Worthix (Worth Index), the first Artificial Intelligence survey, is ushering in a customer experience revolution by disrupting old-school survey methodologies. Created in the Silicon Valley, we are an AI powered technology designed to change the way companies conduct surveys, bringing real-time predictive and accurate results into an ever-changing Customer Experience economy.
Collaborating with companies like data analytics leader, FICO, an official reseller of Worthix in over 90 countries, as well as big players like TechCrunch, L'Oreal, Blizzard Entertainment, and Praxair, our SaaS B2B startup has proven to deliver on promises and uses AI in a unique way. Worthix offers its clients a complete Customer Experience KPI to help identify which products, services, and experiences are most "worth it" to their customers.
Survey at the Speed of Change
We believe Worthix is ahead of the game by using AI technology in our software. A Tractica report forecasts that annual worldwide AI revenue will grow from $643.7 million in 2016 to $36.8 billion by 2025. AI is revolutionary for surveys because now we can finally acquire customer experience data that operates at the customer's speed of change, predicts buying behaviors, and correlates with companies financial data.
The Worthix survey consists of only eight questions. It's the only methodology on the market that feeds questions according to how the customer is responding, giving them the freedom to expound on what truly matters. This allows decision makers to see their company through the customers' eyes without preconceived biases. Our survey questions don't require readjustments because they continuously capture important changes within customers' experiences.
The Customer Experience Economy
According to ESOMAR, a global market research firm, companies are spending a combined $33B annually on surveys to identify what products, services, and, most importantly, which experiences really matter to customers. Unfortunately, too many companies are wasting money on traditional surveys that are misleading because questionnaires are created from the inside-out; a bunch of executives gathered in a comfy conference room brainstorming, assuming they know what really matters to their customers. Consequently, and more often than not, the results don't answer the questions today’s market is asking nor do they correlate with financial data. Worthix uses an outside-in approach driven by the customer through a proprietary combination of econometric algorithms, programming logic, and machine learning.
As Customer Experience leaders like Amazon and Zappos continue to innovate, customer expectations will continue to rapidly change. Today's widely used surveys can't adapt to the speed of change and become outdated long before companies have a chance to process results and understand their customers. They are digital versions of old pen and paper methodologies. Times are changing fast and now there is a need for a more comprehensive metric to go deeper than the traditional Net Promoter Score (NPS) or Customer Satisfaction (CSAT), one that can truly explain the cause and effect relationship between customers and companies.
Worthix's "Worth it" Conclusion
We produce what we call “hot data" to precisely measure in real-time the “why” behind buying decisions, as opposed to cold data, which is based on analyzing historical data to predict buying habits. Worthix's survey results give companies the power to make an informed decision in real-time and predict which part of the customer journey they should invest in to generate better financial results. This will help companies position themselves as the most "worth it" option on the market for their customers. No other survey does this.
Worthix was built on the foundation that the true determiner of why customers spend money is directly related to the cost/benefit variables that play in their heads prior to making a decision. These variables include: quality, social status, relationship, brand identity, and relative price. After considering one or more of these factors, customers conclude whether or not something is “worth it” to them. We refer to this as the "Worth It" Conclusion. It’s the last and most powerful conclusion customers come to before making any decision.
Our core responsibility at Worthix is to keep companies on the same page as their customers at every point within the customer journey. The overall goal is to help both companies and customers collectively discover their worth for a win-win.
Please follow the Worthix blog to fill your arsenal with tools and strategies to discover your worth and become a leader in the CX economy.Originally posted on 10 Oct, 2017