In 2017, we were hired by category gurus Play Bigger, to write the category strategy that launched Qualtrics as high-flying purveyors of Experience Management. As they told their new category story to the world, the company’s valuation soared from $900M to $21B in 4 years. Today, Qualtrics uses the same category narrative to express the value of their remarkable offering.
Qualtrics has always imagined a future where companies can measure and improve human experience. The problem was, the industry lumped them in with increasingly commoditized survey companies like Survey Monkey and Medallia.
We worked with Play Bigger to build a category story that matched Qualtrics’ vision. First, we painted a picture of the Experience Gap—the gap between a customer’s actual experience and what companies think the customer's experience is—that companies were currently wrestling with. We went on to tell the story of how Qualtrics, the first-ever Experience Management Platform, bridges that gap. Once the strategy was approved by Qualtrics’ executive team, it formed the foundation for CEO Ryan Smith’s category launch presentation and all other public communications to come.
Soon after Ryan’s keynote, Qualtrics raised $180 million in venture capital around this new category story, valuing the company at $2.5 billion. A year later they were acquired by SAP for $8 billion. They remain the category leader in Experience Management and, in 2021, IPO’d at a value of $21 billion.