We are always interested in learning more about how Medallia helps companies win. And who better to learn from than the people using the Medallia customer experience platform everyday. That’s why we recently commissioned Forrester Consulting to conduct ‘The Forrester Total Economic Impact™ Study’ to help us understand how fast revenue could grow with an investment in Medallia and customer experience. For the study, Forrester conducted in-depth interviews with multiple Medallia customers, representing a range of industries.
The results from the in-depth study were recently released, and I have to say they not only show the immense value of the Medallia experience platform, but also how companies are directly feeling a positive impact across all business channels. With improved CX they are better able to identify customer pain points, develop insights, and empower employees to take action that optimizes customer journeys.
One of the biggest takeaways to come out of the study is that organizations using the Medallia customer experience management platform can achieve $35.6M in value and an ROI of 591% over 3 years, with payback in less than 6 months. They also saw increased income driven by product improvements, greater customer retention, and improved Net Promoter Scores, leading them to experience a $20.1M increase in net income. Wow, right?!
According to one of our clients, a VP of Market insights in the technology industry, “The reason that we went with Medallia was very simple. Medallia had the best workflow capabilities that we saw in terms of putting the insight that you get into the hands of the right people on a real-time basis.”
Participants also reported improved operational efficiencies through the breakdown of silos, better alignment of initiatives, increased productivity, and decreased service calls, just to name a few. All of these factors combined resulted in $13.8M in savings.
What I found particularly interesting was that across the board organizations reported that the Medallia platform helps with internal organizational improvements. Study participants said they saw increases in executive engagement, cultural alignment, improved employee engagement, faster innovation, and improved customer response rates.
One Medallia customer interviewed for the study, who is a senior director of customer insights in the retail industry, said, “Our CEO is a big supporter. Our COO uses the platform all the time. Leadership in general quotes comments from customers on the platform. We could not have better engagement right now.
The Total Economic Impact is a methodology developed by Forrester to help companies demonstrate and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
To learn more about what Medallia can do for your organization and see more resources related to this study, click here.