Oracle Corporation (ORCL)
January 31, 2012 12:00 pm ET
Greg R. Gianforte - Founder
Thomas Kurian - Executive Vice President of Product Development
Wayne Elliot Huyard - Former President and Chief Operating Officer
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First, a special welcome to RightNow customers. Last week, we announced that RightNow officially became a part of Oracle. We're excited. It's not just about buying a company. We've added what we consider to be the best customer services technology in the market. This is a big deal to us. It's core to us. It's about delivering superior customer experiences to customers, and that's what RightNow has been doing for years.
Let's go to the next chart. What we're announcing. We've completed the acquisition of RightNow, superior customer experience is now the only source of sustained customer advantage for companies. We have a broad suite -- we, Oracle, of customer experiences, and we're integrating that with RightNow's market-leading SaaS customer service solutions for web, social and contact centers. Together, we think we offer the best, most complete and most advanced solution in the world, and we have a very aggressive plan to invest into RightNow, build a stronger roadmap than ever before.
Now what you can expect from us. We're going to actually invest more R&D than RightNow could have ever done alone. We're going to add more features, more capabilities to RightNow based on the IP that I've already described. We're going to continue to deliver superior customer experience to you.
We have retained the RightNow team, and we're actually expanding the Bozeman operations. You're now backed by an additional 8,000 global support experts, and there's access to even more expertise: Oracle architects, advisers, et cetera. So I want to welcome all of you. Frankly, RightNow employees, RightNow customers, RightNow prospects, I want you to know you're in good hands. I'd say great hands. This is a big deal to us, strategic to us, and we're going to invest into this.
Now today, I'm joined by Greg Gianforte, who's the founder of RightNow; Thomas Kurian, who runs all of software development for Oracle; Wayne Huyard, who will be leading the RightNow business unit at Oracle for us. And his team -- first of all, we're thrilled -- if you can get, we're thrilled to have him with us. It's a big deal to us, and I think we've done a great job working together through the transition period. And they're going to walk you through in detail how all of these pieces fit together and how we plan to deliver the value to you that I've talked about.
So with that, I'm going to hand it over to Greg. And first of all, welcome.
Greg R. Gianforte
Okay. Thank you, Mark. Great. It's my pleasure to be with you today. The -- RightNow has been on a 14-year mission to rid the world of bad experiences. We've had the pleasure of working with nearly 2,000 organizations, helping them transform the experience they deliver to their customers and in the process, reduce expenses, increase customer retention and drive more revenue.
I want to talk to you this morning, for just a few minutes, about why improving the customer experience is so critical. And then Thomas Kurian is going to describe the Oracle-RightNow solution strategy and product roadmap, and Wayne Huyard will talk about how we're going to engage with you as customers and our new prospects.
So first, let's talk about customer experience. In a very real sense, the basic rules of business have changed. Today, globalization has increased customer choice, both for consumers and for business buyers. And in a very real sense, supply in many markets now exceeds demand for most products. And this gives consumers power, and it gives them more choices and makes it easier for them to switch suppliers. So we've got to deal with this in our businesses.
In addition, products are becoming more commoditized. Innovation in new features are quickly copied by fast followers, and unfortunately, this increased pace of business makes it more and more difficult to sustain differentiation based on product features alone. We've got to look elsewhere for this brand and corporate differentiation.
And thirdly, traditional marketing methods have become less effective. Markets are noisier. It's harder to get buyers' attention. Advertising has become less effective. Direct response is less effective. So this leaves us with the question: If marketing is less effective, how do we promote our companies and our brands? Well, the only thing left is word of mouth. And how do we deliver great word of mouth? Well, we've got to create raving fans, who love our products and talk about them. The only way to do that is to deliver great experiences.
So in addition, social networks have really amplified the voice of consumers today. It used to be the rule of thumb that if someone had one bad experience they tell 10 of their friends. Well, now, with Twitter and Facebook, these same people can now tell 10,000 or 1 million of their friends. The negative impact of a bad customer experience is really dramatic.
And fourth, consumer expectations are rising. As companies get customer experience right, expectation rise across the board. And when -- you just think about it yourself. When we have great experiences, don't we expect more next time? Of course we do, and it works across the industries. A great experience in retail raises our expectation for our airline and for our business supplier. As companies embrace great customer experiences, a key differentiation strategy, customer expectations across all industries rise.