How do you measure a great experience?
Experience is key for modern consumers. We all know the importance of good ROI (Return on Investment) but have you heard about ROX (Return on Experience)? ROI measures the amount of return on a particular investment, relative to the investment’s cost, which is a very palpable and comparable way to assess whether or not an investment is worth your while. However, according to PwC’s Global Consumer Insights Report 2019, ROI is no longer a sufficient metric for determining success. As an additional metric, PwC has introduced ROX as a new, consumer-centered approach:
“Because consumers today are so discerning and powerful, it’s our perspective that most organisations need to invest far more in customer experience (CX). Measuring ‘return on experience’ (ROX), will help you understand your earnings on investments in the parts of your company directly related to how people interact with your brand”.
In other words, turning your attention to ROX will help you connect with your customers and create loyalty by offering them a meaningful experience AND a great product. This may seem like an obvious statement, but the two approaches can actually be very different.
Imagine being in a large supermarket. A traditional ROI-orientation would lead to a store design where everyday goods are placed at the very end of the store, so that shoppers have to pass as many tempting items as possible to get what they came for, increasing the potential of the shoppers buying more items than they need. With a ROX-approach, the store design would reflect that shoppers are busy people who appreciate when things work smoothly and quickly. The latter supermarket would help shoppers navigate the store as conveniently as possible and ensure a great customer experience in the process, which leads to long term customer loyalty.
So how do you create an experience that’s human and engaging while also driving long-term revenue? We think that indoor navigation fits a ROX approach like a glove. Here are three reasons why:
1. Your employees are your strongest brand ambassadors
Improving your employees experience is the first step toward creating a culture that nurtures customer experience. Employees are your most important asset in every part of the customer’s journey. They create ideas, they develop products, they make up strategies and they have the most direct contact with your end-customers. Your company culture is the center of your brand, so if you create a culture that’s engaging and satisfactory for your employees, they will be your strongest brand ambassadors.
Indoor navigation doesn’t magically create an engaging and satisfactory company culture. Workplace technology is an enabler, and helping your employees find their way to desks and meeting rooms, saving time and decreasing stress, is a way of making things easier for them, while showing them that you care about their needs and their workplace experience.
2. You need to know your customers
Insights into your customers can help you find unique opportunities to shine. Luckily, in our modern, technological world, you have a best friend: Data.
Data about your customers offer valuable insights into the way they act and the way they buy. For example, in the supermarket example from before, valuable insights about customers would be how they move around the store. With indoor navigation in combination with indoor positioning, you can create heat maps from people flow data and design your indoor space based on actual movement patterns. This principle applies to probably every industry, regardless whether your customers are called visitors, attendees, travelers or shoppers.
3. You need to understand current expectations
Technology is becoming an increasingly integrated part of every aspect of our lives. Chances are that your customers use technology and expect a certain level of convenience and tech-forwardness from your business. That’s how things are today, especially for millennials, the world’s first digital natives.
This means that customers not only appreciate “extra-mile” technological services, like digital indoor navigation, they expect them from you. By mapping (pun intended!) your customers behaviours and expectations and by providing the service and experience they require, you create an emotional commitment to your experience-oriented brand, define and supply key sources of value and will see long-term financial results produced by a higher ROX.
Curious about the possibilities of indoor navigation? Check out our MapsIndoors page or read our inspiring showcases.