Applying the Four P’s of XM Insights in the Current Environment

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 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.

New Research on EX Management and the Shifts Required for Success

The XM Institute has published new research that examines the current state of employee experience (EX) management programs and the mindsets, skills, and actions required for employee experience (EX) excellence. You can download both of these reports for free:

  • The State of EX Management Programs, 2020. This research – based on a survey of HR leaders at 250 large U.S. firms – looks at the current state of employee experience (EX) management programs and future plans for EX. It also compares organizations that are more mature in EX (EX Leaders) with those that are less mature (EX Laggards). EX Leaders have better financial results, deliver higher quality EX and CX, and are more effective at using employee feedback to improve experiences.
  • Three Shifts for Employee Experience Success. This research looks at how companies can overcome employee engagement stagnancy by shifting to 1) purpose-led empowerment from functional job execution, 2) collaborative understanding and action from disinterested surveying, and 3) employee-engaging leaders from HR-driven programs. It includes over 20 examples from companies of these three shifts in action.

The graphic below, from The State of EX Management Programs, 2020, shows how more mature organizations (“Leaders”) outperform their less mature counterparts (“Laggards”). Ninety-one percent of EX Leaders report the employee experience that their organization delivers is above average compared to their competitors and 88% of EX Leaders report better financial results.

The graphic below from Three Shifts for Employee Experience Success outlines best practices for each of the three changes in mindsets and actions that companies must take to overcome employee engagement stagnancy and mature their EX program.

You can download both of these reports for free from the XM Institute.