Sujay Saha
Appearances
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
A lot of times customer experience is seen as a fluffy topic. Leaders, they just don't understand the value. I feel that it is not the leader's problem, it is their problem. I, along with a few of the colleagues in the past, have come up with a concept called return on experience, a holistic approach that considers the broader value of customer experience.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
expense of employee experience, but they end up creating it, there is an opportunity for them to create this flywheel effect in such a way that they can create even a more sustainable organization in the future. And I think I can go with the permutations and combinations of all of these in similar way.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
They may see like, hey, they have great customer and employee experience where employees are actually bending backwards. Thank you so much. Answering your question directly, I think it's really looking at how do you diagnose the system and the virtual cycle that I'm talking about, customer, employee, and leadership experience.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Start there and then identify the gaps over there to come with where do you want to go and invest in and how do you want to dig deeper into, which can then get into the measures and metrics that I was talking about. if we can get deeper into that, that helps you. And that would likely help the organization in thinking about what kind of initiatives do we have got going?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Absolutely. In fact, if you would allow, I would probably take a bit of a historical view into because I've been around in the consulting space, working with organizations for more than two decades at this point in time. Back in the days, it used to be a topic that felt very foreign in certain ways in the organization. And we had to really bring in that lens to talk about it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Do we have the right measures and metrics? Do we see these measures and metrics, at least a proxy to some of these, what I would call like the visual dashboard of ROX? Are they able to connect to that? So there is an opportunity, didn't necessarily lay out as simply as you would want. But I would say, like, if I have to really summarize it, it's a three-step process.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Step number one, think about diagnosing it within customer, employee, and leadership experience on where are the hot points. Second, each of these areas, try to map it to what are the measures and metrics that you have today so that you get a holistic point of view. And third, think about like, hey, as you operationalize something like this, it's a huge change, huge effort within the organization.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Where do you lack? Where do you need to double down so that you have like a right engine? So if you have the right engine over here, then I'm pretty sure the initiatives and opportunities can be tweaked around and run in the right way.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
No, I can completely relate to that, Lauren. And it's great that there are folks like you who are focused on that, right? And it's, as you can say, leadership coaches, I love the concept of leadership coaches and people like yourselves who are driving this. In my view, there is an entire opportunity for organizations to think about creating
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
That kind of a buzz in form of coaching, in form of like translating into a momentum, which is an ongoing momentum within the organization around leadership development, leadership achievement, thinking about how do you continuously create leaders within the organization to drive that thinking to move on? In fact, if I may add like another color to it, I was partnering in...
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
But over the years, I would say particularly in the last decade or so, it has become a thing that the organizations know that they need to be focused on. In fact, they have real big functional areas created for those. They have folks on the table who have titles that have experience embedded all over. In fact, at this point in time, I would say that it's...
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
in one of my previous years with a couple of neuroscientists, because I get like sometimes geeky about some of these things. We love it. We love it. How do leaders make certain decisions, right? Like, and we hear about something called organizational politics. There's so many people in the organization. I'm pretty sure you have a lot of friends. I definitely have a ton of friends who say, ah,
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Can't work here, man. Organizational politics can't bear it. I think I don't want to. In fact, people who take complete right turns in their career and they're like, hey, you know what? I don't think this corporate world is for me. I'd rather do X, Y, and Z. You know, like people leave their entire career and start to go in other directions.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Or some people who want to now become an agent of change. I'm not sure what is your story there, but there are people who go down that path around like, you know what, let me help in building leaders and having them think because they want to leave their mark in the larger world to have these organizations get on the right path.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So in my collaboration with some of these neuroscientists, we started to dig in and the concept that came out very clearly to me, I've also published a little bit about some of this with my previous collaborators, around the thinking around high and low ground thinking. So what that means is, I will simplify it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
In a lot of moments of choice where leaders have to make decisions, they think about two paths, transactional, Strategic. Hey, if I make if I give away this one million dollar budget to my senior leader who is asking me to give away some budget, it's going to get me in his or her good books. Right. It will show my enterprise thinking a high ground approaches a lot of times. Hey, you know what?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I don't think I have any dollars left here. Even if I may not be seen as an enterprise thinker, let me take a step back and think about the larger organization, think about the larger mandate over here and defend why I cannot give even any dollar into this. And they come with like, I'm not saying like one way or the other that protecting money is high ground thinking, but in this example,
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
If you treat it in that way, then that's like thinking about putting yourself at risk a little bit, potentially putting yourself in a position of vulnerability where you may be seen as not an enterprise leader who is contributing, but you're coming up with like the sense of purpose that it doesn't make sense to cut into the muscle of my part of the function, which is so critical and important relative to everything else and bringing in that, right?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Yeah. And I feel like there is so much of empowerment more than training that is needed for the leaders to feel that it's okay to have that high ground thinking in a lot of cases. And there are certain places, not everywhere do you want a lot of strategic thinking. Some places you just want to continue to kind of move on.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So I'm not saying high ground is always the way to go, but it would be nice for us to propagate this concept and have people understand that, hey, right now I'm thinking in a high ground, whatever you want to call it. I'm thinking in a strategic way for the organization.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And that's what brings in, Lauren, I know that you and I can jam probably for hours about the concept of purpose in an organization. So when you talk about high ground and strategic, you can't anchor the strategic to be around another $20 million that I can get you for the business. It needs to be sent, it should be going all the way to the impact that is indisputable.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And if the organization is setting up a sense of purpose, That I exist, like, for instance, an insurance company that said, I exist in this business because I want to give my insureds an opportunity to make, do anything in their business without having to worry about a heyday. That is very powerful.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
A lot of times for us, it's the other way around where we have to almost like dig in deeper to understand, do you really own experience or do you have a title around experience?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And a lot of times organizations have that at the highest level, but it doesn't get translated down. It doesn't get cascaded down into the organization. So if there is a sense of what we could do over there, that could help in having everybody, all these leaders, be able to think in a high ground setting and connect it back to the impact.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
In the simplest way, I'd say high ground thinking is strategic thinking connected to a sense of purpose or outcome. Low ground thinking is transactional thinking, thinking about what's right in the moment right now for me to make as I make this decision. Got it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
A hundred percent. A hundred percent, Lauren. In fact, I was in one of the masterclasses where Indra Nooyi, who I admire quite a bit, she was she was talking about how she ran like such a big company across the board. And she would go all the way down to the level of like understanding why is why are we not making enough money about like the bottles that we are manufacturing?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
It's a very popular word. So you would see a lot of, for instance, customer service centers and organizations that call themselves as customer experience centers. I appreciate the notion of it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And bring it all the way up to talking about do we really have the right set of products across the board?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Yeah. I completely agree. And if you would see, I would say from a purpose of a CEO, from the vantage point of the CEO, high ground is looking at purpose at all times. There are times when you are, hey, I have a meeting with the shareholder. I have to talk about why my bottom line is not looking that great. Yes, you have to get to the low ground of explaining in the moment of
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
A moment of like what is happening, what are some of the choices that you have made that has turned into what the numbers are, but quickly connected back in the high ground to what is the impact that you have created or what is the loss of impact that you could have created for which you need an investment even in a pandemic. bad times, right? Like, and make some bets in those certain areas.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I do think like when we think about the responsibilities within the organization around who is carrying the charter of driving that discipline within the organization versus who is the front bearer of the experience that you're delivering to the customers, they're different. For us, a lot of times it starts with the stakeholder with whom we are talking.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So I completely agree with you around the sense of purpose and how do you translate that down below so that everybody gets to feel it. Otherwise, it's just like a great art piece in the headquarters and doesn't translate into something very effective across the organization.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I completely agree with you. And what you said, the word around obsession, that in itself, I know Amazon at one point of time started to talk about like customer obsession and
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Obsession became a thing because a lot of companies sort of like follow Amazon as like the place where they want to create, not in terms of everything, but in terms of like that obsession to create products and solutions and everything around it and everything. How do you make obsession a reality? And I think you said it around repeating over and over again, which I would classify as definition.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Definition to the level of crispness of the purpose that people can relate to it. So defile. Second is measure. Don't just leave it at definition. Like, calculate that impact that you're creating. Come back and share it. Share the examples of how folks are creating it at different points in the organization, different parts of the organization, at different levels of the organization.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And third is implication. If you see somebody or a part of the organization is doing that really well and connecting it to the sense of purpose,
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
implications create recognize that right and if there are parts of organizations that are not getting it have certain implications that actually help the organization see how important that is you can't just otherwise you may be saying certain things over and over again which has no connection down to anything that you ever do it's a
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Both of us have seen many organizations where the leader is talking about all of these big things that they want to accomplish, but all they talk about is profitability and not talk about impact. And candidly speaking, I, as the leader of my own organization, I have to keep myself almost like on a check at all times because it's easy to get distracted.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So if we are talking to folks who are manifesting a lot of these disciplines, what I would call at the enterprise level to make it real for the customers and employees, we talk to them in a different way around like, hey, how are you thinking about driving the value with the efforts that you're putting and how is that translating into real world experiences that you're creating?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Even though I talk about it and I do this for my living, I have to myself think about like, hey, when I talk to my team, am I talking about impact? Am I talking about the amplification? Is that evident in a lot of my decision making? Am I always thinking about profitability or I'm thinking about how do I have a really happy client who leaves even if we don't end up making any money in that one?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Absolutely. As AI comes in, I mean, one very clear one that comes to our mind, one point that comes really clearly in our mind is around ethical AI, thinking about like, how do you leverage AI in an ethical way so that you do it right? But more than that, I will try to focus my response to your question around how do you drive more value using AI?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
There are a few myths in the organization, and I'll classify those into five myths that we see typically. Organizations battling with saying, let's do the basics first. We'll take care of the AI later. Well, AI is an accelerator, and it can help you in taking care of even the basics very quickly and fast. So don't completely ignore the trend.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
This is for a few organizations that may be in that bucket. And then a lot of times organizations are into one thing at a time. Let me identify a use case. Let me put some monies and energy towards that use case. And once that is successful, I will go to the next thing. The fact is that the whole concept of generative AI is to actually move fast.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And if we have to move fast, how do you empower and enable the organization so that they are able to do certain things faster? The third myth is I want a single vendor solution. I want to create it in-house. At this point in time, my suggestion would be be open. Look around. There are a lot of organizations doing a lot of stuff.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And you may not be able to solve every problem that you're thinking about with AI on your own or with one vendor solution. So be open and look around. The fourth myth that we see around is free up people for higher value. Well, that is my anchor point. Well, that could be true, but that may not always be true. We will use AI to free up our people to do higher value work, but
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Versus when we are talking at the center and a lot of times like the enterprises have functions like chief experience office and chief experience office is essentially like a lot of times like a view of not necessarily the folks who are delivering the experience at the center.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
That needs to be a process where you start with understanding what are you expecting these people to do in a go-forward world? What are the use cases that you're really trying to solve? Are these big enough pain points for you to invest your time and energy into? And then the fifth myth is really around hire really senior experts. I will create a chief AI officer. Well, that's great.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
But it's almost like creating, bringing in the leader and focusing all your energies and just getting this leader before you do anything.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
This space is moving so fast that there is an opportunity for organizations to really empower their people very quickly to learn, get to a level where they are trying and testing with some of these use cases on their own so that they're able to solve and see the real values coming out of it. Yes.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I would imagine that we would need leadership in the AI, and organizations are already going in that direction because I'm already hearing there are some of the top 10 companies that have gone so far on this that they have problems around AI governance.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
People are rolling out solutions where they do not have a good understanding of what is getting rolled out, and they feel like they may be in the scrutiny of regulators and whatnot. So you definitely need that level of expertise and whatnot and get that senior leader to kind of come in. But let's not wait for that to be the step number one.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So those are a few things that I would say, those five myths that I would say, like try to avoid and that would help.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
at the forefront of it, but are the ones who are curators of discipline, are the curators of, call it like the energy within the organization to drive those on the front line. We work and talk to them in a different way to kind of talk about like, how do you cascade that discipline and energy within the organization itself?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I will talk about an experience which was not actually great, but I got impressed about one aspect of what that company did so well that even in that whole bad experience, I felt really good about this company that they are doing this thing right. I was recently traveling to one of the developing countries and we had a flight cancellation.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
The flight cancellation turned into like a ruckus at the airport where people were like all over the place. You can imagine in the in highly populated developing countries, it becomes even more of a problem because now people are worried about, did they lose the money that they put in the airplane? This was coincidentally late at night. So people are thinking about, will I get hotel reimbursement?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Are they getting us the hotel? A lot of ambiguities across the board. Unfortunately, some of the employees, Customers took matters in their own hand, and they went about shouting at the air hostesses in the airplane. They started shouting at the folks who were trying to help them at the ticket reissuing gate. It was just so bad, Lauren.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And with the level of humility, the level of calm and composure with which calmness and composure with which these air hostesses and the ticket counter folks were taking care of these customers was overwhelmingly amazing. I was just thinking about like, what are these people going through? Unfortunately, these people were also not empowered to make big decisions.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And this goes a little bit to, I would like to say that it's like a bit of like a cultural construct of some of these countries, but it may not be. One way or the other.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
You've seen it in America as well. Here you go. Yeah. So I do feel like these people were bending backwards. The employees are bending backwards to help, which is what impressed me. But at the same time, I was just wondering about like, I wish... These people were empowered to call security and get these customers out of the way. I was feeling so pathetic.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Even being a customer, I suddenly started to feel like, you know what? I'll pay for my hotel. I'm feeling so bad about that lady who is being shouted at by this gentleman who is like in his probably his 40s, like looks like a corporate professional. Like, what are you doing? So much so that next day when I was flying back, I went up to the ticket counter. I thanked everybody.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I went to the air hostess, who one of the air hostesses was coincidentally sitting next to me, going back to the city where she was supposed to be, not as an air hostess, but as one of the passengers in the plane. And I got a chance to talk to her at length during this call. I thanked her a ton and she was like, this is the best. This is the best compliment I could get after such a rough evening.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So there is something in there, in my opinion, around like how that company has done such an amazing job for these people to consider the organizational pride over their own pride in certain ways. Right. Like sort of like in that moment, they sacrificed everything.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And then they represented the organization, but they also were not the best because they did not empower these people with the solutions that they should have in hand to be able to make those decisions. So that's one that comes to my mind. It's very recent.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Rocks ultimately indicates that the customers are satisfied or not. How likely are they to recommend the brand? How are the customers engaging positively or not?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I'll go back to the initial part of our conversation around connected to value. A lot of times customer experience, sadly so, even in today's world, is seen in the organizations as like a fluffy topic. And more often than not, these customer experience leaders, even in conversations with me, say that I can't work with this organization. They just don't understand the value.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I feel that it is not the leader's problem. It is their problem. They got to figure out a way to help in connecting this to value. Yeah. Because they have an opportunity to think about, how do I make it tangible enough? How do I make it relatable enough? And there are different constructs that work in different organizations.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
In some places, these are about anecdotal examples that help the leaders understand that in this moment, experience is what helped you save this major client. Or in certain cases, some leaders process it based on a clear correlation between experience and monetary gains. So try to do that. Bring the solution that you want to bring in, but connect it back to value.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And if we can connect it back to value and always keep the value first and experience as a means to getting to the value first.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I feel customer experience will get like more of a front seat in a lot of decision making versus as an afterthought of making a decision and thinking about how do we make sure that we alleviate the bad experiences that this decision may create on the customers and employees.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Wonderful. Thank you so much, Lauren. Thanks so much for having me on the show. It was exciting and fun to kind of talk to you about this. So thank you.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Absolutely. I would draw the parallel is how do you essentially impress the CFO that this is an important initiative? This is an important set of initiatives. So this is an important anchor in your set of initiatives that you need to be driving towards. ROI in itself is like a well-accepted term, as you can imagine, in the organizational world. So everybody is looking for it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I, along with a few of the colleagues in the past, have come up with a concept called return on experience, pretty much to kind of head and answer exactly the question that you're asking. We nickname it as rocks. So ROX is a holistic approach that considers the broader value of customer experience, such as brand loyalty, think about customer retention, think about advocacy.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
How do you bring all of that together into not necessarily a singular metric, but a singular view of all of these metrics together?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
It really focuses, while the ROI, in my opinion, gets very unidimensional, in my opinion, around thinking about monetary returns, ROX is a dynamic company-wide metric that connects necessarily customer experience to employee experience and considers the investments in relatively what I would call intangible initiatives or the initiatives that a lot of times have a difficulty in proving the ROI.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
immediately, like organizational culture, sometimes even aspects of analytics and technology that are necessarily more like the enablers of what you are driving versus the end result of what you are driving. Rocks ultimately really indicates that the customers are satisfied or not, how likely are they to recommend the brand, how are the customers engaging positively or not so with you.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
In particular, I would add that there is like this whole notion of experience management sub-industry. within this, which has been very popular and particularly it has become popular because of some of the technologies that have been out there in the market that have been bringing it on the forefront, which is around like, how do you measure experiences?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
How do you manage those by disseminating the insights within the organization and driving a lot of that? That has created an opportunity for a set of these measures and metrics
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
under the larger umbrella of return on experience rocks that can really help the organization in getting the right pulse on what is going right, what is going wrong, where do I fine tune certain drivers of what matters and connect those to financial goals ultimately. So I don't want to lose that. So the ultimate outcomes, how do you connect those?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And once you connect those, now you are able to create an engine and run the engine fueling different parts of the engine so that everybody gets a good understanding of why they are investing in certain initiatives to improve certain metrics, which ultimately helps in improving the monetary outcomes that we are looking for.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
But not necessarily just looking at monetary outcomes, in my opinion, in vacuum, but without understanding the implications and connections to some of these other measures. Yeah.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
We do have a templated approach around the structure of these measures and metrics to kind of come together. So it's not like understanding all the way from starting from like, what are their goals? What are your outcomes to understanding everything, anything and everything. But we but ultimately, the measurement system that we put together is definitely bespoke to the organization.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
There are certain measures and metrics which are very, very popular, which I would call like the North Star within the experience world. Some of those, I'm pretty sure most of our audiences who are hearing this know about it. It's like Net Promoter Score. You hear about customer satisfaction. You hear about employee satisfaction. You hear about customer effort. scores.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So there are some of those kind of measures and metrics. And it's a very popular question that I a lot of times get asked around, like, which measure or metric do you pick? Do you pick one and then you kind of run with it? And maybe my unpopular answer to that is that, you know what, it doesn't matter to me. Honestly, if we And we have seen it.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
We have seen it in action at like actually a top five bank where we ran an analysis for these, literally these three metrics that they used to measure all of them. And we ran an analysis to see like, what are the drivers of the improvement of all of these three metrics? We didn't see much of a difference across the board.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Definitely not substantial enough for us to warrant that they need to be measuring these three because now you're burdening the system to be understanding and comprehending and analyzing and all of that, let alone creating a chaos in the organization that there are three measures and metrics that matter to you and everybody trying to create their bespoke stories of success using anything that works for them.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Pick one. And once we pick that, a lot of those bespoke measures and metrics that I was talking to you about gets created around that. We broadly categorize it in five dimensions. One of those dimensions is around pride.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So it's essentially the emotional commitment of the organization to brand purpose and strategy, which is, as you know, like purpose is like very close to my personal heart, like around how do you create that pride for being in that organization, right? The second is influencers. How do you create an internal and external brand, what I'd call like the rallying cry around that purpose, right?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Why do people want to shop with you? Why do people want to bank with you? Why do people want to work for you, right, and with you? And then this leads a lot of times into the behaviors, the critical positive habits and actions that really define the culture, that drive excellence, need to be embedded into really the performance management, essentially. Right.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Same here, Lauren. Very excited to be talking about the topic that I talk about every night and day.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
And then, which turns into a lot of value drivers for the organization, which you would imagine not every time can you track the metric like, hey, were we able to make X million dollars of sales? You may not be able to get to that, but what are the drivers of that that can get you to that? It could be the sales pipeline. It could be the quality of sales pipeline, a lot of those.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So the key sources of the value in the eyes of customers and employees that really matter to them, those are the drivers that we connect. And ultimately, the fifth dimension is the outcome. So it's pride, influences, behaviors, value drivers, and outcomes. Those are the five. categories that I would say, and sometimes these five become four, five becomes six.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
But the idea is we start there and help the organization go through the journey with us to create something which they feel like this is my own because, and we have created for a success of our own organization in that way.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I say the first thing to start with is to really diagnose where the organization really is in terms of the maturity of even understanding this concept. In my opinion, one thing that we haven't brought in up until now is leadership, right? In fact, if it's okay, I'll take like a quick detour and come back to your question. Please. One of my favorite topics. Exactly.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
So we very intuitively understand that customer and employee experience are very related. Emotional engagement among the employees tends to produce a higher customer engagement, right? Like, this is like a very known fact. Hundreds of analysis out there. People will probably not even debate on that, right? But...
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
What a lot of times organizations miss in looking at is how do you enable your leaders to be able to create this flywheel effect that you're trying to create? If good CX is a trajectory of appealing touchpoints, A good employee experience is like a social movement in the way it inspires commitment.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
If we bring in the lens of leadership experience, which I'm talking about could be in like multiple layers, this good leadership experience is actually a catalyst for the rest of the enterprise. What leaders learn has the direct impact on the quality of employee and customer experience.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Because everything that the senior leaders say and do, as you know, is amplified to the entire organization as employees respond and comment. And those gets translated into your behaviors and your products and solutions that you end up creating for your customers. Now coming back to your question around like, where should you start?
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
I would recommend the organizations to look at where are they in this maturity of understanding this flywheel effect around customer, employee and leadership experience. And I'm pretty certain all the successful organizations would find that they are something is their strength.
Experts of Experience
Return on Experience: The Secret Metric Every Business Needs to Know
Either they have coincidentally created such an empowered leadership that they are able to work the system in such a way that they create such effective customer experience through products and solutions and whatnot. Sometimes that even the