Nowadays it is more important than ever to keep up with the times not to lose touch with the business market, which is why I would like to introduce the new trendy indicator Return on Experience (ROX).
Just as Return on Investment (ROI) is an important business metric, Return on Experience (ROX) is all about it. That’s why service trendsetters like Amazon, Uber, and Starbucks started to focus not only on the product, but on the customer experience a long time ago.
The fact is that the relationship between customers and companies changed dramatically due to increasing digitization. Today’s customers have much higher demands simply because they can compare many providers in no time – by searching online, reading reviews, asking questions, and exchanging ideas with other.
Connecting experiences boosts returns
Nowadays, customers must be enthused, and their expectations always exceeded at every touch point, if marketers want to achieve real loyalty. Then, such kind of customer experience should be measured, analyzed, and continuously optimized. ROX is regarded as a holistic approach that helps marketers to understand and increase the value of investments across customer experience (CX), employee experience (EX) and leadership experience (LX). In other words, an innovative way to rethink and redesign the dynamic impact that all three elements have on one another and on a brand.
Companies like PricewaterhouseCoopers (PwC), Qualtrics, and SAP consider ROX one of the most effective and scalable ways to shape a company’s future.
You might want to check out the ROX Capability Profiler for self-assessment of your company’s experience management capabilities in order to ultimately track and improve Return on Experience (ROX).
By Daniela La Marca