Enterprise feedback management (EFM) solutions help voice of the customer (VoC) programs scale up. They enable customer experience professionals to gather customer feedback from a range of sources, make that feedback relevant and usable for a range of employees, and distribute the insight out to drive customer-centric decisions — without relying on excessive manual analysis and reporting.
Despite EFM’s value, the space has been difficult to navigate because of its dozens of small vendors, evolving market segments, and frequent mergers-and-acquisitions (M&A) activity. This has left customer experience pros with a lot of detective work to do. Even educated buyers have had a hard time coming up with logical shortlists, and vendors have regularly avoided going head to head with competitors.
Over the past year, my colleague Andrew McInnes and I have immersed ourselves in the world of enterprise feedback management (EFM), which we define as follows:
A system of software and processes that enables organizations to centrally collect, analyze, and report on feedback from key customer groups and tailor insights for various internal users.
During this time, it has been a great experience talking with vendors and clients about how this technology tool enables companies to bring all of the customer data and information collected across channels together into one platform. This ability is more important than ever given that we have entered the “age of the customer” — a period marked by the rise of the empowered customer, who is armed with more information than ever before and who is now using a rapidly evolving set of devices as a means of engaging not only with friends and family but also with companies anytime and anywhere. To be successful in this new world, companies must understand how consumers interact across these multiple touchpoints; failure to do so can lead to a fragmented view of the customer.
While it is clear that companies must embrace EFM, what is not as clear is how they should navigate the EFM vendor landscape. This is due to the dozens of small vendors, evolving market segments, and increasing M&A activity. To help professionals within the marketing and strategy organization, Andrew and I decided to conduct a Forrester Wave™ evaluation of the EFM vendors.