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The Hidden Cost of Neglecting Stakeholder Experience - The Cost of Inaction


The Hidden Cost of Neglecting Stakeholder Experience

Neglecting a small leak in your roof might seem harmless initially. But over time, that leak can cause major damage, risking not just your safety but also busting any potential plan to rent or sell. In the same way, neglecting stakeholder experiences can lead to:  

 

  • Financial losses, from customer churn, legal issues, damaged reputation, among others.  

  • Non-financial setbacks, from eroded trust lead to losing talent, decline in employee morale, stifling innovation, and productivity.  

  

The key to avoiding this hidden cost lies in proactively focusing on an experience-centric approach for all key stakeholders.  

  

It requires to be intentional, to proactively look for early warning signs, to address perception gaps, delivering consistently on fair experiences thereby leading to long-term play. 

Trust and loyalty are direct outcomes of experience centricity, the cornerstones of sustainable businesses.  

  

Most often in the rush to acquire newer customers businesses lose sight of stakeholders dropping along the way. When stakeholders do not raise issues, it is not good news, it can be the ‘calm before the storm’ as they quietly opt out influencing many others in a highly interconnected and dynamic environment.   

  

To ensure this is embedded into our ongoing operational model, we need to listen closely to the voice of our stakeholders. The risk of not listening over time can lead to existential crisis.  

It is also important to reflect on what comes in the way even for stakeholders to share their feedback. Here is a reality check: 

 

  • Do we have existing avenues on our platforms where our stakeholders can share their feedback on real time mode? Or is it restricted to mostly to raising complaints or issues ?

  • Or are we relying on them to mainly resort to social media platforms when the degree of angst goes out of hand? Are most stakeholders even comfortable sharing their views on social media platforms which requires revealing their identity?  

  

Experiences also shape perception and when this falls short, there is a hidden cost – the cost of inaction.  

  

At FayrEdge we help in bridging the gap with actionable insight to enhance stakeholder experiences. We recognise the power of listening to all key stakeholders both periodically and on an ongoing basis with our EXP360 product suite. 

  

Partner with us to lead with experience centricity for long term growth. 

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