Report: Who's leading the customer feedback market

Customer feedback management (CFM) platforms and are becoming increasingly crucial in the martech stack and vendors including Clarabridge, Medallia, InMoment, Qualtrics and Confirmit are leading the way. 

Forrester just released its Forrester Wave: Customer Feedback Platform, for the first quarter of 2020 in an effort to help customer experience (CX) teams to identify the right solution for enterprise needs. The analyst firm's list of criteria for marketers when seeking these platforms includes integration with other data sources and tools; providing text analytics to match organisational need; and support through managed, professional and implementation services. 

Across the vendor field, Forrester said Clarabridge offered strong integrations and text analytics to achieve a new level of customer understanding. Medallia grew its capabilities through the acquisitions of Strikedeck, Cooladata, Zingle, and Crowdicity, and can now grow and scale with its clients. 

Fellow leader, InMoment, showed particular strength in technology as well as the strong and valuable partnership provided by its people, while Qualtrics offered speed of innovation, exceptional self-service, and platform flexibility. Forrester added Confirmit demonstrates flexibility across a diverse customer base. 

Strong performers also recognised in the report are SMG, MaritzCX, Nice and Concentrix. Forrester highlighted SMG's ability to deliver actionable insights and excellent customer experience. MaritzCX, meanwhile, has invested in integrations and a strong focus on services, Concentrix in innovation and services, and Nice in the enterprise market.

“As more firms invest in voice-of-the-customer [VoC] technologies, vendors’ integration capabilities, text analytics, and service offerings will dictate where the money is best spent," the report stated. "Vendors that provide superior capabilities across these three areas will position themselves to deliver a differentiated experience to their customers and stand out in what is becoming an increasingly crowded and difficult-to-understand field." 

The report evaluated vendors against 40 criteria, which were grouped into three high-level categories: Current offering, strategy and market presence. Vendors also had to have a minimum revenue of $50 million, a global presence, and significant interest from Forrester clients in the form of inquiries, advisories, interactions at events, and other conversations.

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