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
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
From Vala Afshar – The experience equation: Happy employees and customers accelerate growth
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.
#EX #CX #employeeexperience #customerexperience #managementresult #revenues #cxstrategy