Did you know that bad experiences currently cost global businesses around $4.7 trillion in consumer spending annually?
Considering that switching from one brand to another has never been easier, customer satisfaction is more important than ever since it directly affects the bottom line. According to the Global Consumer Trends 2022 report of the Qualtrics XM Institute, up to 9.5% of a company’s revenue is at risk if they offer bad experiences to their customers.
A positive experience is no longer a reason to brag on social media, it is a key concern for most companies that directly impacts revenues, the churn rate, and can even limit growth.
But how can companies successfully manage their customer expectations?
The volume of data that companies gather is astonishing. Considering that every day roughly 2.5 quintillion bytes of data are created, it’s no wonder that advanced technologies are constantly developed and improved in an effort to crunch those numbers and turn them into valuable insights.
However, even with the help of advanced technologies such as Big Data or machine learning, data analysis has never been more complex. Also, since companies are already tracking countless metrics, many are reluctant to add another metric to their reports but customer experience is worth it. It helps deep-dive into customer insights, understand feedback, improve business processes, and even drive business growth.
In fact, investing in customer experience is a key factor in a company’s long-term success and implementing the right tool will not only process data effectively, it will also become an important ally in future-proofing a business.
For example, most technological solutions focus solely on customer experience but there are more aspects that influence the overall company perception in the market. Employee feedback, product experience, brand experience or supplier management are key components that define brand sentiment and more often than not, companies don’t have the right tools to analyze them.
Advanced end-to-end solutions such as Qualtrics are designed to do just that: analyze all the important players that affect brand sentiment.
Qualtrics goes one step further and aims to create a culture of action: it performs active listening, analyzes data, and offers tangible, action-driven results rather than ideas for a one-time intervention. Its advanced capacities centralize all inputs coming from both external and internal components, and reports back with gaps and actionable points of improvement.
External information that is analyzed can be surveys, internet reviews, voice analysis, verbatims, etc. and Qualtrics links it to internal insights such as data from the corporate CRM, HR systems, etc.
However, cross referencing information and offering insights isn’t the only thing a company needs from such a tool in order to ensure its customers a positive experience. Having accurate, real-time data is crucial for any business that wants to be agile and reactive in an ever changing market.
Using IQ models that leverage advanced technologies such as AI, Qualtrics analyzes the data and configures a series of graphs that allow companies to take actions quickly, in real-time, automated, and at scale to meet the technological needs that companies require in order to set themselves a part in a very competitive market.
Qualtrics enables companies to actively listen, to be continuously measuring data inputs so that they’re updated when there is a change of trend and manage any dissatisfactions without a significant lag.
Important market consulting companies such as Gartner or Forrester place Qualtrics as a leader in their magic quadrant due to its advanced capabilities and the fact that a single solution can manage several pillars, have native integrators and manage to connect with countless external systems.
In fact, although Qualtrics is a SAP company, it’s not exclusive to SAP and allows native connections to Salesforce, Adobe and other non-SAP technologies. It is a tool that easily adapts to any existing technology and can be fed information both manually, automatically and through native connections.
Qualtrics offers a holistic vision that helps businesses create a strategy based on real feedback from all the pillars of a company including customers, employees, suppliers and more.
As part of the NTT Group, NTT DATA is a top 10 worldwide leader in IT and business services and one of the largest consulting companies in the world. One of our main strengths is our capacity to create multidisciplinary teams with both strategic and technological visions that understand how a voice program works and how a solution like Qualtrics can facilitate growth for each particular client.
Our team’s complementary skills and deep knowledge of the Qualtrics technology and platform, allows them to design from a strategic point of view and curate the perfect solution for any profile of client. Our teams are capable of integrating any leading technology, offer long-term support throughout the process of capture, analysis and action, and help our clients scale the program and create new opportunities by using insights to continuously innovate.
As the complexity of each project depends on how many external channels are used, how many players are brought into the program, how many connections there are or how standardized those reports are, NTT DATA is one of the few global partners that is able to integrate such an all-inclusive tool that revolutionizes how a company handles experience management.