Qualtrics (Nasdaq: XM), the leader and creator of the experience management category, today announced that hundreds of organizations worldwide, including The BMW Group, Farmers Insurance and Principal Financial Group®, selected its customer experience solutions in the fourth quarter of 2022 to create extraordinary experiences for customers during an uncertain time.
“Qualtrics’s CX platform helps organizations quickly identify and resolve points of friction across all digital and human touch points, making our business resilient even in times of macroeconomic uncertainty,” said Brad Anderson, Qualtrics’ President of Products and Engineering. “Innovative new products, including real-time agent assist and automated call summaries, will increase agent productivity, drive operational efficiency and improve customer service for our customers.”
Bad customer experiences lead directly to lost revenue, as a negative interaction can mean losing customer loyalty and the potential for additional spending in the future. Globally, organizations risk 6.7% of their revenue, or $3.1 trillion, when they lose customers due to poor experiences. On average, consumers say they have very negative experiences with organizations 16% of the time. And after such a negative interaction, half either reduce their spending with that brand or stop spending with them altogether.
Qualtrics is central to how organizations make mission-critical customer and employee decisions and drive automated actions to protect their revenue, increase efficiency and improve their operations. Qualtrics’ CX platform allows organizations to listen to customer feedback wherever their customers are — through surveys, online reviews, call center conversations, social media and more.
In the fourth quarter, the following organizations chose Qualtrics to better understand peoples’ emotion, effort and intent to create more personal and empathetic experiences:
The BMW Group is focused on customer-centric innovation and uses Qualtrics to manage every aspect of its customer experience feedback– from how people can build and order their vehicles online, to test drives at the dealerships to service and issues management for owners. With Qualtrics, they can bring all of this experience data together on a single platform to create a seamless experience across all of their channels, identify product issues faster and intervene in the moment. This will help the BMW Group deliver more connected, holistic and personal experiences – building deeper relationships with their customers at every turn.
Vera Bradley, a leading Women’s lifestyle brand, invested in Qualtrics in Q4 to bring more than a dozen sources of customer feedback onto a single platform, including unsolicited feedback analyzed by XM Discover. The company is now better positioned to gain efficiency and cost savings while building customer loyalty at a time when increasing sales is key to overcoming inflation and other pressures.
Freedom Furniture, one of Australia’s leading lifestyle retailers, increased its investment in Qualtrics CustomerXM in Q4 to help the company achieve its goals of increasing profitability and product range, and creating more integrated digital customer experiences in the competitive homeware category. Having seen value in initial investments in Qualtrics, the retailer is now scaling its programs to better understand what customers want. The new insights will guide product inventories and marketing strategies.
Farmers Insurance standardized on Qualtrics CX Discover across all of its contact centers so that they can identify the greatest points of friction in the customer service they’re providing to agents and members. With Discover’s AI and advanced analytics capabilities, Farmers will expand its visibility into every interaction with customer service representatives, spanning millions of records so they can improve processes, coach their representatives, and address issues immediately and consistently.
Principal Financial Group® is on a mission to create a unified, modern digital experience for all its customers. They’ve made strategic investments to weave together humanity and technology to deliver relevant and intuitive experiences for customers whenever they engage with their online accounts. The firm chose Qualtrics CX and Discover XM to analyze more than 30 million customer conversations annually, using Discover’s advanced AI capabilities. Principal® will be able to bring together feedback from customers at their engagement centers and through digital interactions. The intent is to improve the customer’s experience while also reducing risk and operational costs where possible.
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