Understanding the CX/EX Relationship
While modern businesses are constantly faced with new technology, people remain the true foundation of any company. Success lies in customer-employee interactions that cultivate a positive experience for both parties, and there’s a direct relationship between the two. In fact, recent studies show that investing in employee experience (EX) improves customer experience (CX).
To better understand this unique and essential relationship, we’ve gathered data from industry leaders and market research experts, such as Forrester. We invite you to explore our findings and discover how – by putting more emphasis on employee experience – businesses can generate success across all areas, including greater customer loyalty, improved employee retention, increases in revenue and more.
Market Research Experts
The CX/EX Report 2020 is the result of comprehensive research and data-gathering efforts conducted by the redk team. From extensive reports and projections conducted by Forrester, we extracted key information regarding the CX/EX relationship to present you with the most relevant and applicable findings available.
As experts in market research and analysis, Forrester has a total of 13 research centres around the world in the US, Europe and Asia Pacific. Their team of expert analysts are dedicated to unbiased, fact-based research and are specialised in customer-centric data analysis in relevant fields such as customer experience, customer insights, emerging technology, IT, digital transformation and marketing, among others.
What is the Employee Experience?
The employee experience is the sum of all the interactions employees have with the company they work for. According to Deloitte, nearly 80% of today’s executives rate employee experience as a top business priority. Why? A company creating a positive or negative environment will have a direct and significant impact on the customer experience and, therefore, the success of the business as a whole. In this report, we explore the concepts of work culture and employee happiness, and the significant roles these factors play in cultivating a positive employee experience.
The Importance of the Employee Experience
Happy employees work harder, faster and better. The employee experience is crucial because employees who are loyal to their employers are motivated to give back to them. Among other benefits, this translates into increased productivity, higher employee retention and lower absenteeism. In fact, research for our report shows that engaged employees are 17% more productive. When employees feel supported and valued, internal communication thrives, interactions with customers improve and revenue and stock prices increase.
The Customer Experience
In this report, we also examine the importance and benefits of the customer experience. The quality of the experience that a company can provide to its customers will greatly impact brand image, customer loyalty and of course, revenue. According to Nielsen, approximately 92% of consumers rely on recommendations from family and friends. This tells us that how customers feel and more importantly, what they have to say about a business are directly reflected in customer acquisition and retention, as well as sales and lead conversions.
Aligning CX and EX
While employee experience and customer experience are independently beneficial to a business, the real success lies in the alignment of these two factors. Through our research findings, we explain the parallel between employee experience and customer experience and how, by improving employees’ relationships with their company, customer satisfaction will follow suit.
Employees are the strongest brand advocates, and they must be satisfied in order to positively reflect the company to customers. We outline what practicable actions can be taken to strengthen the bond between employees and their employers, such as allowing employees to express their thoughts and opinions, tracking and analysing their satisfaction and investing in their health and well-being. By implementing such straight-forward yet powerful strategies, a company will generate satisfaction that employees will carry over into their interactions with customers.
redk’s CX/EX Report 2020
Learn how to create overall success and a greater competitive advantage for your business by looking inward. Download the CX/EX Report 2020 to discover how to develop greater customer service and satisfaction by investing in employee experience.
With over 15 years’ experience as technical and consultancy CRM experts, redk supports companies looking to enhance efficiency and profitability through world-class tools that optimise sales performance across organisations.
Talk to us to make sure you’re delivering the best experience to your customers and employees alike.