Surrey Business News

2019 Cana­dian Con­sumer In­sights Sur­vey

Re­turn on ex­pe­ri­ence is a met­ric that busi­nesses can’t ig­nore

- Business · Retail · Marketing · Consumer Goods · Business Trends · Health Care · Industries

From re­tail to health care, con­sumers are more de­mand­ing than ever. In this con­sumer-driven mar­ket, it’s time for a new met­ric to mea­sure suc­cess.

Most, if not all, busi­nesses use re­turn on in­vest­ment (ROI) to do this, but re­turn on ex­pe­ri­ence (ROX) prob­a­bly isn’t as fa­mil­iar. Pwc’s

Global Con­sumer In­sights Sur­vey 2019 (GCIS) found that mea­sur­ing ROX will help com­pa­nies un­der­stand the re­turn they’re get­ting on an in­vest­ment made into parts of the or­ga­ni­za­tion di­rectly re­lated to how con­sumers in­ter­act with their brand. Be­cause con­sumers are so dis­cern­ing, most or­ga­ni­za­tions need to in­vest far more in cus­tomer ex­pe­ri­ence (CX) than what’s be­ing done now.

CX and em­ployee ex­pe­ri­ence (EX) are piv­otal to the suc­cess of any modern enterprise. They can be the main dif­fer­en­tia­tor be­tween those who dis­rupt their com­peti­tors and those who are dis­rupted by them. The Dig­i­tal Iq—cana­dian in­sights re­port re­vealed that of the top fi­nan­cially per­form­ing or­ga­ni­za­tions, 91% glob­ally had an ex­ec­u­tive in charge of EX, com­pared with 74% in Canada.

Six im­per­a­tives for im­prov­ing ROX 1. Fuse CX and EX:

cus­tomer ex­pe­ri­ence ex­ists in a feed­back loop with em­ployee ex­pe­ri­ence.

2. Con­vey shared val­ues:

fus­ing CX and EX is eas­ier when the two groups share the same val­ues associated with a par­tic­u­lar brand or or­ga­ni­za­tion.

3. Find ‘magic mo­ments’:

fo­cus on ‘magic mo­ments’ with cus­tomers to cre­ate loy­alty and build a re­la­tion­ship over time.

4. Un­der­stand cus­tomers:

use pro­pri­etary data to gain valu­able in­sights into cus­tomer be­hav­iour to of­fer per­son­al­iza­tion. b

5. Treat data re­spect­fully:

cus­tomers will take their busi­ness else­where if they feel a com­pany is not pro­tect­ing their data.

6. Win the trip: un­der­stand what cus­tomers are try­ing to ex­pe­ri­ence and make it eas­ier for them to do that with ease of nav­i­ga­tion on your web­site, breadth and qual­ity of se­lec­tion, price, qual­ity of ad­vice and ex­clu­siv­ity.

For more in­for­ma­tion: pwc.com/ca/en/in­dus­tries/re­tail-con­sumer/con­sumerin­sights-2019.html

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