From ROI to ROX, prioritizing customer experience

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Changes in consumer habits, current sales channels, and new ways of relating between brands and customers require new ratios to measure the return on investment. The impact of customer experience is the cornerstone of many brands' profit and loss accounts. This is how ROX was created to calculate the return on investment in customer experience. A consumer-centric metric!

ROX, understood as a "sub-ratio" of the traditional ROI , focused on identifying the return on efforts to detect and promote best practices in customer experience , helps analyze the return on investment at key points in the customer journey affected by consumer experience.

What is not measured cannot be improved
If we measure the return on capital, on investment in advertising, technology, cash flow, how can we not calculate the return on one of the main investments in companies today? Measuring customer experience is something that brands have already assumed, but what real return does it provide? What is its effect on brands' financial accounts? If the effect of each euro on the customer's journey is not evaluated, it will be difficult to control and improve the return on investment in customer experience.

Brands must ask themselves if they are really investing and providing all india whatsapp number the experience that their customers demand, sometimes unconsciously, but which affects their overall experience. To understand each other, in a store the arrangement of the items with the highest ROI will traditionally be located in the areas of greatest exposure and demand, and the items with the highest demand at the back of the store so that the customer has contact with the entire range of products during the tour. But with a ROX approach, the hottest areas should have a series of products that the customer wants , thus improving their loyalty to the brand. The key to overall profitability is in the correct weighting of ROI and ROX, in a perfect coexistence, which we will achieve by measuring the return on investment of the change from the "roist" attitude to a "roxist" philosophy.

For example, how would we measure the return on investment of implementing a chatbot in our customer service? If we approach it from an ROI perspective, we would analyze the savings in FTEs needed to serve customers. But if the study is carried out to determine the ROX, we would observe the behavior and experience of users after using the bot. The ROX will be based on experience KPIs such as speed of service, 24/7 service, resolution of queries in self-service mode, services offered by a conversational channel whose effectiveness in increasing customer experience has been demonstrated.