Experience Management: We're just getting started
Ten years ago, there were only a handful of experience brands - the likes of Porsche, Ritz-Carlton and Nike. And that was okay, consumers didn’t expect experiences from everyone. But fast forward to 2018 and expectations have changed - experiences have become a key differentiator for both customers and employees.
When Qualtrics launched the world’s first Experience Management Platform™ in 2017 we highlighted the huge gap between what consumers and employees want and what brands are actually delivering. It was clear then that closing those gaps would be the difference between success and failure in the experience age.
Fast forward to 2018 and it’s become obvious to everyone that experience management is now mission critical. Organisations are including key metrics like NPS and employee engagement scores in their annual reports, aware that experience metrics are as good a sign of health as the operational metrics that investors and leadership teams have typically fed on in the past.
Chief Experience Officers (CXOs) now command a seat at the top table of many of the world’s biggest organisations. At Qualtrics, we recently hired former Microsoft CXO Julie Larson-Green to take up the same role here. Experience management has entered the mainstream media lexicon too - when Toys R Us collapsed earlier this year, all the talk in the press was about how their failure to capitalise on the experience economy had been a key factor in their downfall.
We’re all in the business of experience management now. There’s so much more to come. Experience management is about understanding your key stakeholders better than anyone else.
That’s something that goes well beyond just gathering experience data. You need to be able to connect the dots and understand how each interaction affects the next, how improvements in your employee experience impact your customers, how slight changes in your product can help appeal to a whole new audience and crucially, how you can step in at the right moment to optimise the experience. To do that, you need a data warehouse, where you can see a complete view of your key stakeholder and every experience they’ve had with your brand.
This year we’re launching Directory iQ, a single source for all your experience and operational data - one platform where every interaction is stored as a data point to help you understand people better.
It’s the start of an even deeper understanding of all your key stakeholders from your employees to your customers and prospects. You then need to use that understanding to drive real improvements and start delivering on expectations. Last year we launched Stats iQ and Text iQ, tools that gave everyone access to powerful text and statistical analysis at the click of a button.
This year we’re adding Predict iQ - a new feature that learns on your data whether it’s experience data or operational data to surface predictions about everything from customer churn to employee prediction.
It’s harnessing the power of artificial intelligence and deep neural networks and using it to answer two simple - although previously almost impossible to answer - questions - ‘do I need to step in?’ and ‘what do I need to do?’
The ability to identify a customer at risk of churning and then, in just a few clicks identify what you need to do to save them, is a game changer. Add to that the ability to automate tasks to take action and follow up with them and it’s clear it’s getting easier and easier for organisations to deliver on expectations.
Experience management is gaining critical mass - those who are successful will be those that grab hold of it and apply it to really understand where they can make the biggest improvements.
We’ve come a long way at Qualtrics, but we’re nowhere near finished. These new tools are just the latest additions to the platform and we continue to grow our engineering team at an incredible rate.
We’ll continue to innovate to make it easier and easier for organisations to spot and close gaps between what people want and what they’re actually delivering. These are exciting times.