Qualtrics and Bain & Company Introduce Early Access to NPS® Outer Loop, an End-to-End Way to Manage Customer Experience Enhancement Opportunities
Qualtrics (NASDAQ:XM) and Bain & Company, creators of Net Promoter Score® and Net Promoter SystemSM, today announced the NPS® Outer Loop powered by Qualtrics for early access customers. The Net Promoter System supplies actionable practices and methodologies for enhancing customer relationships, fostering individual and organization-wide learning and action, and growing the value of a company's customer base.
This new solution, designed by Bain in the Qualtrics' XM Platform™, allows organizations access and execute Bain's proven methodologies for customer experience improvement directly with Qualtrics' industry leading Customer Experience (CX) technology. The combination will provide organizations with a more effective way to measure, manage, and improve products, services, and experiences so they can earn customer loyalty.
"Bain brings our unparalleled NPS and customer experience expertise together with Qualtrics' technology leadership to help our clients better understand and delight their customers. This new capability ensures that structural improvement initiatives get the attention and resources they need," said Rob Markey, a leader in Bain & Company's Customer practice and one of the creators of the Net Promoter System. "Qualtrics has built a reliable, flexible platform on which we have developed customized Net Promoter System configurations for our clients. This enables our clients to deploy a high-quality Net Promoter System Outer Loop prototype quickly and efficiently. We have combined Bain's strategy consulting with Qualtrics technology to support multiple successful scale implementations for our clients. This partnership positions us to achieve even greater results going forward."
Unifying Customer Feedback for Strategic Business Enhancements
Qualtrics research found that 80% of consumers say they've switched brands because of a bad experience, and more than half changed brands after a single poor experience. Poor customer experiences are costing companies an average of 7% of their annual revenue.
The solution, co-developed by Bain and Qualtrics, allows organizations to address customer complaints and empowers them to prioritize and invest in changes that will improve products, processes, policies and other elements of the business that are beyond frontline employee control.
For example, a company experiencing a recurring customer issue could use NPS® Outer Loop powered by Qualtrics to identify and link all instances of similar customer feedback, perform a detailed investigation to reveal its potential source, and generate data-backed evidence of outlining which solutions to prioritize. Customer advocacy teams can then follow through with controlled testing of a solution, and keep frontline teams informed about progress as the issue is resolved.
This combination of operational and experience data and workflows is frequently spread across disparate spreadsheets and software. Qualtrics' XM Platform provides the power of the ultimate listening engine with Qualtrics Experience iD, predictive intelligence and powerful text analytics, and full closed-loop actioning capabilities with xFlow that enable clients to rapidly execute the cross-functional improvements identified through customer feedback.
The ability to collect, analyze, and act on operational and experience data within a single platform saves organizations time and resources while empowering the companywide collaboration necessary to deliver best-in-class customer experience.
"With this new first-of-its-kind partnership, customers will have instant access to the industry-leading strategy and expertise of the Bain Net Promoter System in the Qualtrics XM Platform," said Brad Anderson, President of Product and Engineering at Qualtrics. "The value to our shared and prospective customers is immense and the combination will help clients around the world tackle systemic business changes and create the customer experiences that will drive satisfaction and loyalty for years to come."
Availability
NPS® Outer Loop by Bain and Company powered by Qualtrics is now available for early access users. To register interest for early access, please submit your information here.
About Qualtrics
Qualtrics, the leader and creator of the experience management category, is a cloud-native software provider that helps organizations quickly identify and resolve points of friction across all digital and human touchpoints in their business – so they can retain their best customers and employees, protect their revenue, and drive profitability. More than 18,750 organizations around the world use Qualtrics's advanced AI to listen, understand, and take action. Qualtrics uses its vast universe of experience data to form the largest database of human sentiment in the world. To learn more, please visit qualtrics.com.
About Bain & Company
Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future.
Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
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