Improving Stakeholder Experience. Made Simple.
A crucial component of the success mantra of businesses is stakeholder experience. The importance of internal and external stakeholders, mainly employees and customers, and the link between these two key stakeholders to profitability and growth forms the basis of the service-profit chain theory. From employee experience to the overall revenue and growth – the correlation is pretty straightforward:
Engaged employees who are motivated, loyal and productive not only offer superior service creating greater customer experiences, but also become the best brand advocates. The core of the service profit chain concept is thus happy employees equal happy customers. Hence, leveraging the relationship between the two stimulates and propels profits and growth.
Business leaders need to leverage technology to drive the stakeholder engagement. The business goal could be to drive growth and profitability, but the essence of this bottom line lies between your internal and external stakeholders. The relational connection with your customers, employees, vendors, suppliers, investors results in a higher degree of engagement. The effort needs to be focused on making sure the stakeholders have a channel to connect with the brands in real-time. These conversations are not just a source of actionable insights, but a source of great ideas and suggestions to improve processes.
Organisations need to invest in building and improving experiences of key stakeholders, aligning Voice of employee with Voice of customer for greater benefit, as in the service-profit chain theory. This would involve:
- Moving beyond transactional value of customer interactions to value of the relationship.
- Capitalising on synergies of enduring relationships fostered with clients.
- Developing and nurturing relationships through dialogues and contextual conversations.
- Optimizing opportunities for extended conversations with happy stakeholders.
- Developing systems that encourage and reward employees for cultivating long-lasting relationships, not just for individual transaction.
- Integrating comprehensive engagement programs for stakeholders, aligning objectives, insights and strategically designed initiatives, all powered and driven by ‘always on’ conversations.
- Empowering employees by letting them voice their opinion and creating development plans through the same.
- Leveraging actionable insights on customer experience through contextual conversations.
Taking systemic and data-backed decisions to improve both employee and customer experience is the only way to improve the effectiveness of contextual conversations brands can potentially have on a continuous basis. Considering the complexity of this exercise and the need to track, measure and analyse all conversations, the digital transformation of stakeholder communication is now key to survival.
For ensuring the focus is driven across the enterprise, business leaders need to evangelize ‘Stakeholder Experience’ as the key agenda of every single employee. This will create a culture of caring, listening and addressing any issue that arises.
Litmusworld, with its unique, cutting edge technology powered platform, offers features like a real-time response, issue management, escalation hierarchy, and text analytics to help businesses initiate contextual conversations with their employees and customers. All of this is made very simple for you to implement, integrate and initiate. Integrated stakeholder experience management platforms across channels allow personalized interactions and dashboards for real-time insights. Check our platform today to gain a deeper insight into your business.