Unlocking the power of ROX: Return on Experience

In today's digital age, every investment a company makes must yield a clear and measurable return.

Traditionally, we’ve relied on ROI—Return on Investment—as the benchmark for success. The formula is straightforward:

While ROI is a vital metric for understanding the financial gains of an investment, it fails to capture the full picture. ROI doesn’t tell you if your customers are satisfied or if your employees are more engaged. It measures only the monetary value, missing out on a critical element of modern business success: experience.

So, we must ask ourselves: Are we genuinely solving the challenges that our clients, leadership teams and employees face? Are we addressing their concerns and improving their experiences?

Introducing 'Empathic Shift'

At Waymark, we believe that transformation begins with people, not just processes. Enter Empathic Shift—our innovative approach that places human engagement at the forefront of digital transformation. It’s about more than just technology; it’s about understanding the feelings, needs and experiences of everyone involved.

To drive meaningful change, we need to go beyond surface-level interactions. We must delve deep into understanding what’s really going on, actively listen to people and uncover the root causes of their frustrations and aspirations. Empathy becomes our guiding principle, allowing us to see the world through the eyes of others and address their true needs.

The XITE framework

Empathy alone isn’t enough. We need to translate this understanding into action. That’s where our XITE framework comes in. This structured approach enables us to deliver digital projects that are impactful and sustainable by guiding us through four critical stages:

1. Xplore: We start by engaging deeply with stakeholders to understand their needs, challenges and desired outcomes. This stage is all about gathering insights and defining a clear path forward.
2. Ideate: Using the insights from the Xplore stage, we employ the 'How Might We' technique to brainstorm innovative solutions. This allows us to visualise and test potential digital futures before making any significant investments.
3. Transform: Here, we bring our ideas to life. We build solutions using our Dynamic Digital Delivery process, ensuring that the end product is perfectly tailored to the needs of all stakeholders.
4. Evolve: The final stage is about implementation and continuous improvement. We deploy the solution and work with our clients to maximise its impact, ensuring that the experience continues to improve and meet the emerging needs of people over time.
   

Measuring ROX: Return on Experience

The true measure of success is not just in the financials, but in the experiences we create. Return on Experience (ROX) goes beyond traditional metrics to assess the real impact of our digital transformations on people—employees, leaders and customers alike. ROX asks: Are we improving the way people feel about their interactions with the organisation? Are we fostering loyalty, engagement and satisfaction?

The term "Return on Experience" (ROX) was popularised by Brian Solis, a renowned digital analyst, anthropologist and futurist, in the early to mid-2010s. Solis introduced the concept to emphasise the importance of focusing on customer experience and its significant impact on business success, moving beyond traditional financial metrics like ROI.

Known for his deep insights into digital transformation and customer behaviour, Solis has worked with leading brands globally to help them navigate the digital age.

Although Solis played a key role in promoting ROX, PwC (PricewaterhouseCoopers) has also been a pioneer in advancing the term through their research and reports. It's important to note that while both Solis and PwC have significantly contributed to the concept's development, ROX is a widely discussed idea within the business community, without exclusive rights belonging to any one entity.

The downfall of Blockbuster: a lesson in neglecting ROX

Consider the cautionary tale of Blockbuster Video, a once-dominant force in the home entertainment industry. In its prime, Blockbuster had thousands of stores worldwide and was the go-to destination for movie rentals. But as digital streaming services emerged and consumer preferences shifted, Blockbuster failed to adapt.

They didn’t listen to their customers, who were increasingly frustrated with late fees and limited selection. They didn’t recognise the growing desire for more convenient, on-demand access to entertainment. In essence, Blockbuster focused solely on short-term profits, ignoring the changing experience their customers were seeking. Their failure to innovate and empathise with their customers' evolving needs led to a rapid decline and ultimately, bankruptcy.

If Blockbuster had measured ROX, they would have noticed the gaps in customer satisfaction and engagement, providing them an opportunity to adapt and innovate. Instead, they became a stark reminder that companies that don’t prioritise customer experience can quickly become obsolete.

Why Waymark does things differently

At Waymark, we are committed to doing things differently because we know that true transformation is driven by experience, not just technology. By prioritising empathy and using our XITE framework, we help organisations not only achieve their digital goals but also enhance the human experience in every interaction.