Qualtrics (Nasdaq: XM), the leader and creator of the Experience Management (XM) category, announced today that top brands, including DISH Network, DoorDash, the NBA and Peloton, chose Qualtrics during the third quarter of 2021 — a record quarter that beat the company’s own guidance for revenue and profitability.
Qualtrics CEO Zig Serafin, CFO Rob Bachman and President Chris Beckstead told investors on the company’s quarterly earnings call that Qualtrics’ growth is being driven by a massive shift in how companies engage and build relationships with their customers and employees. This shift is fueling the $60B+ TAM for Experience Management as companies increasingly turn to Qualtrics to capture, analyze and act on data in order to deliver personalized experiences and build deeper relationships with their customers and employees.
“Q3 was an outstanding quarter for Qualtrics,” Serafin told CNBC’s Jim Cramer on Mad Money Wednesday afternoon. “More and more organizations are prioritizing and investing in an experience transformation, and they’re doing it on Qualtrics. … They’re building deeper relationships at scale by understanding the people who matter most, which are their customers and employees. These are relationships that are built on understanding.”
Every company is competing for customers and employees in a world where loyalties can hinge on one poor experience. In fact, 53% of consumers said they decreased or stopped their spending after one bad experience with an organization, the Qualtrics XM Institute found. Leaders in every space — from tech giant Zoom to iconic retail brand L.L. Bean and IBM subsidiary Red Hat — are turning to Qualtrics to gather insight into the hearts and minds of their customers and employees and invest in experience transformations.
The state of Colorado and government tech company Carahsoft, as well as international brands around the world, including Sky, Repsol, The University of Southampton, PostNL and Kyoto University, have also recently relied on Qualtrics to act on the feedback customers and employees are constantly sharing — both directly and indirectly — to drive their own experience transformations.
In Q3, Qualtrics reported a 41% increase in revenue compared to the third quarter of 2020 and a 49% increase in subscription revenue growth year over year. And top brands formed or expanded a relationship with Qualtrics to gain insights for their customers, employees, products and brands:
Peloton transformed the fitness world by delivering an incredible member experience — from beautifully designed Bikes and Treads to intuitive and integrated software, to custom-built live production studios. One of their core values is to “obsess over every touchpoint of the member experience,” which is just awesome. Peloton is a longtime customer and, in Q3, they standardized on Qualtrics as their experience management platform. With Qualtrics, Peloton is putting the member experience at the centre of their business, listening to their community across every touchpoint and sharing feedback across the entire company to drive their strategic priorities and improve the member journey at every turn.
In Q3, Qualtrics expanded its relationship with DISH Network to build an industry-leading customer experience program across the company’s pay-TV and consumer wireless brands. DISH has become an experienced leader in pay-TV, being rated #1 in Customer Satisfaction by JD Power and DISH customers for the past 4 years. DISH intends to build on that momentum, and reinvent the customer experience for their wireless brands. Qualtrics is proud that they chose to partner to create highly personal interactions and to more deeply connect with customers across all of their digital channels. DISH also added EmployeeXM™, reinforcing the importance of employees in their customer-centric culture, and helping DISH to attract and retain talent in an increasingly competitive market.
NASCAR is one of the country’s top spectator sports, with millions of fans across the U.S. NASCAR knows what it means to deliver for their fans, and they’re constantly looking for opportunities to take that fan experience to the next level. With Qualtrics, they’ve implemented the Fan Council Program, bringing together a panel of enthusiastic NASCAR supporters who give valuable feedback on the broadcasts, races, ads and overall fan experience. With all that data on one platform, NASCAR is able to make strategic changes and design a fan experience that’s personalized for their diverse base.
During the pandemic, the NBA worked with Qualtrics to redefine the fan experience and deliver new, connected virtual experiences to fans wherever they’re watching a game, whether that’s in-person at the arena, at home, or on a mobile device. In Q3, the NBA standardized on Qualtrics as their experience management platform to create a single place where every department across the organization — from HR to sales to marketing — can listen to their fans and employees at every critical touchpoint to inform strategic decisions and priorities.
Qualtrics grew with DoorDash in Q3, as the company continues to invest in using experience data and insights to drive their actions. To complement their robust customer experience programs, they chose EmployeeXM to deliver a better employee experience starting with candidates in their interview process.
Qualtrics is building upon its existing partnership with ServiceNow, which is expanding their use of Qualtrics EmployeeXM to deliver more feedback-driven experiences in the new era of work. They will use Qualtrics to deliver personalized experiences for prospective employees during the recruiting and hiring process to continuously attract top talent, and for their current workforce by leveraging the voice of every employee to nurture and develop talent at all levels.
Qualtrics expanded its relationship with Community Health Network, one of the leading healthcare providers in the Midwest. Qualtrics will be their experience management platform, providing a cohesive view of their employee (caregiver) and patient experience data. They’ll go beyond evaluating patient touchpoints and take action with a coordinated approach that allows them to deliver seamless, personalized experiences across the healthcare journey for patients, customers and healthcare professionals.
In Q3, Qualtrics formed a new relationship with cybersecurity leader Crowdstrike, to become their unified experience management platform. CrowdStrike is on a mission to stop breaches by providing better protection, better performance, and better value to its customers while creating employee experiences that help them attract and retain the best cybersecurity & AI engineers. With Qualtrics, Crowdstrike will be able to bring together all of their customer, product, employee, brand, and operational data onto a single platform to help them uncover new insights to drive meaningful change across all of their key stakeholder groups.
Mercado Libre, Latin America’s leading e-commerce and fintech ecosystem, has renewed its relationship with SAP and Qualtrics to manage the experiences of its employees and candidates throughout the region. The most valuable company in Latin America, Mercado Libre has ambitious growth plans with a strong focus on experience management. The company relies on SAP SuccessFactors to attract, retain and develop its workforce and leverages Qualtrics to listen to, understand and act on employee feedback in real time throughout the employee’s journey at the company — including during recruitment, onboarding and benefit selection.
In Q3, YMCA New South Wales selected Qualtrics’ Vaccination and Testing Manager to support the safety and wellbeing of its 2,000+ team members. The solution enables the iconic youth and community organization to quickly and easily manage vaccination status, collect test results and monitor for symptoms to ensure a safe, fast and effective re-opening of services.
In Q3, Qualtrics formed a new relationship with ASM Global, the world’s largest venue management company. They have a portfolio of the most prestigious venues in the world, including the O2, McCormick’s Place and the Mercedes-Benz Stadium. The pandemic brought in-person events to a halt, and now ASM is looking to emerge even stronger by reimagining the live event experience, balancing safety and wellbeing with entertainment and engagement. ASM chose Qualtrics as their Experience Management platform to capture and analyze people’s emotions and experiences before, during, and after events to help them innovate and up the entertainment game.
In 2021, the Ken Garff Automotive Group grew significantly after the car dealership completed its largest expansion in the company’s nearly 90-year history. As they grew, they recognized a need for a single customer experience platform that could help them listen to, understand and act on the customer feedback they received at every step of the car-buying journey, paying off their “We Hear You” tagline. In Q3, Qualtrics expanded its relationship with Ken Garff to provide that insight and action and to help them create unrivaled experiences.
For more details on Qualtrics’ third quarter of 2021, visit https://www.qualtrics.com/investors/events/