Aramark

As business leaders, we are all used to the concept of retaining on investment (ROI), and most companies rely too heavily on it to measure the profitability or success of a specific initiative, service, product, or line of business, focus too much on measuring revenue, costs, performance, etc.

Butthere is a dimension that is sometimes not considered as a factor that directly and negatively impacts ROI, the experience.

Billions of US dollars are lost every year due to bad customer service, making clients decide to purchase in different stories, switching to competition, and, in some cases, not going back to your company. The negative impact can be tremendous if overlooked.

In a competitive environment and market, customers and employees are looking for more than just products or services; they are looking for overall experiences that make them connect with the brand that adds value to them. That is why focusing only on ROI might impact your bottom line.

ROX

We reduce the risk of not achieving the target ROI by bringing the experience to the table as a main dish.

Retain on experience (ROX) is the new ROI.

By focusing on the overall experience, companies can perceive an increase in revenue since customers are willing to spend more for a great customer experience. Besides that, by also focusing on employee experience, associates feel more motivated and happier and provide a better service to their customers.

 ​The search for products or services should not be transactional. It should be relational.  

ROX captures the overall value creation for the entire organization by creating a virtuous circle of benefits that will boost overall business performance, operational efficiency, and organizational culture.

Please refer to Value Steam to understand how this operates.

The Value Stream

The true power lies in the integration of CX, EX, and SE. When these elements work in harmony, organizations can achieve remarkable results and profitable growth. Here's how:

Sustainable Efficiency

Sustainable efficiency dives into cost savings: by reducing waste, optimizing processes, and embracing sustainable practices, organizations can cut costs, improve profitability, and reinvest resources into CX and EX initiatives.

Customer Experience

By understanding customers' needs, preferences, and pain points, we can craft personalized experiences that foster loyalty, advocacy, and repeat business. Delighted customers enhance employee morale.

Employee Experience

Nurturing a positive EX creates a virtuous learning cycle that will accelerate employee engagement, which is the foundation for delivering exceptional service, innovating, and contributing to a diverse and inclusive company culture.

Customer Journey Map

Let´s discuss this simple Customer Journey Map in a restaurant or coffee shop. By analyzing the journey, we can identify two major customer pain points: queuing to order and paying. By taking a closer look into one of these pain points and focusing on Improving the Experience, we are able to obtain great results.The goal is to remove friction pain points to provide a better experience to our customers, not purely improve financial results such as increasing revenue, reducing cost, etc. The search for products or services should not be transactional. It should be relational.

Queue to Pay

Example: you go to a coffee shop because it is cold, and you want a cup of coffee. You get into the store, and there is a huge line to order. Or you go to a convenience store and want to buy something to drink or eat really quickly. But there is a big line, only one cashier, the cashier does not have change, etc.

Long lines, long waiting times, insufficient cashiers, no flexibility, and customers leaving without purchasing are some negative effects.

So, how can you improve the experience and provide a better service to your customers? One example is the use of technology-enabled innovations to improve overall experience. In this example, we have used a computer vision self-checkout terminal that allows customers to place their items on the machine and pay.

The outcome is impressive: lines dropped from an average time of 45 seconds to 15 seconds, there was a 23 percent average ticket increase, better data and insights, and a 24-7 operation. The focus was to remove friction and provide a better experience, and the outcome can be seen in more transactions, more revenue, and more satisfaction.

This is a classic example of how companies can focus on experience to bring solid and robust ROI to the organization.

Is only Customer Experience Enough?

Not really. As mentioned before, we need to have a broader look, paying attention and focusing on employee experience, user experience, and important multi-experience. Is the online experience similar to the physical experience? Why is Total Experience so important to achieve a greater return on experience? Here are some points why TX would help organizations achieve a greater ROX, and also an example of TX applied to our business.