Closing the Experience Gap with Qualtrics XM

Editor's Notes

1. Welcome to today’s webinar.
2. We live in an experience economy. Today, the winners and losers in business are determined by the EXPERIENCES they provide. In today’s world, organizations must provide experiences that customers love. The statistics above not only illustrate how critical it is to deliver the right experiences — they also show how many organizations are struggling to do so. A Bain study found 80% of customers have chosen to switch brands due to a poor customer experience  In Gallup poll suggests 2/3 of the workforce are disengaged & 2 million employees turn-over every month because of negative employee experiences in the workplace.  Where even though $40B a year is spent on (OMR) outsourced market research, yet a significant majority of (PL) product launches & (BC) brand campaigns fail to meet expectations. And this shift is driven by the millennials, the 1st generation in history that prefer to spend money on experiences, instead of on “things”. & Subscription-based business - cancel anytime & a need to consistently earn loyalty
3. Today’s executives think they are delivering a great experience, but their end customers disagree. In a Bain and Co study, 80% of CEO’s surveyed believed their organizations deliver superior customer experience but only 8% of customers. There is a huge gap between what companies believe is happening and what’s actually happening. They simply don’t know what’s happening with stakeholders, why those things are happening, and how to adapt. We call this the Experience Gap.
4. Today’s executives think they are delivering a great experience, but their end customers disagree. In a Bain and Co study, 80% of CEO’s surveyed believed their organizations deliver superior customer experience but only 8% of customers. There is a huge gap between what companies believe is happening and what’s actually happening. They simply don’t know what’s happening with stakeholders, why those things are happening, and how to adapt. We call this the Experience Gap.
5. Today’s executives think they are delivering a great experience, but their end customers disagree. In a Bain and Co study, 80% of CEO’s surveyed believed their organizations deliver superior customer experience but only 8% of customers. There is a huge gap between what companies believe is happening and what’s actually happening. They simply don’t know what’s happening with stakeholders, why those things are happening, and how to adapt. We call this the Experience Gap.
6. But the problem isn’t having enough data to close the Experience Gap. Organizations have more data than ever and they’re still getting blindsided. They just don’t have access to the right data.  Let me explain the two types of data an organization needs to deliver great experience: Operational Data (O-data) & Experience Data (X-data). O-data tells you what’s happening It includes sales, finance, and HR data…all the stuff from your day-to-day operations. It tells you win rate, profitability by product line, employee attrition...all really important stuff. Most companies do pretty well with Operational data. In fact, it rolls in automatically because overthe last twenty years, businesses have continually invested in technology that make that possible.  But the problem with O-data, is that it’s only provides information about the past. It doesn’t tell us anything about the future.
7. But there’s another kind of data—Experience data. X-Data tells you why things are happening X-data is the human factor data. The beliefs, emotions, and sentiments of stakeholders X-data is about the future.
8. X-data is fundamentally different than O-data. Unfortunately, most organizations are O-data rich, and X-data poor.  This is why there are still so many surprises in business.
9. Qualtrics mission is to help organizations close the experience gap. This is Experience Management (XM). The best brands and organizations are already taking advantage of this movement towards experience management. 75% of the Fortune 100 and over 8.5 thousand customers globally across 90+ countries use Qualtrics to manage and improve the experiences they provide as a business - their customer, employee, brand and product experience.
10. So lets take a look at the Q XM platform. Intro Jenny