Yext today announced the findings of the September 2015 commissioned study, “The Total Economic Impact™ of Yext Location Data Management”, conducted by Forrester Consulting on behalf of Yext. The study examines the potential return on investment (ROI) enterprises may realise by deploying Yext to streamline their location management initiatives.
To better understand Yext’s benefits and potential to help companies improve customer engagement and revenue opportunities, Forrester interviewed five existing Yext customers in the food services industry. These customers were combined into a composite organisation named “Laud Restaurants,” which represents the aggregated feedback and quantified experience captured during the interviews. Before Yext, Laud Restaurants did not have an efficient method for location data management and recognised the impact of inaccurate store information on both customer experience and potential opportunities in brand awareness through search engines.
Forrester Consulting quantified the following benefits from Yext’s Location Data Management solution over a three-year period:
- ROI: 169%
- Location data management efficiency: $1,487,151
- Net benefits: $933,421
- Payback period: five months
Beyond the value they quantified, Forrester identified inherent value in Yext’s platform in helping businesses save time, improve digital marketing ROI tracking, increase content distribution and elevate brand control and standardisation through real-time updates. Laud Restaurants estimated that “each store’s manager would have to spend at least 2 to 4 hours each month to manually and only partially achieve what Yext can do in minutes with one or two centralised resources,” states the study. “In addition to improving efficiency through technology, the corporate office could also see a reduction of tickets opened by stores, assuming that the corporate resources update each store’s listing with accurate information.”
One Yext customer (a large US restaurant group) confirmed the benefits of Yext’s efficiency, stating, “Without Yext, we simply wouldn’t be able to manage all the sites and locations.” Another Yext customer values the platform’s additional supplementary features for tracking engagement via social media and online reviews, claiming, “Review aggregation is huge for us. Top three things about Yext: maintaining listings, local social pages and aggregating reviews. We might not be able to resolve every customer’s issue, but we can put ourselves in the position to.”
“The best apps on your phone, like Google Maps, Facebook and Apple Maps use your location to help you go places, which is why it’s critical for businesses to manage the data about their locations online and in those apps,” says Howard Lerman, Yext Co-Founder and CEO. “We commissioned this Forrester study to show the quantifiable value of investing in Yext’s comprehensive location data management solution and the results show businesses how they can leverage location and Yext to increase brand awareness, engage local customers and drive more sales.”
You can download the full report here.