the data from paper into a usable format was a journey in itself. On top
of that, we pride ourselves on being technologically savvy, which
created a real problem when customers had to give us input by
responding to a paper survey.” A third customer said: “Our process was
entirely manual, and from paper to reporting, the results required six
months of work by our team.”
Composite Organization
Based on the interviews, Forrester constructed a TEI framework, a
composite company, and an associated ROI analysis that illustrates the
areas financially affected. The composite organization is representative
of the eight companies that Forrester interviewed and is used to present
the aggregate financial analysis in the next section. The composite
organization that Forrester synthesized from the customer interviews has
the following characteristics:
› Has 1,000 employees.
› Evolves in its use of Qualtrics over three years to:
› Begin using Qualtrics to replace existing tools.
› Define and socialize a vision for customer experience within and
across the organization with measured but methodical adoption by
executives companywide.
› Expand use of Qualtrics to measure elements of brand, product, and
employee experience. It uses Qualtrics for 50% of these initiatives in
the second year and 100% of research in the third year.
Although the composite and many of the eight interviewed companies
evolved and expanded their use of Qualtrics over time, other
organizations have chosen to implement the full experience management
offering to measure CX, EX, BX, and PX at once.
Total Benefits
PRESENT
REF. BENEFIT YEAR 1 YEAR 2 YEAR 3 TOTAL VALUE
Atr Reduced cost of staff required $189,000 $189,000 $189,000 $567,000 $470,015
Reduced Cost Of Staff Required The table above shows the total of all
Each of the organizations that Forrester interviewed: benefits across the areas listed below,
as well as present values (PVs)
› Experienced a significant increase in the productivity or value discounted at 10%. Over three years,
generated from using Qualtrics compared with other tools on the the composite organization expects
market. risk-adjusted total benefits to be a PV
of more than $1.1 million.
› Measured the impact differently, and many could only estimate the
impact because the value came from increased functionality. One
organization said that a 20x productivity improvement attributed to
Qualtrics would be “conservative.”
› Estimated the number of staff that they would require using other tools
to get the same impact as they do with Qualtrics. $470,015 41%
Cost Of Qualtrics
Determining the price for Qualtrics in this study was complicated because
of many variables that drive pricing, including the:
› Scale of existing research activities.
The table above shows the total
› Maturity of the organization in leveraging research. of all costs across the areas
listed below, as well as present
› Types of analysis and output required by the organization. values (PVs) discounted at 10%.
› Modules to be used, including CX, BX, PX, and EX. Over three years, the composite
organization expects risk-
Readers should realize that the pricing in this study is representative of the adjusted total costs to be a PV of
composite organization. $148,589.
Cash $1.4 M
flows
$1.2 M
$1.0 M
$0.8 M
PRESENT
INITIAL YEAR 1 YEAR 2 YEAR 3 TOTAL VALUE
Total costs ($5,000) ($30,700) ($65,700) ($81,700) ($183,100) ($148,589)
ROI 674%
Qualtrics is the only technology capable of measuring, prioritizing, and optimizing the four foundational
experiences of business—customer, product, employee and brand experiences—on a single platform.
In a Bain and Co study, 80% of CEO’s surveyed expressed a belief that their organizations deliver superior
experience to their customers. However, only 8% of their customers agreed that these organizations were actually
delivering superior experiences. This misalignment is called the experience gap, and has led to the emergence of
a new business discipline called experience management.
Experience management is about closing the gap between the experience an organization thinks it is delivering
and what it actually delivers. To do this, organizations must focus on the four foundational areas of business:
customer, employee, product, and brand experience. Market leaders optimize all four of these experiences and
understand that they are highly interdependent. They realize that experience is the 21st century competitive
advantage.
The Qualtrics XM Platform™ is a single system of record for all experience data, also called X-data™. The
platform offers purpose-built applications for each experience, driving actionable insights that impact financial
outcomes. All solutions are built upon the same scalable technology that offers best-of-breed data collection,
analysis, prediction and action engines. The ease and simplicity of the interface helps drive widespread adoption
inside of companies. It is continuously updated and has an open architecture that allows for seamless integration
with other systems and data in the enterprise.
RETURN ON
INVESTMENT (ROI)
Flexibility represents the strategic value that can be
obtained for some future additional investment building on
A project’s expected return in
top of the initial investment already made. Having the ability percentage terms. ROI is
to capture that benefit has a PV that can be estimated. calculated by dividing net benefits
(benefits less costs) by costs.