We’ve talked many times about how important customer experience is to overall business growth and profitability – and that is still true. The most profitable businesses are those that have the highest customer experience scores…without exception, in every industry.
And although many things can impact the customer experience in an organization, research shows that the most influential element to improve your CX is the employee experience.
This is why we believe that sustainable business growth happens at the intersection of culture, brand, and experience – and that’s what we’re going to be talking to you about today.
How can customer experience drive business growth?
We’ve talked about this at length before, but in short – a good customer experience leads to happy and return customers, which in turn leads to revenue and business growth.
If you think about it: customer experience and loyalty are tightly connected. If you have a great experience at a particular business, you’ll be more likely to come back to it next time, instead of opting for the competition, right?
While this may sound like a simple fix (just be nice to your customers and they’ll come back time and time again), don’t be fooled. It does take time, strategic planning, and teamwork – hence why a lot of brands resort to focusing on other areas such as marketing to drive business growth.
We’re not saying marketing isn’t worth it, and that you shouldn’t do it in your business – it is definitely a crucial piece of the puzzle – but we all know how customer acquisition (aka marketing) is much more expensive than customer retention.
Savings opportunity: by providing your current customers with a great experience at your business, you’re effectively saving money and increasing your profit margins.
But how are customer experience and employee experience related?
Bold and brave leaders know that intentionally building a superb culture and employee engagement program can become the foundation for the experience customers expect and will remain loyal to
This isn’t rocket science – happy employees simply perform better at their job, therefore leaving customers happier with the service they receive.
Imagine having a cranky employee answering the phone or – even worse – at your reception desk. We’re sure you can picture how that would lead to a not-so-great customer experience, right?
Instead, if you perfect your employee experience program, you’ll be seeing a ripple effect across your customer experience AND your overall business growth!
Bonus savings: not only will this rub off on other areas of your business, but it’ll also increase employee retention, which can save you up to 6-9 months of their salary, on average.
So, how can we improve customer experience?
It’s simple: make it a priority! It’s easy to read this and go like “yeah, that makes sense, we just need to improve our employee experience and it will all be fine”, but where many fail to do this is they don’t prioritize this action, so it ends up getting lost in the day to day priorities that come up.
In fact, a recent McKinsey and Co. study revealed that 48% of executive leaders do not spend their time on the company’s most important strategic priorities.
This study goes on to suggest that to solve this reality we need to address business problems systematically vs. just assigning them to an individual and hoping they’ll take care of it.
If you’ve spent any time in corporate leadership, you know how it goes. Dozens of meetings every week and no time to really move the needle on the stack of projects assigned to you. So what happens is you end up jumping from crisis to crisis and never getting to the foundational initiatives that will ACTUALLY move your organization forward.
And guess what thing always seems to fall to the bottom of that list?
Go on, take a guess…
Customer experience and employee experience, of course! Both of these require a systematic approach that attaches your priorities to actual data and then aligns your organizational resources for change. And that takes time, prioritization – and teamwork.
If you’re not yet convinced of the potential of this approach – our client Growing Independent Eaters saw a 200-300% YOY revenue increase just from aligning their message, their service delivery model, the value and benefits of their program, and setting up a system that maximizes clinician time on the patients they serve, all with the help of Boss Lady Consulting.
So, let us ask you – are you ready to prioritize your growth? If so, we’d love to connect and explore your priorities. Get on our calendar for a no-pressure exploration call today.