What is Return on Experience (ROX) and Why is A Must for Your Business?

cnxt_dev
cnxt_dev
2019/08/25 20:00

what is rox

Return on Investment (ROI) is no longer the only way to gauge your company’s success. Return on experience (ROX) is now just as much a focal point for businesses as ROI is.

ROX focuses on relationships within a company that are significant for customer and employee experiences, which has a knock-on effect on the bottom line. Basically, ROX ensures you understand how income is generated based on how customers interact with your brand. ROX is not a system or tool that you can simply purchase and implemented though, it’s an ongoing process and research project.

Why Return on Experience is a Big Deal

Digital technology is an integral part of our lives. A recent study by PwC showed that more consumers are buying something online every week, with smartphones being the go-to technology for this. 24% of customers will use a mobile to make an online purchase every week, a number that is steadily increasing.

return of experience

Due to this increase in mobile brand interactions, businesses need to spend more time mapping out consumer journeys, ensuring they are providing an experience that’s better than the competitors. It’s also essential that business owners understand more about their employees’ experiences as this directly affects the experience they offer customers.

The Elements that Make Up ROX

To understand, implement and measure ROX, you need to identify your business’s strong points and where value is being delivered. This is the ROX model that PwC suggested in their 2019 study:

  • Employee Pride: How engaged are employees in the company strategy and values?
  • Informal Brand Ambassadors: How are the ambassadors that have no title influencing customer and employee experience?
  • Value: During which moments is your organisation delivering value to customers and employees?
  • Internal Behaviours: What positive habits and actions are contributing to the success of your business?
  • Results: How are internal behaviours, customer experience and overall company performance connected?

By focusing on these key areas within an organisation, it’s possible to create a business that employees love showing up for and a brand that customers want to support.