Consider costs like implementation of technologies to calculate returns.
This article talks about return on experience (ROX) which is how certain digital experiences with technological investments can help brands enhance their bottom line. To measure ROX, brands should identify key metrics that will be impacted by digital experiences that they have invested in.
To calculate ROX for a self-service customer experience, track metrics such as cost per interaction, deflection rates and customer satisfaction. Further, positive digital experiences could affect Net Promoter Scores and encourage repeat purchases.
Analysing the impact that increments and declines from a metric have on revenues, costs or performance helps brands measure the value of “soft” metrics. Companies can use the following equation to calculate ROX upon identifying key metrics. The equation is, ROX = Net value of benefits / Cost of investment x 100%.
[4 minute read]