Medallia was established in 2001 in San Francisco, California. The company specializes in customer experience management and in business, these are keywords when it comes to achieving success in companies of all sizes. Medallia has recently been in the spotlight as it went public after 18 years in operation. It's a company that is gaining attention by end-users who could benefit from their customer experience solutions as well as those who are interested in making an investment in the firm. If you're not yet familiar with Medallia, then here are 20 things you didn't know about it, but might be glad to discover.
1. Medallia puts academics into practice
The customer service business solutions that Medallia provides will resonate with anyone who has studied leadership and management. The customer experience management technology that the company provides follows many of the guidelines that current research in leadership and management courses recommend for business. Their strategic plan is directly in line with the best practices and achieving the ultimate in customer experience as well as using captured data to assess what is working and what isn't for businesses.
2. Medallia has gone international
The San Francisco based customer experience management company has expanded its services into several other countries throughout the world. They've established offices in London, Tel Aviv, Paris, Buenos Aires, Munich, and Sydney. Medallia has also opened more offices domestically including operations in Washington DC, Austin, and New York City.
3. Medallia leads the industry in SaaS
SaaS, is the acronym for Software-as-a-Service. The software that they have developed and provided deals with CEM, or Customer Experience Management, along with employee engagement. They're showing businesses the importance of achieving buy-in from everyone on staff to engage actively with customers in gathering as much pertinent information as possible to develop customer profiles in order to determine how to best serve customers and enhance all points of contact for ultimate customer satisfaction.
4. The software is designed for a wide range of industries
Medallia serves a variety of businesses that are spread over a large spectrum of industries. Among their clients are those related to hospitality, financial services, retail, business-to-business, and high tech, both domestically and abroad. The software platform captures customer feedback from multiple channels and performs an analysis in real-time to give employees information about the customer both immediately and for future reference.
5. The founders were motivated by Fortune 500 execs
The founders who established Medallia consulted with several Fortune 500 company executives to discuss consumer and company relationships. After speaking with these high ranking leaders, they began to formulate a plan for meeting the needs of these businesses through a complex array of software applications that would target consumer behaviors, activities and comments to help create a profile of who each customer is. The founders were inspired by their conversations with the executives and from these discussions, they formulated the ideas which they turned into actions with the formation of Medallia.
6. Medallia is one of the top-ranked consulting firms in the nation
Few companies of the tens of thousands in existence ever get an honorable mention, let alone acknowledgment from the prestigious Forbes Magazine, but Medallia is one of the fortunate. Forbes named Medallia to its Cloud 100 list which is 100 of the best companies of its class for 2017, and out of 100 total businesses, Medallia was placed as number 7. This was a distinction that set them in an elite class.
7. Medallia can help to humanize the digital experience
One of the overarching goals that Medallia can help companies to accomplish is to use digital media to intelligently engage the consumers about their experiences and this can be done through any connected device through their optimization of the software programs. The solutions that the company offers can vastly improve automation, efficiency and it can help to personalize services for each individual customer to show that the business they are dealing with cares.
8. The impact of Medallia's business solutions are intense
Businesses could increase revenue to cover the cost of Medallia's services in a month. This is the claim that Medallia is making about their SaaS solutions for engaging customers and employees in a more meaningful way. This has to do with reinforcing the quality of the brand and building consumer confidence in the company. It also creates loyalty from consumers who are pleased with their interactions with the company using the software and recommendations.
9. The breadth of the SaaS system is mind-blowing
The products that Medallia provides their clients is so complex that it captures millions of customer interactions and analyzes the signals as they occur in real-time. Imagine being able to have an instant profile of the customer you're dealing with so you can better serve them. It begins with capturing everything that is known about the individual customer through a data capture system that reads and analyzes every interaction as it occurs, then stores it in a data storehouse. While this is nothing new, the fact that they have the capacity for integrating all of these systems so the software programs communicate with one another is the fascinating part of it. The system can process and analyze data that would take the workforce months or even years to accomplish.
10. Medallia went Public in 2019
When Madallia went public after being in operation for 18 years, it did so in grand style. Of course, there were investors who had their eye on the company for a new tech investment to enhance their current portfolios. On the very first day that trading of Medallia shares commenced, the shares came in higher than they were expected to be priced. Instead of the $21 per share, the stocks were up by 76% selling for a price of $37.05 per share. They held a steady price for a period of time afterward.
11. The successful IPO accomplished three things
There were three major goals that Medalllia sought to accomplish at the initial public offering. They set out to raise proceeds, along with their profile and to gain a degree of legitimacy with their customers. CEO Leslie Stretch was very pleased to announce that Medallia's successful IPO had accomplished everything that it was intended to do and then some.
12. They focus on big business
Medallia is involved with a small customer base that is under 1,000 in total, but out of this small number, the players are huge. The types of companies that they serve are in the same class as the Marriott Hotels line and Delta Airlines. They operate through cloud servers that can handle the high volume of data and interactions which are captured and analyzed as they occur.
13. The sheer volume of processes is tremendous
It might be easier to understand why Medallia focuses on a smaller number of large clients when you hear about how much data is being processed. We learned that each year, thanks to the innovative technology that is supplied by Medallia, the company analyzes approximately 4.9 billion customer experiences annually. While this is an extremely high number of analyses, it pales in comparison to the eight trillion calculations which are performed about customers, products, and brands each day. This is how refined Medallia's tech products have become.
14. Medallia relies upon Machine Learning and AI platforms
There have been leaps and bounds made in the advancement of Artificial Intelligence technology. In addition, Machine Learning has also been combined with AI and together, these technologies are able to detect patterns and deliver a more complete picture which exposes hidden issues to be addressed, but it also shines the light on new business opportunities. The AI system is capable of predicting behavior in an almost surreal and futuristic manner, which is very much becoming the norm in the business world. This, in turn, allows decision-makers access to important if not critical information for making company-wide decisions for improvement.
15. Medallia is innovative and progressive according to their customers
We were interesting in learning more about what Medallia's customers had to say about their products and services. When asked what they liked about the service, the response was positive about the analytical tools, but most were impressed with the amount of quality customer feedback that they were privy to through the use of the software. Another useful feature is the ability to respond directly to customers through the system.
16. Customers look forward to what's coming out next
One of the biggest compliments that Medallia has received in their reviews was a response that discussed what the client didn't like about the company. The answer was that Medallia has maintained a constant system improvement throughout the past five years of the customer's use of their services. They ended this response with an added comment that states, "I always look forward to what new tools they come out with.
17. Medallia is a trusted company
According to vimeo.com, Medallia has come to be known as a reliable company that hundreds of big-name brands rely upon for their SaaS systems. They're trusted by some of the leading brands in the nation and even beyond the borders of the USA. The systems have worked very well for clients who implement the software and follow up with employee cooperation and they give Medallia excellent reviews.
18. Medallia takes a holistic approach to business
Customers are the heart of any business because, without them, there will be no revenue. It's common knowledge that satisfied customers result in repeat business, but it goes far beyond this. Customer loyalty means that there is an emotional connection with the brand, and when this is the case, the customer is more likely to be a positive source of advertisement by word of mouth and through the submission of positive reviews online. There are many ways that fostering a human and personal relationship with customers can benefit a business, and this is what Medallia is about. They work behind the scenes through the implementation of technology that provides the necessary information for companies to act on, to meet the needs and expectations of the people who buy their products or use their services. This is a very complex system and it takes a holistic approach to business.
19. Medallia is a team player
Regardless of how good a software system is, if the people who work at a company using these services are not on board with the new system, it is destined for failure. The technology products that Medallia provides do the hard and time-consuming work of capturing data, analyzing it and providing information to be acted upon, but customer to business relations can still be negatively impacted if workers do not act on the information. Training is a necessary factor to ensure that everyone is on the same page, and this takes time and resources. Medallia's services and products are innovative and have the potential to increase revenues dramatically, but it takes a team effort to make it work.
20. Medallia is a company to keep your eye on
Medallia is a company that has been in business for nearly two decades, but it's gaining a new level of maturity in the business sector. They're continually making improvements to the products and services that they offer. Medallia is on the right track and going public has been a very good thing for the company. Stocks are highly valued and at last spot check, they're doing very well. Whether you're an investor who is looking for stocks with the potential for high performance, or you lead a company that could benefit from the products and solutions offered by Medallia, they're a company to keep your eye on.
Written by Allen Lee
Read more posts by Allen Lee