VANCOUVER, British Columbia--(BUSINESS WIRE)--Today, Vision Critical released the results of a commissioned study conducted by Forrester Consulting that analyzes the Total Economic Impact (TEI) enterprises realize by adopting customer insight communities and Vision Critical’s Sparq 3 Customer Intelligence Platform1. Among other findings, the study indicates that a composite organization utilizing Vision Critical’s platform to build secure, double opt-in, online customer communities saw a 39 percent increase in average order value and a 70 percent lower churn rate from community members compared to non-community members. The organization also benefited greatly from the platform’s agility, as the slow pace of traditional market research fails to meet the needs of stakeholders who depend on customer intelligence to make critical decisions that impact corporate KPIs. Overall, the study found that the platform delivered a near-immediate return on investment.
For the study, Forrester interviewed several companies using Vision Critical’s platform to better understand the benefits, costs, and risks associated with the investment. Forrester then developed a composite organization based on data gathered through the interviews to reflect the total economic impact that investing in Sparq 3 could have.
In addition to benefits like faster, better access to customer intelligence and improved survey experiences with higher response rates, the study quantified the transformative value of Vision Critical’s platform over three years in the following ways:
- Customer-led insight drove $1.7 million in business value for the organization through the use of the platform for product development decisions and launches, optimizing customer experience, marketing campaigns, and more. Feedback gathered resulted in both cost savings and additional revenue.
- Insight communities reduce the cost of market research by 75 percent, representing $2.9 million in research savings to the composite organization while also increasing the number of surveys it could run.
“For over 15 years, our unique customer intelligence platform has empowered businesses with actionable customer insight that helps them thrive,” said Tyler Douglas, Chief Marketing & Strategy Officer for Vision Critical. “We’re proud and humbled to see the benefits of our platform so positively quantified by a third party like Forrester. A major shift has long been underway in how organizations tap into customer preferences, attitudes, and opinions to inform their strategy, and we look forward to continuing to be a driving force behind the adoption of a relationship-based approach to customer intelligence gathering.”
To learn more about the study, visit www.visioncritical.com/economic-impact.
About Vision Critical
Vision Critical provides customer relationship intelligence software that improves customer relationships to grow customer lifetime value. Designed for today’s always-on, social and mobile savvy customer, Vision Critical’s technology helps large, customer-centric enterprises discover what their customers want so they can deliver what they need. Unlike traditional customer research, which is slow, expensive and gathers dust on a shelf, Vision Critical’s customer intelligence platform replaces static data and cumbersome reports with real-time actionable customer intelligence that companies need to build better products, deliver better services and achieve better business outcomes.
Hundreds of high-performance organizations use Vision Critical’s technology. Follow us on Twitter at https://twitter.com/visioncritical.
1 The Total Economic Impact™ Of Vision Critical, a January 2018 commissioned study conducted by Forrester Consulting on behalf of Vision Critical