The way we live has changed due to COVID-19. As a result, organizations face the dual challenge of meeting dramatically different customer, employee, and partner needs while operating in a new economic environment.
The discipline of Experience Management (XM) can help us successfully navigate through this time because it enables organizations to continuously learn, propagate insights, and rapidly adapt to meet new and evolving needs. XM leaders better understand and more quickly respond to these needs when they adopt the Four P’s of XM Insights:
- Problems: Quickly find and fix issues.
- Preferences: Identify and deliver the right features and experiences.
- Possibilities: Uncover and satisfy latent needs.
- Priorities: Prioritize the most impactful experiences.
Even as customer, employee, and partner needs are rapidly changing in the current environment, so are the priorities for many organizations which may have to change business plans and work only on what’s most important for the foreseeable future. XM leaders will have to pivot quickly to meet these new needs and priorities.
The Four P’s of XM Insights can help with this pivot. How? There are some typical alignments between these insight types and common categories of business objectives. Here are a few examples: Fixing problems decreases costs associated with broken experiences and also has a positive impact on satisfaction, retention, and loyalty. When issues that prevent service reps from resolving customer issues are fixed, it has a positive impact on both customer and employee satisfaction. Supporting preferences for things like product features and touchpoints for different types of interactions can increase satisfaction as well as revenue associated with loyalty measures like likelihood to rebuy. Understanding possibilities and designing to meet latent needs drives new revenue opportunities. And, knowing people’s priorities and delivering at the moments that matter most to them ties to satisfaction and retention.
XM enables organizations to meet the most important customer, employee, and partner needs and top business priorities. Structuring decisions by focusing on the 4 P’s of XM Insights and the most current business objectives will help XM leaders pivot quickly to meet rapidly changing needs that characterize the current environment.