The term Return on Investment (ROI), especially in conjunction with an event’s measure of success, isn’t new, however, with the exponential increase in use of digital marketing including social media, the formula is sometimes found lacking:
Based on B2C’s increasing power over brands, and according to PwC (2019 Global Consumer Insights Survey), an additional, consumer-centred purchasing experience measurement alongside ROI is needed, hence Return on Experience (ROX - or ROE) has grown to be seen as an important measurement too!
Here are five of the above report’s main findings which put into perspective why ROX has value as an additional measurement metric:
- 39% of Gen Z respondents said they go directly to social media for information, compared with 25% overall
- Mobile payment has been growing steadily since 2018, with China leading the way (86%) followed by Thailand (67%), Hong Kong (64%) and Vietnam (61%)
- 31% of consumers buy online daily or weekly
- 24% of consumers shop on smartphones more often than on PCs
- 51% transferred money online
Here are three suggestions that we think will get you started on the right ROX track.
“You’ve got to start with the customer experience and work back toward the technology — not the other way around”. – Steve Jobs.
GDPR and beyond: TREAT CONSUMERS, AND THEIR DATA, WITH RESPECT
Yes, this may seem obvious, but we all need gentle reminders from time to time! Consumers are people too, so ensure that you treat them fairly and respectfully. This way, in gaining an exceptional experience from buying/operating with you, increased ROX alongside positive customer reviews and feedback should follow.
From a legal perspective, data protection and policies are crucial to adhere to, so this point is a really vital one both in and out of the ROX debate.
KEEP CONSUMERS UPDATED
If your customers really are a priority, then they should be kept in the loop with updates, exciting announcements and business changes. A simple email to your database, broadcasts on social media or, if possible, picking up the phone reassures them that they are front of mind.
There’s nothing worse than being kept at arm’s length, especially when there’s so much uncertainty in the world. So, if your customers haven’t been updated in a while, perhaps consider sending them a friendly reminder that they haven’t been forgotten.
USE THE RIGHT TECHNOLOGY
We’re living in the age of a digital revolution, which grants us the ability to offer personalised experiences. Make sure you use these where possible! Targeted adverts and customised content on websites are just a handful of strategies to adopt that will help to maximise your ROX.
Relating back to that famous Steve Jobs quote above, it’s about working back to the ‘how’ we create that customer experience, as we have already established the value of the ‘why’ part. The key with digital is to make it as interactive as possible – this is where social media comes to play.
We’ve all heard about the power of social media and how it’s used as a key marketing strategy – so make use of it! For you event specialists out there, consider sharing your attendees’ social media posts or stories, or livestream parts of the event. For more ideas on social media, take a look at our piece about social media ideas for event planners.
Whilst this piece puts emphasis on the idea and importance of ROX, it is a healthy mix of ROX and ROI that will ensure success with your customers. After all, it is you, our valued customers, that are at heart of our brand – things just wouldn’t be the same without you. If you’re happy, then so are we!
At Franklin’s Gardens, our team are experts at planning all types of events. We’ve organised and hosted incredible large concerts and intimate small parties, our venue can do it all. To find out more, get in touch with us today and call on 01604 751543.