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Qualtrics Caps Off Record Year as Top Global Organizations Choose to Expand with the Experience Management Leader
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Qualtrics (NASDAQ: XM) reported a record year in 2021, ending with over 16,750 customers globally and an annual revenue of $1.1 billion. Notably, 143 customers are now spending over $1 million annually, a 93% year-over-year increase. In Q4, major organizations like Barclays and Southwest Airlines expanded their partnerships, focusing on enhanced customer and employee experiences. The company has seen nearly 30% of its revenue come from international markets, and its expansion continues in sectors including government, healthcare, and finance.
Positive
Q4 2021 revenue increased to $1.1 billion, marking significant growth.
143 customers spending over $1 million annually, a 93% increase YoY.
Expansion of partnerships with major brands like Barclays, Comcast, and Southwest Airlines.
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PROVO, Utah & SEATTLE--(BUSINESS WIRE)--
Qualtrics (Nasdaq: XM), the leader and creator of the experience management (XM) category, announced today that top global brands, including Barclays, Comcast and Southwest Airlines, chose Qualtrics during the fourth quarter of 2021—capping off a record year for the company.
Qualtrics ended 2021 with more than 16,750 customers around the globe and 143 customers spending $1 million or more annually—a 93% increase year over year. Q4 was also the fourth consecutive quarter of major growth for Qualtrics, bringing the company’s annual revenue to $1.1 billion.
While leading brands have historically relied on Qualtrics to better understand and act on the feelings and emotions of their customers and employees, many are now choosing to expand their relationship with the company as Qualtrics continues to offer increasingly valuable capabilities and insights.
“Companies are expanding and building on our platform,” Qualtrics CEO Zig Serafin told CNBC’s Jim Cramer on Mad Money Wednesday. “There are CEOs that are actually taking their entire company and saying, ‘Let’s standardize on this platform because we want to be able to use this to get a 360 understanding of our customers. We want to get connected to our employees, and we want to be able to make much better decisions on the way we run our business.’”
Other major organizations also selected Qualtrics during the quarter, including BP International Ltd., global insurance giant AXA, Sally Beauty, Everton Football Club, the New South Wales Department of Customer Service, The Warehouse Group, Fonterra and Singapore media conglomerate MediaCorp. In fact, nearly 30% of Qualtrics’ revenue now comes from outside the United States as the company continues to support increasing international demand for experience management.
Top U.S. government and educational institutions, including Louisiana State University and the Maryland Department of Health, also decided to expand their relationship with Qualtrics in Q4 to help manage COVID-19 and vaccination challenges. And other brands formed or expanded a relationship with Qualtrics to gain insights for their customers, employees, products and brands, including:
Southwest Airlines: The airline has set an ambitious goal of adding a significant number of employees to its workforce in 2022—a challenge for any company during the Great Resignation. So Southwest expanded its relationship with Qualtrics and invested in the Candidate Experience Solution. With Qualtrics, Southwest will be able to better understand the experiences candidates have throughout the hiring process, all the way through onboarding, and discern at a more granular level the most important moments along a candidate’s journey that lead to success.
Barclays: In Q4, Qualtrics expanded its seven-year relationship with Barclays, a centuries-old British, multinational bank. Barclays has been using Qualtrics to ask its customers and employees the right questions at the right time, and take action. In the quarter, Barclays added Clarabridge technology to enable analysis of unstructured customer feedback for its retail bank. Clarabridge offers a single system to get a 360-degree view of what customers are saying, wherever they’re saying it—helping Barclays uncover opportunities for its customers across financial segments and ultimately making experience a driver for growth and efficiency.
Comcast: Qualtrics formed an exciting new relationship with Comcastthis quarter. Comcast Advertising is investing to create a culture of feedback across their customer facing teams. In Q4, they chose Qualtrics to get closer to their advertisers and publishers by understanding their experiences with the company and training their teams based on that experience data. Qualtrics will help them strengthen these critical relationships and empower their sales and customer experience teams to deliver greater results.
Trinity Health: In Q4 2021, Trinity Health chose to partner with Qualtrics to incorporate the voices of members and their families at all levels of its organizational decision-making across its hospitals and health and well-being services. With Qualtrics, Trinity Health will be able to gather feedback and take action on the data to improve and innovate the experiences members and their families have, both in-person and through digital tools. Together, Trinity Health and Qualtrics will create a modern approach to customer experience that reflects the changing needs and expectations of their members.
State of Utah: This quarter we expanded our relationship with the State of Utah. In 2022, Utah intends to roll out a state-wide service portal, making it easier for residents to access all of the services and programs—from licensing to Medicaid and transportation—offered by the State on one user-friendly system. With Qualtrics, the State will better understand from the residents’ point of view how to streamline these programs through a centralized, automated system—reaching more residents quicker and improving services in their communities.
Mitsubishi Motors: Delivering a superior employee experience is key to creating sustainable growth and improving corporate value at Mitsubishi Motors (Thailand) Co., Ltd. To help the company shift to a new way of working, Mitsubishi Motors selected Qualtrics EmployeeXM™ and Korn Ferry to capture feedback from its 5,000+ people, with insights supporting the creation of workplaces and working styles tailored to individual needs.
HSBC: The bank has signed an enterprise agreement with Qualtrics. Using Qualtrics tools, HSBC employees will be able to make better data-driven decisions to deliver the right products and services at the right time and build deeper relationships with their customers.
Oversea-Chinese Banking Corporation: As the financial services industry across Southeast Asia transforms to meet consumers’ changing needs—from the digitization of services, adoption of fintechs and rising incomes—Oversea-Chinese Banking Corporation is expanding its relationship with Qualtrics to better understand and deliver the support, advice and solutions customers are asking for. The continuous feedback captured by OCBC's existing and expanding customer and employee experience programs will be supplemented with insights from BrandXM™, providing the organization with critical insights to rapidly and meaningfully respond to evolving market dynamics.
Central Group: Over the past 75 years, the Central Group's commitment to creating a better experience for its customers in Thailand has seen it become a leader across the country's retail, property development, brand management, hospitality and food and beverage industries—with brands including Central Department Store, CentralWorld, Centara Hotels & Resorts and The 1 loyalty platform. As Central Group continues to innovate and adapt its offerings for a diverse range of consumers in Thailand, the group is standardizing its customer experience with Qualtrics to build a modern, integrated program bringing together insights and enabling rapid action across its digital, contact center and in-store locations.
Camping World: With the number of households that own recreational vehicles (“RVs”) at an all-time high, Camping World, America’s largest retailer of RVs and related products and services, is investing in its commitment to keep RV’ers happy and on the road. As part of this investment, Camping World expanded its partnership with Qualtrics in Q4 to obtain, consolidate, and measure customer feedback across multiple platforms in an effort to improve overall customer and employee experience and drive brand loyalty.
Cummins: Over the past quarter, we expanded our relationship with Cummins, a multinational corporation specializing in engines and generators. The global power leader is committed to closing experience gaps for their employees and customers, and, especially following the effects of the pandemic, Cummins executives wanted to get a full picture of how their employees and customers were doing and identify areas for improvement. Qualtrics will be their holistic experience management platform to enable them to take action with the data they were collecting. Cummins also selected Qualtrics' Vaccination & Testing Manager to help keep their over 60,000 employees safe and healthy amidst COVID-19.
America First Credit Union: This quarter, Qualtrics grew its relationship with America First Credit Union, one of the largest credit unions in the United States. Facing a highly competitive labor market, America First is eager to provide the best possible experience for its employees. That starts with understanding what they are thinking and feeling. Qualtrics will help America First gather new hire feedback and exit feedback to drive retention and create a superior experience that starts from day one of onboarding.
About Qualtrics
Qualtrics, the leader and creator of the experience management (XM) 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.
