New Total Economic Impact Study Finds SheerID Customers Gained a Net Present Value of $15.15 Million and a 337% Return on Investment
SheerID, the global leader in identity verification for commerce, today announced the findings of a research study it commissioned from Forrester Consulting. The Total Economic Impact™ (TEI) Study measured business benefits and cost-savings that marketers realized when using SheerID's identity verification solution to create gated, personalized offers for communities like students, teachers and the military. SheerID customers who participated in the study received $16.1 million in additional revenue, $2.9 million in savings from fraud mitigation, and more than $700,000 in cost-savings from redeploying employees, for a Net Present Value of $15.15 million over a 3 year term. These results were combined to form a single composite organization.
With the ongoing challenge of driving revenue in a turbulent economy, brands view SheerID's identity verification solution as a cost-effective way to drive customer demand and build brand loyalty. Customers who participated in the TEI Study commented that "SheerID over delivered," "making my team feel exceptionally supported," "was able to pull best practices in community marketing from a multi-national perspective that proved powerful to the implementation," and noted that "the result was a significant increase in conversion."
Organizations using SheerID's Identity Verification Solution for commerce reported the following benefits:
"Current global economic conditions have driven retailers to look more closely at how they're engaging consumers, while the return on investment of those methods is under increased scrutiny," stated Jake Weatherly, CEO of SheerID. "Providing brands with a tried and true method of attracting and retaining customers while decreasing fraud and significantly impacting their top and bottom line is the core of our business. This study shows the financial benefits of consistently engaging consumers with exclusive offers based on the group status they are proud of."
Access the full study here.
About Forrester Total Economic Impact (TEI) Study
Total Economic Impact (TEI) is a methodology developed by Forrester Research that enhances a company's technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
SheerID is the global leader in identity verification for commerce. With SheerID, brands identify and acquire customers from highly valued consumer communities - such as the military, students, teachers, first responders, and more - with personalized offers, gated by instant verification from the largest set of authoritative data worldwide. SheerID verifies over 2.5 billion people via more than 20,000 authoritative data sources; provides global insights from hundreds of the world's leading brands, and never shares or sells customer data. As a result, the world's biggest brands - including Amazon, Home Depot, Spotify, and T-Mobile - rely on SheerID as their identity marketing partner.
Founded in 2011, SheerID is backed by Fortson VC, Brighton Park Capital, Centana Growth Partners, Voyager Capital, and CVC Growth Partners. SheerID is ISO Certified and is a member of the MACH Alliance, the group of independent technology companies dedicated to advocating for open, best-of-breed technology ecosystems. In 2023, SheerID ranked among the highest-scoring businesses on Inc. Magazine's Annual List of Best Workplaces. For more information, please visit SheerID or follow us on Twitter, LinkedIn, Facebook, and TikTok.
Mastering Business Social Media
Marketing & Sales: Where Does GenAI Fit In?