*New* Forrester Wave: Customer Feedback Management (CFM) Platforms Q2, 2017

The new Forrester WaveTM: Customer Feedback Management Platforms, Q2, 2017 (paywall) is live! CFM platforms are part of a larger VoC vendor landscape and help CX professionals manage complexity by centralizing and automating essential VoC activities. This Wave scores 10 vendors that matter based on offering, revenue and interest by Forrester clients: Clarabridge, Confirmit, InMoment, MaritzCX, Medallia, NICE, Qualtrics, Satmetrix Systems, SMG, and Verint Systems.

To score these vendors, we developed a comprehensive set of evaluation criteria in three high-level buckets: Current offering, strategy, and market presence. The criteria and their weighting is based on past research and conversations with vendor and CFM users. Client references played a large role in our evaluation: We conducted 30 hours of client reference calls and fielded a survey among 60 client references.

This Forrester Wave evaluation uncovered a market in which four providers emerged as leaders — though their strengths differ: InMoment, Medallia, Qualtrics, and Confirmit. Another three providers – Clarabridge, MaritzCX, and SMG – are Strong Performers. And Satmetrix Systems, NICE, and Verint Systems are Contenders.

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Learn How Your CX Practices Measure Up By Completing Forrester’s New Survey

We identified 12 essential CX practices every organization must master to create and sustain experiences that drive customer loyalty. An exceptional customer experience (CX) doesn’t happen by accident!

Take our simple new Customer Experience Practices Survey to learn how well your organization is performing in the essential 12 practices.

You’ll see these key practices and how we evaluate them. We’ll keep your response confidential, anonymize all responses, and use them in a benchmark study – and we'll send you a copy of the final report as our thanks for participating.

Drive revenue with great customer experience – Our 2017 analysis will help you make the case for CX investments

If you are like other CX pros, at some point in your CX career you’ll encounter the “money question.” Your CEO will ask you: “What's an improvement in our customers’ experience worth in dollars and cents?” And it’s likely that you won’t have a (good enough) answer. I say that because I know that 50% of CX pros we surveyed have not modeled how CX quality influences customer behavior.

We know great CX drives revenue. But to make the case, you need a more nuanced and sophisticated understanding. So we used data from our Customer Experience Index (CX Index™) and modeled the revenue impact of improving CX. To do that, we asked three questions:

  1. What is a customer’s loyalty (retention, enrichment and advocacy) worth in revenue dollars?
  2. Is there a relationship between CX quality and loyalty-based revenue?
  3. How does the relationship between CX and revenue potential differ by industry?
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New Benchmarking Data: State Of VoC Programs, CX Research And Journey Mapping…

… in the making. Do you want to know...

  • How future-proof is our VoC program?
  • Are we doing enough to gain deep customer understanding?
  • Are we maximizing our use of journey mapping and should we be doing journey analytics?

Take our benchmarking survey to get the answers and benchmark your and your company's efforts!

As a thank you for your contribution, you’ll receive an exclusive report on the data - highlighting the state of CX research, journey mapping and VoC programs at some of today’s leading firms.

Our survey shouldn’t take more than 10 minutes to complete. It will be open until November 30th.

We know you are busy and appreciate the time you take to share your experiences with us. If you have any questions, please reach out to Kelly Price (kprice@forrester.com).

Can’t wait to hear from you!

Thank you,

Maxie

Why CX? Why Now? Happy CX Day, 2016!

Happy CX Day! As part of our CX Day celebrations, which include a very special episode of CX Cast, and a comprehensive CX reading list that doubles as a holiday gift buying guide for the CX pro in your life, we are launching a new report: Why CX? Why Now? 

In collaboration with my colleague, Sam Stern, we looked at why now is the time for CX pros to convince executives and colleagues at their organizations to double down on improving the customer experience. To make it a lot easier for you to message this across in your firm, we included an infographic that:

  • Conveys without a doubt how urgent it is to invest in CX because your customers, competitors and employees are changing!
  • Gives you six tangible business benefits from improving customer experience that will help you make the case for why CX drives business results. For example, Southwest Airlines, a consistent CX leader, has been profitable for 43 consecutive years, in an industry better known for red ink and bankruptcies.
  • Tells you which challenges most companies (and probably yours) face on the road to better CX. One example: More than half of CX pros said that their organization's culture impedes their success.
  • Shows the path to improving CX, starting from a CX vision, continuing with building CX competencies and strengthening your business technology foundation. 
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Forrester Wave™ evaluation of the Customer Feedback Management market

I am pleased to announce that Forrester Research is commencing a Forrester Wave™ evaluation of the Customer Feedback Management market and collecting data for a separate VoC vendor landscape overview. I will lead the project and the expected publication date is March 2017. For more information about the Forrester Wave process, please read here.

CFM / VoC vendors support companies' enterprise-wide voice of the customer programs by helping a company with all or some of the following: solicit feedback from key customers across channels, centrally collect solicited and unsolicited feedback, analyze structured and unstructured feedback, distribute insights from customer feedback across the organization, close the loop with customers who have given feedback, act on the insights from the feedback, and monitor CX progress continuously. 

If you want to be considered for this research, we ask you to fill out a questionnaire. We will use it to determine which vendors to include in the full Forrester Customer Feedback Management WaveTM study and to gather data for a separate "Market Overview Voice Of Customer Vendors" report. 

We must receive your responses to our questionnaire by: August 19, 2016, 12 pm (noon) EST.   Please send completed surveys to sross@forrester.com. After evaluating the completed inclusion surveys, we will select several vendors to invite to participate in the in-depth Wave research. Note that not all vendors receiving this survey will be included in the Wave. We will notify you of your status after we have completed the vendor selection process.

Thank you and looking forward to hearing from you.

Measure Emotions In Customer Experiences To Improve Loyalty

Do you know how your customers feel about their experiences with your firm? Customers’ emotions can damage — or improve — customers’ perception of the overall experience and your firm’s ability to grow. Customers’ emotions affect whether you’ll lose or keep them, whether they will buy more or less from you, and whether they will spread good or bad word of mouth about your company.

In a recent episode of CX Cast, I spoke about how to measure emotions in customer experience. Listen to the podcast below.

For detailed insights, check out my report, "How To Measure Emotion In Customer Experience" (subscription required). 

Early on in my research, I found that most current CX measurement programs don’t quantify customers’ emotions. Instead, they focus almost exclusively on metrics that reflect a rational or cognitive evaluation of experiences. Measuring emotions — and making sense of all of the tools and methods that claim to do just that — is hard. What’s more, a deep-seated skepticism about the trustworthiness of emotion measurement prevails in organizations — making it harder to get buy-in for emotion metrics.

But you can learn a lot from organizations that measure emotions in customer experience. 

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How To Win Funding For CX In B2B – 4 Steps To Building A Burning Platform To Spark Action

Are you working as a CX pro in a B2B company? And do you find it challenging to make the case for your CX program? You are not alone.

In fact, many CX pros in B2B companies we spoke with struggled to get funding for their efforts --because they can't isolate the role of CX in driving financial success, they lack insight into how different clients’ experiences affect purchasing decisions, or they don't gather sufficient data about these experiences.

That’s why Deanna Laufer and I researched how B2B companies like Cisco Systems, Sage Software, Optum, Shell, and Tetra Pak have conquered these challenges and built a burning platform for their CX initiatives.

CX professionals managed to overcome these challenges by creating the preconditions for success. Following their lead, you should:

  • Rethink metrics and analytics to link CX to financials. CX pros need to look beyond the usual metrics like revenue or NPS to find the metrics that help link CX to business success.. For example food packaging company Tetra Pak found that a custom partnership index was a better predictor of sales and volume growth than other metrics they tested.
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What Do CX And The Environmental Movement Have In Common (AKA Top 10 Tactics To Rally Your Organization Around CX Metrics)?

We all share this sentiment that we want to protect our resources — our planet for generations to come — so that our children and their children can live happily ever after. It’s that warm and fuzzy feeling we get when we see a little girl holding a flower in her hand. I realize that we all share this sentiment every time the press reacts with irate reports criticizing the extent of pollution in China — or when “Reduce, Reuse, Recycle” became part of pop culture with Jack Johnson’s song of the same name (sorry if you have that song playing in your head now). Protecting the environment is the right thing to do. But how many times have you used disposable dishes or cutlery when there were other options that were just less convenient? And why do you do that? It’s easy: Life gets in the way.

As a customer experience (CX) professional, you’ll have noticed the parallels by now. You regularly try to share insights from CX measurement or the voice of the customer (VoC) program with your colleagues across the organization to tell them what important customers think about their experiences with the company and what their pain points are. Using these insights is the right thing to do. But how many times have you met polite but superficial interest? And why is that? Life gets in the way. Your colleagues are busy, don’t know why to care, or have other priorities. It’s no wonder then that 72% of CX pros we asked in our recent survey on the state of CX maturity said that their organizations have only been somewhat or not effective at all in improving customer experience.

I looked at ways that CX pros have managed to rally their organizations around CX metrics and found 10 tactics that companies like Avaya, Elsevier, Hampton Inn & Suites, Sage Software North America, and Verizon have proven to work in the real world.

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Pitting Big Data Versus NPS Isn’t The Way To Success In CX Measurement

You might have seen a recent blog by Tony Cosentino on how “Big Data Analytics Will Displace Net Promoter Score (NPS) for Measuring Customer Experience” because “NPS is prone to error, lacks a causal link with financial metrics, and lacks actionable data.” And while Mr. Cosentino’s blog highlights a critical issue in CX measurement, it only tells part of the story.

The problem in most CX measurement programs — whether that company uses NPS or not! — is that CX pros rely too much on surveys. That’s because of a number of factors:

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