The ROI of EX and CX

By Denise Graziano

A CEO’s guide to gaining Competitive Advantage and Driving Innovation with Employee and Customer Experience

I love a good sports movie, especially one with a motivational speech. For example: Think of Al Pacino in Any Given Sunday, delivering an impassioned speech in the locker room, about the competitive advantage of seeing football as a game of inches and how teamwork is critical to winning. Then, of course, the team roars out onto the field toward victory.

Movie scripts aside, how would it impact your company if every day you could encourage your team to “roar onto the field” for you with that never-say-die attitude and a fervor to deliver for your customers? If your “players” understood and shared your company mission and their role in it, how much more productive would they be?

In business today, creating a positive employee and customer experience can be your competitive advantage. Both can also foster innovating thinking that can position your organization as a disruptor.

Most CEOs now agree that they should put a high priority on investing in CX, EX, or both, but many still are reluctant, because, like the character of Rod Tidwell in Jerry Maguire, who demands of his sports agent, “Show me the money,” CEOs are demanding of their managers, show me the ROI. If you are in this category, then this is for you.

Connecting the EX and CX dots to the bottom line

Decision-making stats and data cannot serve you if they measure the wrong things.

KPI that companies typically measure are not sufficient with respect to customer experience. An Oracle report cited that intangible assets account for 80% of the value of companies in the S&P 500 Index. They further stated that “respondents to the global survey cited the top value drivers for their businesses as customer satisfaction (76%), quality of business processes (64%) and customer relationships (63%). ”So-called “soft” metrics are driving business because the power has shifted to the customer across most industries.

Technology and social media have given them the voice, reach, and power to both disrupt and praise. Companies that do not seize opportunities to have an ongoing dialog with their employees and their clients are missing strategic opportunities for growth.

Brand ambassadorship begins on the inside of a company

Positive employee experience is essential to sustained exceptional customer experience. Positive employee experience drives engagement and productivity. Attracting and engaging the right employees will actually lead to a competitive advantage. Having engaged employees will lead to a customer-focused culture which will encourage customers to become more engaged, thus leading to a competitive advantage (Walker).

Engaged employees → Customer-centric culture → Better customer engagement

Example: Nationstar Mortgage put EX before CX during their name and philosophy change to Mr. Cooper.

In a long-range plan to become a market leader in CX, the senior management initiated the transition over a year in advance with the employees, clearly and consistently immersing the 7,000 employees in the new customer-centric approach and message. When the rollout to customers is completed, the employees will be equipped and enthusiastic to deliver Go to the full article.

Source:: Business 2 Community

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