The Experience Mindset
The Experience Mindset
Use this framework to grow your company
In today’s hyper-competitive market, businesses spend millions to enhance customer experience. They deliver faster services, launch new products, and frequently redesign their user interfaces. Yet, despite these efforts, many companies find themselves in a constant battle for customer acquisition, with diminishing returns. Why? According to Tiffani Bova, the problem lies in focusing too much on customer experience (CX) while neglecting employee experience (EX).
In her book, The Experience Mindset, Bova argues that true growth comes from adopting an integrated approach that improves both CX and EX simultaneously. By strengthening the employee experience, companies create a virtuous cycle that fuels customer satisfaction, ultimately driving sustainable growth. Her findings are based on research from two studies, involving thousands of employees and c-suite executives, Bova’s book provides a roadmap for companies to scale the Experience Mindset.
Why Balancing EX and CX is Key to Growth
The correlation between employee happiness and customer satisfaction isn’t new. However, Bova’s research emphasizes that simply knowing this is not enough. Companies must adopt an intentional, balanced approach that includes all stakeholders—IT, Marketing, Sales, Operations, and HR—and measures progress using KPIs that track both EX and CX.
Bova stresses that a siloed focus on improving customer experience, while ignoring the well-being of employees, can stifle growth. Companies that succeed in the long term are those that foster a culture where employee and customer satisfaction feed off each other, creating a self-sustaining loop of positive outcomes.
What Does The Experience Mindset Look Like in Action?
So, how can businesses apply this philosophy in the real world? Bova outlines several key elements of The Experience Mindset, with practical steps for companies to follow:
People, Processes, Technology, and Culture: Successful companies understand that people are the heart of their business. They invest in processes and technology that support both employees and customers. The best companies focus not only on minimizing customer effort but also on reducing employee strain. Take companies like Southwest Airlines and Best Buy, which have developed systems that streamline work for employees, resulting in better customer service.
Technology That Works for Everyone: Technology is a powerful tool for improving both EX and CX. However, Bova reveals a hard truth: only 20% of customer-facing employees believe that technology makes their job easier. This highlights the need for seamless technology experiences for employees, just as we expect for customers. When employees struggle with cumbersome tools, it reflects negatively on customer interactions.
Measuring Success: Bova insists that companies “can’t improve what you can’t measure.” To adopt The Experience Mindset, businesses need clear KPIs that track both EX and CX. These metrics will help companies understand where improvements are needed and how different aspects of the business affect both employee and customer satisfaction.
A Virtuous Cycle: The ultimate goal is to create a virtuous cycle, where improving employee experience leads to better customer experiences, which in turn makes employees more engaged and satisfied. This cycle drives growth by increasing loyalty on both sides.
The Business Impact of The Experience Mindset
One of the most compelling arguments in Bova’s book is the impact that an Experience Mindset can have on revenue. According to her research, companies that prioritize both EX and CX grow at nearly twice the rate of those that focus on only one or neither. In fact, Bova claims that an increased focus on employee experience can boost revenue by over 50% and profits by nearly as much.
Companies that excel in both customer and employee experience enjoy a three-year compound annual growth rate (CAGR) of 8.5%, compared to just 4.4% for those that don’t. This is a testament to the power of aligning EX and CX in a strategic, balanced way.
Frameworks for Adopting The Experience Mindset
Bova’s book offers actionable frameworks for companies looking to shift to an experience-centric culture:
Balanced Approach: Companies need to take an intentional and balanced approach that involves all departments—IT, Marketing, Sales, Operations, and HR—working together toward shared goals.
KPIs and Ownership: Setting clear KPIs and assigning ownership over outcomes ensures accountability and progress in improving both EX and CX.
Technology Rollout: Invest in technology that enhances both employee and customer experiences. This not only improves operational efficiency but also increases job satisfaction and customer loyalty.
Cross-Functional Collaboration: The best results come from tight, cross-functional communication and collaboration. When all parts of the company—people, processes, technology, and culture—are aligned, the company’s growth is greater than the sum of its parts.
A New Company-Wide Philosophy
At its core, The Experience Mindset is about a mindset shift. It requires embracing a company-wide philosophy that encourages collaboration and communication across all departments. By fostering tight-knit operations around the dual focus of EX and CX, companies can achieve exponential growth and outpace competitors who continue to operate in silos.
In today’s market, investing in employee experience is no longer a “nice-to-have” but a “must-have.” Bova’s research-backed insights provide a path for companies that want to thrive in the modern business landscape. By adopting The Experience Mindset, businesses can unlock new levels of growth, creating a winning formula that benefits both employees and customers alike.