The latest Qualtrics CX offering provides a framework for the digital experience (DX) management program within an organisation. Expected to be generally available in Q2 this year, the solution allows companies to assess the impact of DX on customer spending.
During the fourth quarter of 2019, 2020, and 2021, researchers from the Qualtrics XM Institute conducted a digital customer analysis where participants were asked to review particular website experiences across 15 commerce-focused sectors. The study has found that improvements in CX while using companies’ digital platforms resulted in a significant increase in their revenue. Using extensive research from the institute’s yearly XMI Customer ratings, the following three critical elements of the digital experience have been identified:
- Effort (evaluated by ease or difficulty to finish a task)
- Emotion (assessed through customer satisfaction)
- Success (reviewed by task completion)
The SAP-owned company and leading XM specialist recognises that customer interactions with organisations are increasingly taking place through digital channels. Today’s ever-evolving business landscape requires a new strategy to improve DX and create deeper customer engagements that involve monitoring customer satisfaction, as well as determining where and how to take any action if needed. With this, Qualtrics has recently unveiled a science-backed framework called DX Metrics to help assess how a customer’s DX across a company’s website, mobile applications, social, and digital marketing platforms affects their behaviours in spending money with the business.
In a press release statement, Brad Anderson, President of Products and Services at Qualtrics, shared:
“Creating great experiences, even in traditionally impersonal digital channels, is a critical differentiator for every business today. Digital Experience Metrics connect customer sentiment to financial impact, helping organisations understand how investing in better digital experiences based on individual feedback can impact their bottom line.”
New Qualtrics CX Offering: Digital Experience Metrics
Additionally, according to new Qualtrics studies —- which is embedded and available within the DX Metrics —- improving a customer’s happiness score can lead to an increase in spending of up to 37{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd}. Data has indicated that lowering the amount of work necessary to complete a task online may result in a 23{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} increase in the amount of money they spend.
DX Metrics aims to help organisations to:
- Benchmark and compare their respective metrics with similar organisations and competitors within their markets.
- Give opportunities for revenue increase by providing brands better visibility into their performance.
- Enable marketing and product leaders in understanding how particular factors affect customer sentiment through recommendations and dashboard templates.
Customer feedback from social media postings, support chats, conversations, and other digital channels from XM Discover will be combined with the data gathered using the new Qualtrics CX offering to help organisations gain competitive advantages. It can be noted that XM Discover, which was launched last month, is a set of products leveraging advanced artificial intelligence (AI) and machine learning (ML) techniques from both Qualtrics and Clarabridge to assist customers in gathering experience data from any structured or unstructured source.
Moreover, the data collected from DX Metrics and digital XM solutions will be integrated into Qualtrics’ customer and employee experience management software Experience ID — which is a single, unified view of the preferences individuals are sharing with a brand or company. Leveraging the Qualtrics XM Platform, organisations will be able to measure their performance against their counterparts and obtain a full 360-degree perspective of each customer’s interactions and expectations of their brand, enabling them in creating more personalised experiences at scale.
