The new “Return of investment” is now “Return of experience”
The most challenging question to answer for organisation “What’s return of investment of your product or service?”
The organisation begun recognise a returns of experience instead to compete by competitors by adding new features and cheaper price. There is always a competition between revenue and experience at times experience get affected by revenue. it true revenue important role in organisation but not longer time
Return of investment is now return of experience critically look at close gaps between customer and growing expectations with time. Customer expectation change while interact with product or service. the gaps turned to opportunity could filled with experience.
Return of experience
Return of experience is the entire end-to-end customer experience with build loyalty, customer satisfaction, recall and more. the increase value of Customer experience(CX), Employees experience(EX) and leadership experience(LX). CX main streams of invest on returns of experience.
The top three areas got high value:
- Better quality of product/ services
- Customer satisfaction / loyalty /recall
- Effective collaboration between teams
Customer experience is holistic perception of their experience with your business or brand to deliver loyalty, satisfaction and lot more. The better experience customers have, the more repeat positive reviews you’ll receive, while simultaneously reduce the friction of customer complaints.
let’s with example Netflix was the first on the TV and movie streaming scene, they had to work hard to keep customers loyal among a strong crop of competitors. Today Netflix continues to offer the best CX of any streaming platform and keeps its customers engaged by offering all subscription levels ad-free, pitch-perfect content recommendations based on user preferences, and alerting users to new releases for shows and movies they are highly likely to enjoy.
Three takeaway to build customer experience…
- Automate customer feedback lead
- Formed customer centric culture
- Build memorable human experience
The metric to measure Customer experience (CX)
CES(Customer Effort Score): It score based on how difficult and easy to complete task done by customer. example: It easy to order product on amazon and difficult to create custom ad on Google AdWords.
NPS(Net Promoter Score): it a customer loyalty score that measure by asking simple question like “How likely is it that you would recommend [company X] to a friend or colleague?” On a scale from 0 to 10.
CSAT(Customer Satisfaction Score): customers’ satisfaction with the product or service they receive from you. like 1: very unsatisfied and 7: very satisfied
TTR(Time To Resolution): Average time taken customer service resolve issues or ticket opened from customer.
Simple formula to calculate ROX(return on experience)
ROX = (CS + EX +($ -$’)) / Time
CS is average customer satisfaction score
EX is average Employee score
$ is revenue uplift
$’ is expense for revenue uplift
time is duration
Thank you for taking the time to read this article. I hope you enjoyed it…