Calculate Financial Impact on DX With Qualtrics’ DX Metrics Tool




PHOTO:
Mongta Studio

Seattle-based experience management company Qualtrics announced its launch of Digital Experience Metrics in a press release on March 17, 2022.

The tool will allow brands to assess the sentiment and intent of customers when they engage with a company’s online channels.

It collects data from a number of channels, including social media posts, customer support interactions, website form submissions and more. It also quantifies the financial effects of those experiences and compares them to industry competitors.

“Digital Experience Metrics is all about helping a business quickly build a foundation for measuring their digital experience so they can find areas that need improvement and take action,” Shek Viswanathan, Head of Product, Digital CX at Qualtrics, told CMSWire.

Marketing Leaders to Benefit Most

According to Viswanathan, the DX Metrics tool is ideal for Chief Digital Officers and other marketing and product executives responsible for cultivating experiences online, through apps and via other platforms. 

Customers already know what the ideal digital experience looks like, Viswanathan said. But with DX Metrics, it’s “much easier to understand how certain factors, such as the account creation process or web checkout user experience improvements, impact customer sentiment the most, and which actions they can take to improve each factor.”

With digital channels becoming the preferred mode of interaction among customers, it’s more important than ever to optimize digital experiences — not only for retaining customers but for turning a profit. 

“Our research shows that increasing a customer’s digital satisfaction score can increase their spending by up to 37%. Reducing the effort required to complete a task online can lead to a 23% increase in their spending,” said Viswanathan.

Related Article: Mark Smith: The Digital-First Customer Experience – Where Do We Go From Here?

A Research-Backed Tool 

Viswanathan said that most digital leaders don’t know how to measure DX or set up benchmarks. “And without the context of understanding customers as individuals, many businesses find themselves looking at macro-level analytics which are primarily focused on visitors and website conversion rate — and it’s not clear what to do with that data.”

That’s where DX metrics comes in. By using a pre-made set of standards, organizations can better understand the key indicators behind their metrics, combine them with customer feedback and interactions and then use Qualtrics’ machine learning and natural language processing tools to gain a competitive advantage.

Qualtrics Digital Experience Metrics Dashboard
PHOTO: Qualtrics Digital Experience Metrics Dashboard

“We created DX Metrics to give our customers easy access to this science-based approach that will help brands deliver experiences that resonate on an emotional and human level, and the ability to understand the revenue opportunities associated with improving key aspects of their digital experience,” Viswanathan told CMSWire.

Expansion of Current Offerings

Before this announcement, on Feb. 15, 2022, Qualtrics introduced XM Discover, a new set of tools for its Experience Management platform. These capabilities allowed businesses to listen in on real-time customer conversations and gain a deeper understanding of what consumers want and expect.

“With this addition to our platform, organizations can use Qualtrics to gather experience data from any structured and unstructured sources such as support conversations, chat, social media posts and reviews, analyze it with sophisticated AI and machine learning and take action to deliver better customer, employee, brand and product experiences.”

DX Metrics will expand on these capabilities, becoming available in the second quarter of 2022. This solution will be available directly through Qualtrics’ Customer CX product. 

Related Article: Simon Data and Snowflake Join Forces to Make Customer Data Marketable



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