As experiential marketers, we know that 'Return on Investment' only tells part of the story when it comes to measuring success.
But there’s a new kid on the block. ROX (‘Return on Experience’) is an approach that focuses on the customer and their experience. It's not a brand new concept, but in 2019 it's starting to gain real momentum.
ROX comes of age.
In March, consultancy network PricewaterhouseCoopers released its Global Consumer Insights Survey 2019. The report came out strongly in favour of ROX, saying that because today’s consumers are “so discerning and powerful”, organisations must invest in customer experience – and that ROX is a key way of understanding the payoff of that investment.
PwC found in 2018 that companies that focus on providing a great customer experience can charge up to 16% more for their products and services*. Clearly, investing in that customer experience is worthwhile.
Is ROX the new ROI?
In a word, no. It's not a universal measure that can be used to benchmark against competitors. Rather, it's an integrated approach that helps you measure and drive your own growth and success. By taking a company-wide view of the inter-dependencies among your business systems, ROX lets you zero in on the customer touchpoints that have the biggest impact on the overall success of your company.
Once you've found those key areas, you can fix the things you're doing wrong, and learn from the things you're doing right.
It's about employees too.
PwC emphasised that employee experience is intimately tied to customer experience, and cannot be ignored. When 35% of consumers rank the quality of sales associates as a top 3 attribute in deciding where to spend their money**, you can see why it’s important that those associates are smiling too.
To achieve the optimal customer experience, PwC recommends fusing customer experience and employee experience, which exist in a feedback loop together.
At N2O, we're all about making better experiences - for clients, for customers, and for our employees as well. So the ROX is a great fit for us. And we're well-placed to help you improve your ROX too. Give us a ring and let's talk experience.
*Experience is everything: Here's how to get it right, 2018 PwC
**Global Consumer Insights Survey 2019, PwC