Qualtrics, creator and leader in the experience management (XM) category, has been acknowledged as a Leader in the 2024 Gartner Magic Quadrant for Voice of the Customer (VoC).
It is the third time Qualtrics has been named a leader by Gartner in this category.
The Seattle-based firm was positioned highest for 'Ability to Execute' and 'Completeness of Vision' in the Quadrant, drawing attention to its $500m investment in initiatives focused on artificial intelligence.
The Gartner Magic Quadrant is a well-known source of industry recognition for those in the software application landscape. VoC software is seen as a valuable asset to organisations that aim to enhance their understanding and improve their overall customer experience (CX). The tech enables customer feedback collection, analysis, and action to be integrated into one interconnected platform, which can ultimately increase customer loyalty and offer tangible business benefits.
Qualtrics' President of Product, User Experience, Engineering and Ecosystem, Brad Anderson, highlighted the significance of the firm's AI initiatives and their impact on their product offering. "With our unified XM platform, omni-channel solutions and a $500 million commitment to AI initiatives, Qualtrics is paving a clear path to value for our customers now and in the future."
The AI-powered insights developed through Qualtrics' XM platform fuel both digital and contact centre customer experiences. By utilising both structured and unstructured feedback, the platform is able to analyse data and transform it into actionable insights. Organisations can then use these observations to identify the source of customer behaviour, augment customer care, increase customer loyalty and, ultimately, boost profit and revenue.
One of the many customers who found value in Qualtrics' program is BMW. Edwin Luchs, Head of Customer Experience Technology at the automotive, motorbikes, and engine manufacturing company, outlined how the software enhanced their operations. "Qualtrics provides pivotal insights that helped us revamp our customer experience, fueling a rise in loyalty, higher repurchase and return service rates," Luchs explained. "The platform's AI-powered text analytics, integrations, and intuitive dashboards allow us to quickly turn customer feedback into actions that drive our business forward and help us maintain our commitment to excellence in the experience economy."
The VoC platform allows companies to handle customer feedback—which can be complex and varied—in a streamlined and effective way. Through sophisticated AI analytics, companies like BMW can decipher customer feedback and apply it in ways that enhance their operations, strengthen their customer relationships, and ultimately, drive their business forward.