ROX instead of (or together with) ROI is not going away, and it needs Big Data
ROX means Return on Experience and it expresses “how businesses create value across connected experiences and how that value can be followed and measured down into individual moments themselves”.
As you can see, the concept and its formula is not new. It is around since at least 2014, which means it is resilient enough. ROX didn’t go away, and the customers’ profiles indicate that it meets their evolution. The way customers interact with organizations and brands is increasingly experiential. Regardless of generational segmentation, people enjoy considering the way their providers treat them. From cold advertising to online or brick-and-mortar stores or meeting points, each move counts.
But how can businesses track a customer experience, trace the positives and the negatives? It’s all about going digital, of course. Even smaller businesses need technology to set up an omnichannel experience, let alone to follow what goes on during it.
Digital nowadays means Big Data. Sensors serve in capturing Big Data, and proficient software solutions in processing it. Relevant insights provide partially structured information. From there on, it’s up to the human decision factors. Strategy is at greatly eased once the digital tools support accurate prognosis.
Although the article we quoted approaches ROX in relation with marketing, it is more than this. As soon as an organization has the image of how its customers perceive it and interact with it at each level, decisions of all types may sprung and improve the business.
Customer experience analytics – a field open to competition
Back to 2019, and we find this on ROX in a Strategy + Business article:
A revolution in technology has created the devices and interfaces that allow people to interact with companies anywhere and anytime, and has enabled customers to influence a global audience with their comments or likes
Now that the technology is able to provide further meaning and structure to the ROX concept, the software solutions make all the difference. The companies may have custom-made software tools made for their specific needs. Mixing and matching the right devices, hardware and software elements is now highly likely to provide a virtual crystal globe. All things related to your customers, from past experiences to what should you improve, are available in it.
Of course, most often than not, companies also compete for the same pool of customers. And that is why in a sense mastering the ROX concept is in fact a race. From grasping its meaning, to becoming an adopter and finding the best Big Data solutions – it is all a competition.
LASTING Software is experienced in Big Data software solutions that empower our clients to harness the power of newly available information. Also, user experience is one differentiator that will set you apart from the competition when you partner with us.
Contact us & move towards the right solutions that will enable you to better understand your own customers – with us!