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ROX is not a siloed metric. It’s not another brand health index or balanced scorecard. ROX is different: It is a holistic approach to enhance the quality and depth of your data insights and trigger immediate actions to further enhance your customer’s experience.
Experience is an essential part of our lives. It affects what brands we choose, what products and services we recommend and what amount of money we are willing to spend for them. In fact, companies that provide great customer experience realize a 16% price premium on their products and services. And there are numerous ways to boost customer experience such as offering personalized services, including handwritten thank you letters in online orders, guaranteeing same day deliveries and providing 24/7 personal customer support. But the bar for superior customer experience (CX) is rising continuously. What is more, the nature of customer relationships is fragile, as one in three customers would abandon a brand after a single bad experience. Covid-19 has also changed consumer behaviors and in particular enforced “experimentation”, pushing consumers to explore different ways to access products and services. Especially the usage of mobile services as sales channels has increased by 45%. Thus, it becomes even more important to establish a flexible framework to track and manage the customer experience in an omni-channel environment.
So what are the moments that matter most along the customer journey? What are the make-or-break points? How can companies understand and track the experience they are providing is perceived by their customers? And most importantly, how can companies take an active role in designing and managing all of these experiences? By using the ROX approach, you can start to better understand your company’s current maturity in measuring and amplifying its investments in CX. Just like a company’s approach when designing new product features, it is important to channel investments into specifically the most relevant areas that are believed to increase customer satisfaction and enhance their willingness to buy your products or services.
By applying the ROX approach, leaders can better understand what drives their CX, respond to issues in real time, and precisely target their investments into those initiatives that matter most to the customer.
ROX is structured along three key activities, which can be summarized as listen, learn and act. It should be regarded as a cycle as those activities need to be continuously revalidated to improve both customer and employee experiences. This cycle ensures collecting the right information, leveraging different data sources to receive meaningful insights and setting measures for continuous improvement. Combining insights from a CX and EX (employee experience) angle, while joining operational data with user sentiments, can provide a powerful tool to create sustainable business impact.
In the first step, you need to develop a comprehensive understanding of your customer journey and identify the moments that matter most in making or breaking a customer’s relationship with your company.
Collecting experience and operational data along the customer journey means that each interaction is quantitatively evaluated. In this context, operational data plays a key role in creating the necessary customer profile and context required for the categorization of the customer.
When it comes to CX and EX, speed is important. Once a negative experience is identified, corrective action needs to happen immediately. A rule-based action engine or algorithm helps expedite and automate this process. Depending on the customer classification and the type of experience reported, a predetermined set of corrective actions is automatically triggered.
A sound customer experience approach, combining advanced analytics and immediate improvement actions, is paramount for many organizations with an omni-channel sales approach. The Covid-19 pandemic has (significantly) helped accelerate innovations and new ways of commerce driven by changed customer behaviors. Customers are more curious and flexible in trying out new ways to access products and services. Organizations that want to succeed in the post-pandemic world will need to manage CX more holistically than ever before. By listening to and understanding the crucial points of your customer’s journey across different channels, by combining different types of data objects, by connecting the EX perspective and by defining a rule-based automated engine wit h enhanced software solutions you will raise the bar in customer centricity and response and thus improve your overall top- and bottom-line.
Sven Marohn also contributed to this report.