Insights from Forrester’s Evaluation
Introduction
In today’s customer-centric landscape, customer feedback plays a vital role in shaping successful businesses. According to Forrester’s global study, an impressive 69% of voice-of-the-customer (VoC) and customer experience (CX) measurement leaders rely on customer feedback management (CFM) tools. However, despite the widespread adoption of CFM tools, many organizations still struggle to mature their VoC and CX programs, with only 32% considering their programs well understood within their organization. This article delves into the key findings from Forrester’s evaluation, shedding light on the state of CFM and its role in driving customer-centric strategies.
The Discrepancy
CFM Capabilities vs. CX Buyer Maturity: CFM providers are rapidly evolving, offering broader capabilities to cater to adjacent markets like contact centers, digital experience, and experience research. However, there is a disconnect between the expanding features offered by CFM vendors and the maturity level of CX buyers. Many buyers find themselves lacking the necessary maturity to fully leverage the breadth of CFM offerings available.
The Importance of Advanced Technologies
CX buyers are increasingly seeking CFM products equipped with advanced technologies that directly support their needs. Features like natural language understanding and AI-driven capabilities are becoming essential for extracting actionable insights from customer feedback. Recognizing this need, the evaluation focuses on the core CFM products while acknowledging the availability of more advanced features as add-ons.
The Forrester Wave™ Evaluation
To help CFM buyers navigate the market and make informed decisions, Forrester has released The Forrester Wave™: Customer Feedback Management, Q1 2023. This comprehensive evaluation assesses the strengths and weaknesses of top CFM products based on 31 criteria. These criteria cover critical CFM use cases such as feedback collection and closing the loop, as well as the vendor’s ability to support broader CX strategies through their technology and services offerings.
Next Steps and Further Resources
Forrester clients interested in exploring the evaluation further can access The Forrester Wave™ report and join the webinar hosted by Colleen Fazio, Senior Analyst, on May 3 (registration details provided). Additionally, organizations can engage in discussions with Forrester experts to delve into their specific needs and explore the vendors featured in the evaluation or The Customer Feedback Management Landscape, Q3 2022 report.
Conclusion
Customer feedback management technology remains a cornerstone for organizations aiming to enhance customer experiences and drive business success. However, the gap between CFM capabilities and CX buyer maturity poses a challenge. By leveraging insights from Forrester’s evaluation, CX buyers can gain a deeper understanding of CFM options, align their strategies with customer-centric practices, and bridge the gap between their current maturity level and the breadth of CFM features available.
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