4 ways CX & EX have more in common than you think
When companies devote more effort to improving the experiences had by customers and employees, the results speak for themselves. 84% of organizations that prioritize CX report an increase in revenue. As EX is the key to employee engagement, companies with high engagement report bringing in 2.5x more revenue than companies with low engagement. The more CX and EX leaders work together to learn how each can learn to improve their respective departments, the more effectively they’ll be able to improve the company as a whole.
Nobody lives in a vacuum. Policies and procedures have consequences for good or ill that often reach far beyond their original intentions, affecting the experiences of employees and customers alike. Qualtrics bridges the gaps between intent, execution, and result, allowing companies to make themselves in the image of their customers and employees. Qualtrics gives organizations the power to transform actionable, timely insights from both customers and employees from good ideas into better realities.
Here are four ways that EX and CX are more connected than you might think.
Reason 1: Right Feedback at Right Time to Right People
Feedback is what powers the software that Qualtrics uses to shape companies every day and both employees and customers have plenty to say. Consistent company pulse surveys and opportunities for post-transaction feedback give companies more information to turn into improvements for every future touchpoint. By putting that feedback into the hands of those who can enact change, companies make progress possible. 75% of causes of employee turnover are preventable, but companies can’t address reasons for turnover if they don’t know what they are.
By providing convenient outlets for feedback and encouraging their use in a timely fashion, companies turn to the consultants whose input results in the biggest dollar signs: those who interact with the company every day.
Reason 2: What’s in a Name? Loyalty, for One
It’s no secret that everyone’s favorite word is their own name. Feeling recognized and known is the quickest way to just about everyone’s heart. When employers make their employees feel valued, retention soars. When they don’t, 76% of employees look for other jobs. Appreciating your customers is just as important, too. Nearly 80% of customers look for personalized shopping experiences, such as offerings curated to suit their needs and experiencing comparable treatment across shopping platforms, with millennials being the generation that value personalization the most.
When companies show they care, they inspire customers and employees to care, too. Using names in emails, chats, and face-to-face communication can do wonders for boosting loyalty. By establishing personal relationships with both customers and employees, organizations nurture spaces that all will appreciate.
Reason 3: Your Land is My Land
Creating a welcome environment makes clients and employees alike feel comfortable at your place of business. Workspaces, storefronts, reception areas, even websites all comprise the environment that shapes the experience that people have with a company. The more pleasant a space created, the better a company’s relationship will be with its customers and employees.
For example, something even as simple as the type of lightbulb used in lighting an office space can have an impact on the mood of the people who walk through the double doors. If good lighting sets the stage for employees to have a good mood, their interactions with customers will improve. In turn, customers will appreciate the care taken into creating a pleasant place to do business, boosting sales and the company’s reputation.
Reason 4: Holistic Experience is Worth Its Weight in Gold
Selling products and services as experiences is what separates the leaders of industry from the rank-and-file. In a cost-conscious gig economy, this common mindset may seem surprising but the data are rock solid on this. As a general rule, customers care more about the experience a company provides than the prices they charge and employees care more about the quality of the day-to-day than the size of payday. Little details like complimentary mints or a nice lounge area can bring a significant ROI for an insignificant price. 60% of employees would take a pay cut if it meant working for a more empathetic employer and 88% of customers are willing to pay more for a better shopping experience.
Small adjustments can have a major impact on anybody’s experience with a company, be they for employee or customer, but these modifications can’t be made unless companies know how they need to improve, rendering accurate and timely feedback from all relevant sources all the more critical to company success.
Consider the previous connections and which ones you’ve noticed impact your organization the most. Next, get to know your customers and employees better than your competitors, using experience surveys to conduct your own research. Assess which points are raised most frequently in feedback from both customers and employees, responding accordingly. There might be more similarities than one would suspect.
Leaders should watch the upcoming webinar together and discuss ways they can collaborate for the benefit of their company.