Clarabridge Announces Record Growth in 2020
Clarabridge Announces Record Growth in 2020
Clarabridge, Inc., the leading provider of Customer Experience Management (CEM) solutions for the world’s top brands, experienced a record-breaking year in 2020, with 300% increase in new customers sales YoY in Q4 and growth in overall deal size driven by speech analytics. More than 78% of net-new customer sales in Q4 included voice data (phone calls), representing a 449% jump over the first half of the year.
The company expanded its footprint in key industry verticals such as financial services, healthcare, digital commerce, CPG, transportation and retail, as enterprises around the world used Clarabridge insights to drive customer-first initiatives. Clarabridge had significant wins against major Customer Feedback Management (CFM) vendors (Medallia, Qualtrics, Verint, and NICE) due to its omnichannel data integration capabilities and unparalleled Natural Language Understanding. The close of a record year included a new customer relationship with one of the nation’s leading insurance companies, which projects $30 million in savings from call center optimization using Clarabridge patent-pending features such as Automated Narratives and Intelligent Scoring. Clarabridge is also helping one of the world’s largest automobile companies re-imagine its customer-facing processes to support their vision of electric vehicle proliferation.
In Europe, the company grew new customer sales 200% in 2020. With native analytics support for 23 languages and the CX industry’s fastest and most scalable voice data pipeline, Clarabridge closed major contact center speech and digital transformation deals at several large companies, notably including a Fortune 500 bank in London, a Saudi-based telecommunications company, a multi-billion-dollar scientific publishing firm headquartered in the Netherlands, and a French automotive parts manufacturer.
Over the past year, Clarabridge witnessed an unprecedented shift in digital experience and transformation, as companies around the globe adapted to new modes of service. Clarabridge helped its customers bridge this shift by quickly releasing new capabilities to engage with customers on private messaging and chat/chatbot channels and to analyze and optimize chatbot conversations. Overall chat volumes for analysis grew 300% since March, while the use of surveys as a source of customer feedback dramatically declined, a trend confirmed by Forrester Research. Early in the pandemic, Clarabridge also launched the Covid Command Center for its customers, which provided time-critical resources that proved invaluable for many of its customers navigating through the pandemic.
As superior customer intelligence became critical to innovation and survival in 2020, Clarabridge announced strategic partnerships with Qualtrics, Microsoft Dynamics 365 and Customer Voice, and Amazon Web Services (AWS) Contact Center Intelligence (CCI) to provide comprehensive platform solutions. Underpinned by Clarabridge’s industry-leading speech and text analytics, these partnerships provide businesses with a complete understanding of customer experience, driving more precise, informed, and actionable decision-making.
A focus on delivering more strategic, value-driven services also resulted in record professional service sales. Clarabridge continued to grow its Strategic Services team, recently adding several industry veterans in the healthcare and contact center space. Sales contribution by Clarabridge strategic partners such as KPMG, Accenture, McKinsey, JD Powers, and PWC exceeded plan by 173%.
“We started 2020 with a bang, proud to be named a leader in both the Forrester Customer Feedback Management Wave and the Forrester Text Analytics Wave,” said Clarabridge CEO Mark Bishof. “But it was our laser focus on partnering with our customers throughout the pandemic that really enabled Clarabridge to break through as mission critical for many of the world’s top companies. The Clarabridge team knocked it out of the park each and every quarter in 2020. We not only established a record number of net-new customer relationships, but existing customers confirmed the value of Clarabridge by renewing and expanding their investments at record rates.”
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On the R&D front in 2020, Clarabridge made significant investments in its world-class platform, announcing several key innovations:
Intelligent Scoring: a new generative enrichment engine that evaluates 100% of interactions against custom score criteria to predict and inform business outcomes such as churn propensity, fraud risk, banking compliance, service quality, and health and safety liability. By year end, the company had a dozen customers and scored over 113 million interactions.
Automated Narratives: use of natural language generation to create clear, consistent summaries in prose format, summarizing key information from every interaction, such as speaker behavior, events, resolutions, and call metadata. The output provides a concise, understandable narrative that can replace agent call notes, saving contact centers millions of dollars in manual post-call work. Within just a month of its initial announcement, the company had four beta customers for this patent-pending new capability.
Conversation analytics: Interactive dialog visualizations in the areas of voice, chat and private messaging
Natural Language Understanding (NLU): continuous build-out of enrichments, including extension of our Empathy toolkit and evaluation of emotional intensity.
“Our company has the most advanced Customer Experience Management platform in the industry, and we work with the world’s leading brands to make sense of billions of customer interactions,” said Clarabridge CEO Mark Bishof. “By offering unmatched insight into constantly shifting consumer preferences and by continuing to invest in break-through functionality, Clarabridge is well-positioned to continue providing incredible value for our customers in 2021.”