Independent Research Firm Shows $35.6M in Value from Medallia Experience Cloud
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/.
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 everywherefrom the C-suite to the frontlineto 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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