Adopting a relationship-based approach to customer intelligence gathering delivers substantial value and ROI.
In The Total Economic Impact of Vision Critical, Forrester provides a framework for measuring the potential business impact of using an insight community in the Vision Critical platform. The report shows how forward-thinking research teams from global brands now use insight communities to build customer relationships and deliver agile insight to key stakeholders in the company.
Driving business value, sales and research cost savings
Forrester talked to companies that use insight communities to uncover the business impact of Sparq 3, Vision Critical's customer intelligence platform. Here are some highlights from the report.
1. The research firm’s interviews with Vision Critical customers combined with subsequent financial analysis found that an organization based on these interviewed organizations enjoyed benefits of $5.2 million over three years, translating into an ROI of 590%.
2. That ROI is equivalent to a net present value (NPV) of $4.4 million.
3. Organizations using the Vision Critical customer intelligence platform for product design decisions, product launches, optimizing the customer experience and marketing campaigns, among others, realize $1.7 million in business value from additional customer feedback.
4. One organization reported churn rate for insight community members was 70% lower than that of regular customers.
5. The same company said average order value (AOV) for community members was 39% higher than that of the average customer.
6. The reduced churn and improved AOV led to $4.7 million in increased sales from community members.
7. These organizations also saved between $2 to $5 million in development and marketing costs by preventing the launch of a flawed product.
8. They also saw a 75% reduction in cost compared to traditional market research methodologies.
9. Companies also saw results for research activities more quickly—anywhere from four to six times faster.
Customer-centric companies lead the way
Separate from the Forrester report, many companies using Vision Critical’s customer intelligence platform have already shared their stories about the ROI they’ve garnered from an insight community. For example:
10. Keurig Canada shared in a recent webinar that it reduced project timelines by three weeks and exceeded its sales forecasts by 42% by finding new pain points to solve in a crowded market.
11. POLITICO uncovered $5 million in new revenue within just eight months by including feedback from their insight community in their sales pitches.
12. By bringing research projects in-house, DEWALT has saved close to $6 million in research costs since establishing its insight community.
13. Establishing multiple insight communities helped LinkedIn increase monthly research activities by 600%, enabling the market research team to equip the marketing, product and engineering teams with agile insight they need to make better decisions.
The numbers don’t lie
The compelling ROI of a customer intelligence platform can’t be ignored. By adopting a relationship-based approach to gathering customer intelligence, Vision Critical’s platform can provide incredible value to your organization.
To learn more and review Forrester's analysis, download The Total Economic Impact of Vision Critical.