Qualtrics and Dow have embarked on a digital journey that yielded an impressive $300 million in value and a remarkable 20% enhancement in Dow's customer satisfaction metrics.
“In the experience economy, the brands that win and continue to stay at the forefront are those that listen to their customers and improve processes across every critical interaction. We are proud to help Dow realize its goal to make every customer interaction easy, enjoyable, and effective with a data-led enterprise-wide CX strategy,” said Sachin Goregaoker, Chief Product Officer of Qualtrics XM for Digital Frontlines.
Dow encountered a unique set of challenges in understanding and meeting the diverse needs and preferences of its clientele. This complexity arose from the absence of centralized customer experience (CX) teams and standardized CX metrics across the organization.
Navigating the landscape of B2B interactions, Dow's clientele comprised multiple stakeholders, each distinguished by varying titles, expertise domains, geographical locations, and decision-making authority. This intricate web demanded the endorsement of numerous stakeholders over an extended timeframe, setting B2B sales cycles apart from their more straightforward B2C counterparts.
Research conducted by Qualtrics unveiled a crucial insight: in the realm of B2B transactions, the significance of a positive first buying experience transcends other touchpoints in influencing a customer's likelihood to renew.
Engaging with diverse customers
Implementing Qualtrics XM for Customer Frontlines, Dow engaged effectively with diverse customer personas, gaining insights into individual needs. The collected data, presented through customizable displays, increased transparency and empowered the CX team for ongoing monitoring.
Dow correlated CX insights with operational metrics, leading to strategic adjustments in the customer journey. These included introducing new shipment visibility, upgrading order placement, and implementing innovations in supply, demand, and inventory management. This intentional approach resulted in a notable 20% increase in customer satisfaction scores.
The transformation of its online presence
Dow's online presence underwent a transformative modernization using Qualtrics Frontline DigitalXM. Key performance indicators witnessed significant breakthroughs, with a 450% surge in repeat digital platform visitors, a leap from 5% to 65% in new leads generated, and a remarkable 200% increase in digital orders.
This comprehensive digital transformation not only resulted in tangible value creation, amounting to $300 million in less than five years but also manifested in revenue and margin growth, coupled with substantial structural cost reductions.
“We see Qualtrics as the central enabling platform that helped us design, build, and then confidently prioritize and enhance our CX best practices over time,” “From the early days of our journey, Qualtrics solutions have allowed us to rationalize and monetize our CX disciplines to unlock new value for our customers and for Dow. We also value the support and partnership that Qualtrics and its Experience Management Institute (XMI) are providing to the AMCX Consortium, a group of B2B manufacturers aimed at benchmarking and elevating CX across B2B,” said Riccardo Porta, the Global Director for CX at Dow.
Dow's innovative efforts were recognized at the U.S. Customer Experience Awards for 2023, where it secured five prestigious awards, solidifying its commitment to customer experience excellence and transformative digital initiatives.
Intertwining operational metrics with Qualtrics data, Dow identified a crucial correlation: customer satisfaction and purchasing behavior are influenced by product availability at the time of order placement. This prompted a strategic reassessment of inventory management, resulting in a remarkable 7% reduction in inventory volume, translating to over $1 billion in increased cash flow. Simultaneously, customer confidence improved by 10%, and the CX score saw an 8.5% uplift. Dow's multifaceted approach underscores its success in aligning customer-centric strategies, digital transformation, and operational enhancements for outstanding results.
