The success of a company like Amazon in using the customer centric approach to create deep trust with consumers by always doing right by them can give the impression that this is something every business could, and should, easily be doing. The harder part is understanding that this apparent overnight success actually came about after many years of investing in customer experience and being questioned by shareholders for not focusing more on the bottom line.
As business leaders we need a new way to measure our investment, which goes beyond return on investment (ROI). This is why the time to introduce return on experience (ROX) into our corporate landscapes has arrived.
What does this mean? As can be seen in the 2019 PwC Global Consumer Insights Report, it means shifting from measuring your return on advertising spend, investment in technology and cost savings from shared service centres to measuring the return on customer and employee experience initiatives.
The PwC ROX framework focuses on those employee and customer interactions that need shoring up and aligns all your resources from technology, business processes and performance metrics behind core business capabilities you need to deliver exceptional experiences. A ROX framework focuses on driving a few habitual behaviors that will make a lasting impact on your customer experience and finding a way to measure the key experience metrics that show you are on the path to success.
To get this right you have to think beyond the business unit silos using an outside-in, customer centric view. You need to plot your customer journey from awareness to loyalty and map that expectation back to your core business processes, capabilities and technology enablers. Understanding the interaction points between your business and the consumer, removing friction from the interactions and finding ways to make doing business simpler and faster will help you create a richer, yet less noticeable customer experience. Because that is what our customers expect of us - efficient and invisible service that makes doing business easy. They want us as business leaders to spend time thinking about what they need from us, and then find ways to make it convenient in a channel of their choice and get it done with one request, not multiple requests and follow ups.
Why does this matter, you may ask? As can be seen in PwC’s 2018 report Experience is everything: Here’s how to get it right, if you give customers a great experience they will buy more, be more loyal and share with their friends the positive experience they had with your company.