It's time for a consumer-centred metric: introducing 'return on experience'
PwC’s 10th annual Global Consumer Insights Survey (GCIS) — which gathers the sentiments of more than 21,000 online consumers in 27 territories — shows that in addition to the traditional return on investment (ROI) metrics used to determine a company’s success, we need to introduce another metric, one with a laser focus on customer experience: return on experience. Whether your organisation is in the business of household goods, health services, selling cars or financial services, delivering a superior experience will be what makes you a winner.
Introducing 'return on experience'
Measuring return on experience, or ROX, will help companies understand the return they’re getting on investments made into the parts of the organisation directly related to how customers interact with their brand. Because consumers are so discerning and powerful, it’s our perspective that most organisations need to invest far more in customer experience (CX).
We interviewed several executives with their own thoughts about the customer’s ROX, click here to read their perspectives.
Customer experience (CX) exists in a feedback loop with employee experience (EX). An organisation trying to improve ROX without considering the employee experience is missing an integral part of the equation. By helping map out the connections between culture, critical few behaviours and business outcomes, the ROX framework helps identify where EX has the biggest impact on CX.
Fusing the CX and EX is a lot easier when both groups are highly motivated to be associated with a particular brand or organisation. It’s important to figure out what employees and customers care about and communicate your shared values. Find ways to engage in meaningful ways with both internal and external audiences, especially using mobile and social tools, since engagement on these platforms is growing.
In an age of ever-expanding digital options, consumer loyalty can and does vanish with the touch of a button. To minimise that possibility, you should focus on 'magic moments' that earn loyalty over time and create a relationship that endures beyond the next product search.
We have derived proprietary data from the GCIS that clusters behavioural characteristics into different consumer profiles. These insights enable far greater personalisation than the old-school paid media approach of segmenting customers by demographics alone.
Customers want the companies they interact with to protect their personal data, and PwC research indicates that they’ll take their business elsewhere if they don’t trust that a company is safeguarding their personal particulars. You need to anticipate this demand and rethink how you use consumer data, how much control you give consumers, how you value data, and how you’ll deliver value against it.
Today there are more trips, more choices, more of everything. You can win over customers on-premise or via e-commerce by understanding what they are trying to experience and then making it easier for them to accomplish that goal, whether through ease of navigation, breadth and quality of selection, price, quality of advice or exclusivity.
This year's survey shows that shoppers share behavioural and attitudinal attributes across different industries. Overlaying these traits with demographics can yield a more richly detailed consumer profile than looking at demographics alone. Explore more about our findings and consumer traits using the explorer below.