Inspired. Proud. Motivated to be even better. The InMoment team is still taking in the full impact of a report recently released by an independent research firm in which we were cited as a Leader, received the highest possible score in 10 criteria for our Current Offering, and achieved the top ranking for Strategy.
And beyond all of good news for our company and clients, the report also contains some very insightful findings that will help every customer experience (CX) practitioner better understand the landscape they’re working within, as well as the opportunities.
The report is titled The Forrester Wave™: Customer Feedback Management Platforms, Q2 2017. In addition to exploring the similarities and differences between top technology providers, Forrester makes clear the connections between Voice of Customer (VoC) programs and Customer Feedback Management (CFM) platforms, as well as the role each play in supporting organizations’ CX initiatives.
How “VoC” Relates to “CFM”
According to Forrester, there are four distinct VoC tasks:
- Listen: Directly solicit and gather unsolicited feedback from multiple sources
- Interpret: Analyze feedback, create dashboards and reports; automatically route
- Act: Alert on action, manage cases, prioritize and prescribe
- Monitor: Track change in perception over time; measure results of VoC-initiated activities
CFM platforms play the important role of supporting CX professionals in managing the complexity of their VoC programs by centralizing and automating these tasks.
While many companies have at least a rudimentary VoC program in place, few are leveraging technology to its full potential, leaving money—and opportunity—on the table. In the report, Forrester cites the following findings:
- Only 42% of companies use one ore more technology solutions to support their VoC program.
- Brands that buy CFM platform solutions are mostly first-time buyers.
- Although CFM platforms have functionality to serve all VoC tasks, just 19% of companies use a CFM vendor to solicit feedback, and only 5% of all companies use the same CFM provider for the majority of other tasks.
So how can a company that wants to improve its VoC efforts identify the right CFM provider?
“Providers that Matter”
Forrester has done a lot of important work for you in the report, in which analysts takes a very comprehensive look at state of the CFM platform market and providers within it. The first thing they did was conduct primary research to develop a list of vendors that met the criteria for further evaluation.
Forrester winnowed the consideration set down to the “10 providers that matter” based on 1) product fit, 2) client success, and 3) Forrester client demand. Analysts then began the months-long process of surveying each vendor on their capabilities and validating capabilities through product demonstrations.
Client references played a large role in Forrester’s process. Analysts conducted three client phone interviews per provider, and fielded a survey among 60 client references.
The result of these monumental efforts is a comprehensive evaluation of the top CFM vendors, including their strengths and weaknesses.
Partnership is Key
A key takeaway from the report was that not only are organizations looking for great technology, but they also need a true business partner—not just a vendor—to navigate the constantly changing CX landscape:
“The CFM market is growing because more CX professionals want a technology platform that automates and centralizes essential VoC activities. CX pros are also looking for a steady and close relationship with a provider that acts as an extended part of their team and helps evolve their VoC program.”
To read more about CFM and how managing and automating the complexities of your VoC efforts can create high-value relationships with your customers, download the free report.