Market Perspectives

We are happy to share some insights about Qualtrics drawn from our latest Value Index research, the 2023 Ventana Research Value Index: Customer Experience Management, which assesses how well vendors’ offerings meet buyers’ requirements.

In all of our Value Indexes, we utilize a structured research methodology built on evaluation categories designed to reflect real-world criteria and derived from RFP responses and a vendor selection process for analytics and business intelligence. We evaluated Qualtrics and 21 other vendors in seven categories, five relevant to the product — Adaptability, Capability, Manageability, Reliability and Usability — and two related to the vendor — TCO/ROI and Vendor Validation. To arrive at the Value Index rating for a given vendor, we weighted each category to reflect its relative importance in an RFP process, with the weightings based on our experience and on data derived from our Benchmark Research on Customer Experience (CX).

Qualtrics is a contact center company, emphasizing customer feedback and Voice of the Customer analytics. It was categorized as a Vendor of Merit, ranking 19th overall in this Value Index evaluation and performing best in Capability.

Qualtrics Customer XM is a listening engine, providing a way to capture what customers say and feel and helping CX teams interpret that feedback to improve customer satisfaction and other loyalty metrics. It has multiple use-cases, including social listening, interaction-quality management and analyzing sales and retention. It is part of a family of XM products, some of which have a role in the CX process. DesignXM, for example, is a market research tool that uses the experience feedback to create desired experiences.

Our research finds that Qualtrics’ platform has a way to go before it can be considered an all-purpose customer experience management suite. It has many of the elements, especially a very sophisticated analytics toolkit, but the components do not necessarily cohere into an integrated approach that succeeds at de-siloing these isolated processes. It can improve by expanding features it currently relies on partners to provide, particularly the workflow automation that binds users and departments together in a unified approach to CX.

This assessment was based on Qualtrics’ CXM products available in November of 2022.

Qualtrics, like all vendors in this space, should continue working towards a holistic, integrated CX platform that addresses the needs of users across the enterprise. Connecting workflows from marketing, sales and service teams should be a key priority.

This research-based index is the most comprehensive assessment of the value of CXM software in the industry. Technology buyers can learn more about how to use our Value Index by clicking here and included vendors that wish to learn more can click here. Read the report here.