'ROX' Your Metrics: The New Gold Standard in CX and EX

The Gist

Balanced metrics. ROX harmonizes CX and EX, promoting long-term growth through a focus on both customer and employee satisfaction.
Measurement shift. Customer experience measurement is now coupled with ROX, offering a fuller picture of a company's health.
Employee impact. ROX incorporates employee experience factors, addressing gaps in traditional metrics like ROI and ROE.

Traditional metrics used to measure success are facing increasing scrutiny. Return on investment (ROI) and return on equity (ROE) have long been the go-to metrics for assessing financial performance.

However, as the importance of customer and employee experiences continues to grow, there is a pressing need for a new, more comprehensive metric that encapsulates the holistic view of a company's success. Enter return on experience (ROX), a metric that combines customer experience (CX) and employee experience (EX) into a single, powerful indicator of a company's overall health.

Let's continue to take a look at the interconnections between CX and EX and how you measure return on investment, or, rather, return on experience. Check out recent coverage, including Transforming Customer and Employee Experiences Across Industries With AI and Customer Experience Strategy: The Theatre of Human Experience.

A hand holds a blue ruler with white numbers with wooden blocks below that spell out the word "success" in piece about the need for change in customer experience measurement and employee satisfaction factors among others. — There is a pressing need for a new, more comprehensive metric that encapsulates the holistic view of a company's success. Kenishirotie on Adobe Stock Photos

The Limitations of Traditional CX and EX Metrics

Before delving into ROX, let's briefly examine the limitations of traditional customer experience measurement like ROI and ROE. While these metrics are undoubtedly valuable in assessing financial performance, they fall short in providing a complete picture of a company's success in today's interconnected world.

ROI and ROE are narrow in scope: ROI primarily focuses on financial returns, and ROE centers on shareholders' equity. Both metrics fail to account for the broader impact a company has on its customers and employees, ignoring crucial aspects of the business.
Disconnected from real-world interactions: ROI and ROE don't consider the quality of interactions between a company and its customers and employee engagement. In an era where relationships are paramount, this is a significant drawback.
Ignoring employee satisfaction factors: High employee turnover and dissatisfaction can harm a company's long-term prospects, yet these concerns are not adequately addressed by traditional customer experience measurement and employee satisfaction factors.

Related Article: The Holistic Equation: Why HX = CX + EX

The Emergence of ROX

In contrast, ROX represents a paradigm shift in how we measure customer success, employee satisfaction and business health. It recognizes that customer experience and employee experience are intrinsically linked and should be treated as such. Here's why ROX should be embraced as the new definitive metric:

Comprehensive measurement: ROX accounts for the interconnectedness of CX and EX. It acknowledges that satisfied employees are more likely to deliver exceptional customer experiences, resulting in increased customer loyalty and revenue.
Reflects real-world impact: ROX assesses the quality of interactions between a company, its customers and its employees. This real-world perspective provides a more accurate reflection of a company's health.
Drives sustainable growth: By prioritizing both employee and customer satisfaction, ROX encourages businesses to invest in initiatives that drive long-term growth and sustainability. Happy employees lead to happy customers, which, in turn, lead to higher profits.
Adaptable and future-proof: ROX is adaptable to various industries and business models. As the business landscape evolves, ROX can evolve with it, ensuring that it remains a relevant and effective metric.

Implementing the ROX Combo of CX and EX

To adopt ROX as the definitive metric for your organization, consider these steps

Measure CX and EX: Start by assessing your current CX and EX measurements. Use surveys, feedback mechanisms and key performance indicators to gather data on customer satisfaction and employee engagement.
Analyze the data: Identify areas where CX and EX can be improved. Look for patterns and correlations between the two, as these key insights will help you make informed decisions.
Set goals: Establish clear ROX goals that align with your company's mission and values. Determine how improvements in CX and EX will contribute to your overall success.
Monitor progress: Regularly track your ROX score and adjust your strategies accordingly. Keep an eye on both leading and lagging indicators to stay proactive.
Invest in improvement: Allocate resources to initiatives that enhance both customer satisfaction and employee satisfaction factors. This may involve employee training, process improvements or technology investments.

Final Word on CX and EX — and ROX

In conclusion, ROX is poised to become the new definitive metric for measuring CX and EX success in today's business landscape. It offers a comprehensive view of a company's health by combining customer experience measurement and employee satisfaction factors, reflecting the interconnectedness of these critical components.

By embracing ROX, businesses can drive sustainable growth, foster meaningful relationships with customers and employees, and adapt to the ever-changing demands of the modern world. It's time to shift our focus from traditional metrics and embrace a more holistic approach to measuring success.

fa-solid fa-hand-paper Learn how you can join our contributor community.