Return on experience is a metric businesses can’t ignore
From retail to health care, consumers are more demanding than ever. In this consumer-driven market, it’s time for a new metric to measure success.
Most, if not all, businesses use return on investment (ROI) to do this, but return on experience (ROX) probably isn’t as familiar. Our Global Consumer Insights Survey 2019 (GCIS) found that measuring ROX will help companies understand the return they’re getting on an investment made into parts of the organization directly related to how consumers interact with their brand. Because consumers are so discerning, most organizations need to invest far more in customer experience (CX) than what’s being done now.
CX and employee experience (EX) are pivotal to the success of any modern enterprise. They can be the main differentiator between those who disrupt their competitors and those who are disrupted by them. The Digital IQ—Canadian insights report revealed that of the top financially performing organizations, 91% globally had an executive in charge of EX, compared with 74% in Canada.
Convey shared values: fusing CX and EX is easier when the two groups share the same values associated with a particular brand or organization.
Understand customers: use proprietary data to gain valuable insights into customer behaviour to offer personalization.
Treat data respectfully: customers will take their business elsewhere if they feel a company is not protecting their data.
Win the trip: understand what customers are trying to experience and make it easier for them to do that with ease of navigation on your website, breadth and quality of selection, price, quality of advice and exclusivity.
We heard from 1,000 Canadians for this year’s Consumer Insights Survey (CIS). They weighed in across a number of ways they engage with brands and about what’s important to their consumer journey. What stood out to us is what they told us as being important to their experience in retail, smart tech and health care. We then analyzed the data, and below we offer our insights into shifting consumer demands and what businesses can do to enhance their ROX.