New Business Resilience Report from Qualtrics
illuminates industry strengths and weaknesses among travel,
hospitality, service providers and more
Product and brand appeal propelled the technology and financial
industries to the top of the inaugural 2022 Qualtrics (Nasdaq: XM)
Business Resilience Report.
The health of an organization goes beyond its near-term
financial results in a business environment where consumers have
more options than ever, employee turnover is near record highs, and
executives only expect both groups to become more demanding. The
Qualtrics Business Resilience Report draws insights from previously
unexamined metrics across 20 major industries to quantify how well
they are building durable relationships with their employees and
consumers. These metrics – employee and customer sentiment, product
appeal and brand affinity – are critical to a healthy business and
define what Qualtrics is calling “business resilience.”
As many companies rein in spending and lowered growth
expectations in their second quarter earnings reports, the index
shows that companies in technology and financial industries ended
Q2 best situated for long-term success. By comparison, the airline
and rental car industries struggled to meet customer expectations
while grappling with supply chain and staffing shortages as
Americans returned to travel.
With the U.S. economy just exiting a bear market and the summer
travel crunch exacerbating staffing and scheduling challenges,
future editions of the Business Resilience Report will reveal how
well finance and travel industries navigate.
“When companies are faced with something they can’t change –
such as inflation or supply shortages – it’s paramount that they
invest in the aspects of their business they can control,” said
Bruce Temkin, head of Qualtrics XM Institute, which developed the
index. “Successful organizations build strong, human connections,
and this new report offers a view – for the first time ever – of
which industries are building resilient relationships that can
withstand external pressures at a high-stakes time for many global
industries.”
Additional insights from the Business Resilience
Report:
- Technology companies’ public statements about social issues may
have strengthened customer affinity with their brands. More than
70% of consumers said the companies shared similar values to their
own, 8 percentage points more than any other industry. That
advantage made up for average scores in other categories like how
useful the products are and how easy it was to interact with the
company.
- Tech employees cited a strong sense of personal accomplishment
from their work, and were likely to recommend their company as a
great place to work, even as many workers looked for new jobs as
part of the Great Resignation.
- Hotels and room-rental companies gave travelers a great
customer experience, making up for below-average ratings in how
innovative their services are, as seen in the chart below.
- The fast food restaurant industry also saw great customer
experience scores, but was unable to overcome products that
customers reported were neither innovative nor reliable, and brands
that customers said they do not trust.
Gen Z are especially discerning consumers
Across all industries, young consumers (18-24 years old) were
hardest to impress – members of Generation Z gave the lowest
overall ratings in the index. They were least likely to find
products reliable or useful, and reported the most difficulty in
working with organizations. Gen Z also demonstrated low brand
affinity; they had the lowest trust in organizations and were least
likely to say brands appeal to them.
When it comes to the workplace, Gen X and younger Baby Boomers
(employees who are 45-64 years old) gave lower scores, especially
in their lower likelihood to go above and beyond at their job.
“Gen Z consumers have high expectations of the organizations
they do business with, and so far companies aren’t meeting them,”
said Temkin. “This generation is coming into their power as a
trendsetting force, and not responding to their expectations could
be a risky proposition for major companies.”
Industry
Customer Experience
Product Experience
Brand Experience
Overall Score
Score
Difference from Average Score
Score
Difference from Average Score
Score
Difference from Average Score
Software company
82%
3 pp
86%
7 pp
78%
10 pp
82%
Investment firm
83%
4 pp
84%
6 pp
78%
10 pp
82%
Computer or tablet maker
78%
0 pp
86%
8 pp
76%
8 pp
80%
Electronics maker
78%
-1 pp
85%
7 pp
76%
8 pp
80%
Bank
82%
3 pp
82%
3 pp
73%
5 pp
79%
Grocery store
85%
6 pp
78%
0 pp
72%
4 pp
78%
Retailer
84%
5 pp
78%
-1 pp
70%
2 pp
77%
Streaming media platform
82%
3 pp
82%
4 pp
66%
-1 pp
77%
Hotel or room rental firm
84%
5 pp
76%
-2 pp
67%
-1 pp
76%
Wireless service provider
77%
-2 pp
81%
3 pp
68%
0 pp
75%
Consumer Payment method
79%
0 pp
81%
3 pp
65%
-2 pp
75%
Parcel delivery service
79%
0 pp
75%
-3 pp
63%
-5 pp
72%
Fast food restaurant
84%
5 pp
70%
-8 pp
64%
-4 pp
72%
TV/internet service provider
75%
-4 pp
78%
0 pp
63%
-5 pp
72%
Utility company
76%
-3 pp
76%
-2 pp
61%
-7 pp
71%
Health insurance provider
73%
-6 pp
75%
-4 pp
65%
-3 pp
71%
Insurance company
75%
-4 pp
73%
-5 pp
63%
-4 pp
70%
Airline
74%
-5 pp
73%
-5 pp
64%
-4 pp
70%
Auto dealership
72%
-7 pp
74%
-4 pp
63%
-5 pp
70%
Rental car/transportation company
75%
-4 pp
72%
-6 pp
62%
-6 pp
70%
*
Scores represent the percentage of
consumers who agree with statements in each experience category,
and are compared with the cross-industry average for each category
to identify areas where industries were excelling or trailing
relative to other industries in the index. The overall score is the
average of the three experience category scores.
Methodology
The data for this report comes from three simultaneous surveys
Qualtrics XM Institute conducted in Q2 2022. Using online panels,
XM Institute collected data from 10,062 US consumers, 2,501 US
employees working at one of five targeted industries for a total of
500 employees per industry, and 2,540 US employees demographically
representative of the US population according to the 2020 US Census
for age, gender, household income, region, and ethnicity.
Respondents evaluated three statements for each experience category
(customer, product, brand and employee), and XM Institute
calculated a composite score for each category based on their
answers.
About XM Institute
Qualtrics XM Institute is the world’s premier resource for
experience management professionals. Led by industry visionary
Bruce Temkin, XM Institute’s faculty researches trends and emerging
practices in how organizations interact with their key
stakeholders, including suppliers, employees, customers and
partners. XM Institute also leads XM Pros Network, a thriving
global community of more than 6,000 XM leaders who participate in
an ongoing calendar of monthly events. The Institute maintains the
XM Professionals Certification, the gold standard credential in the
field. To access the latest XM content or for more information
about XM Institute, please visit xminstitute.com.
About Qualtrics
Qualtrics, the leader and creator of the experience management
category, is changing the way organizations manage and improve the
four core experiences of business—customer, employee, product and
brand. Over 16,750 organizations around the world use Qualtrics to
listen, understand and take action on experience data (X-data™)—the
beliefs, emotions and intentions that tell you why things are
happening, and what to do about it. The Qualtrics XM Platform™ is a
system of action that helps businesses attract customers who stay
longer and buy more, engage employees who build a positive culture,
develop breakthrough products people love and build a brand people
are passionate about. To learn more, please visit
qualtrics.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220811005202/en/
Lauren Braun press@qualtrics.com
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