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 six imperatives for improving your ROX
Fuse customer experience and employee experience
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.
Build communities with a purpose
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.
Build on discrete moments along the customer journey
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.
Understand your customers based on their behaviours
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.
Treat consumers’ data with respect, and deliver value in exchange for it
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.
Win the trip
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.
More information here.