SAN MATEO, Calif., May 16, 2018 /PRNewswire/ -- Medallia, Inc.
(www.medallia.com), the global leader in customer experience
management, today released the findings of Forrester's Total
Economic Impact™ (TEI) Of Medallia, a commissioned study conducted
by Forrester Consulting on behalf of Medallia. The study revealed
that organizations using the Medallia customer experience
management platform experience $35.6M
in value over 3 years and a return on investment (ROI) of 591
percent in three years with payback in less than 6 months.
Medallia Experience Cloud™ embeds the pulse of the customer in
the organization and empowers employees with the customer data,
insights, and tools they need to make every experience great. More
than 1,000 leading brands rely on Medallia Experience Cloud, the
only enterprise grade platform that can wire an entire organization
to systematically drive action and win on customer experience at
scale.
Forrester conducted in-depth interviews with multiple Medallia
customers across a variety of industries who are using Medallia to
systematically identify and reduce customer pain points, develop
insights, and empower employees to take action to optimize customer
journeys and drive revenue growth. This data was used to develop a
composite organization against which the benefits of the investment
were measured to quantify the total economic impact Medallia has on
an organization.
The study found that the benefits of using Medallia total
$35.6M over three years, and led
to:
- Increased income driven by product improvements, greater
customer retention, and improved Net Promoter Score®. This improved
customer experience led to $20.1M
increase in net income.
- Operational efficiencies through the breakdown of silos,
better alignment of business and strategic initiatives, increased
productivity, and decreased service calls, resulting in
$13.8M in savings.
- Organizational improvements in executive engagement,
cultural alignment, improved employee engagement, faster innovation
and improved customer response rates.
"The world's best brands are leading with customer experience to
grow their business, but the financial impact of CX programs has
traditionally been difficult to quantify," said Borge Hald, CEO and Co-Founder, Medallia. "This
study shows what we see in our customers every day, an accelerated
time to value and the ability to transform their business through
CX with the help of Medallia's platform, expertise, and
ecosystem."
Organizations interviewed for the study indicated a number of
unquantified benefits as significant to their business as
well, including:
- More active engagement in customer experience by
executives
- A shift in overall organizational culture towards customer
experience
- Improved employee engagement and retention
- Faster closed loop cycles
- Improved survey response rates among customers
One Medallia customer interviewed
for the study, 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 from top leadership."
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.
Download the study at
https://www.medallia.com/forrester-tei/.
About Medallia
Medallia's vision is simple: to create
a world where companies are loved by customers and employees alike.
Hundreds of the world's largest companies and organizations trust
Medallia's cloud platform to help them capture customer feedback
everywhere the customer is (on the phone, in store, online,
mobile), understand it in real-time, and deliver insights and
action everywhere—from the C-suite to the frontline—to improve
their performance. Medallia has offices in Silicon Valley,
New York, London, Paris, Sydney, Buenos
Aires, and Tel Aviv. Learn
more at www.medallia.com.
© 2018 Medallia, Inc. All rights reserved. Medallia®, the
Medallia logo, and the names and marks associated with Medallia's
products are trademarks of Medallia. Net Promoter, Net Promoter
Score and NPS are registered trademarks of Bain & Company,
Inc., Fred Reichheld and Satmetrix
Systems, Inc. All other trademarks are the property of their
respective owners.
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SOURCE Medallia