Month: January 2022

Do you believe in the Value Chain formula EX+CX=MR?

If you want to achieve business results start with EX. According to Forbes 89% of Executives believe that better EX leads to better CX.

Richard Branson, CEO of Virgin, says “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients”.
So, putting employees first is an indirect way to put clients first 😉

Employees don’t want just a job, they want to embrace a meaningful purpose – says Fred Reichheld in his last book “Winning on purpose” – and to be able to make them feel the happiness of their customers is certainly a rewarding and meaningful purpose.
Customers can truly make employees happy… and the other way round.
This is a big finding!
It is important to highlight that while the value chain from EX to CX to Revenues has a broad consensus among leaders, the opposite is not believed to be true. Higher revenues will not make employees happier. Earnings are distributed among shareholders or used to finance big projects, but very rarely they are invested in increasing company’s resources to allow employees to satisfy the rising of customers’ expectations.
Evidence from hundreds of U.S. companies indicates that rapid growth depends on a great experience for both employees and customers.
So what should companies do to push for both EX and CX?
Forbes’s study suggests a 4 steps plan:
1.     ALIGN YOUR COMPANY WITH STRONG LEADERSHIP AND VISION
2.     ALIGN OPERATIONS AND IT STRATEGY TO FOCUS ON CX
3.     INCENTIVIZE CROSS-FUNCTIONAL TEAMS TO ENHANCE BOTH CX AND EX
4.     INVEST IN TECHNOLOGIES TO MEASURE CX AND EX
For more details here’s the link to the full Forbes report
https://lnkd.in/gzAsUzAV

You can find other interesting readings on this subject here below:
From Fred Reichheld– Big Idea 2022: You Can’t Make Your Employees Happy, Only Customers Can
https://lnkd.in/gvuqqPi3

From Vala Afshar – The experience equation: Happy employees and customers accelerate growth
https://lnkd.in/gmQSNGBx

In her recent podcast CX+EX+PX Intersections Lynn Hunsaker, CCXP, RTP suggests to add to the equation also PX which stands for Partners Experience (distributor, reseller, integrator, alliance, license, affiliate, franchise, joint venture) and I fully agree with her. It makes perfectly sense.
https://lnkd.in/gsWynaxP

#EX #CX #employeeexperience #customerexperience #managementresult #revenues #cxstrategy

Why do we measure customer experience? And should we measure it?

To assess the Customer Experience many use Customer Satisfaction surveys or the Net Promoter Score. Both measure an experience that took place in the past. One could say that using the NPS as a reference is a bit like driving while looking in the rear view mirror.

 

The point is that the purpose of the NPS (Net Promoter System) method is not to chase a number and try to improve it.

 

NPS becomes a very good predictor of future customer behavior (and that’s why we measure it) when we shift the focus to the WHY a customer gave us that score.

 

The analysis of the motivations behind that score is meant to identify and measure the emotions associated. It is essential to rely on the principle that Emotional Intelligence always precedes the rational decision; this is how our brain works.

 

And how do you dig into your customers’ emotions to better understand their decisions?

 

It’s easier than you might think. It might be enough, to ask “what is the main reason behind your score?”

 

The question is open-ended and does not influence the answer in any way, leaving the customers free to express themselves, describing the first thoughts that come to mind, that are the ones that led them to give that vote.

 

Focusing on the emotions that determine the score of the NPS, is the best way to analyse them and define an action plan capable of improving the customer experience, removing those elements that create negative emotions and promoting what leads the customer to trust.

 

This is how the Net Promoter System methodology becomes the tool to understand customer behavior and defining the action plan that becomes the driver for business change.

 

Because CX without change is just a hobby!


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