Today's data is rational: you know how much your customers spend, where they live, and how often they visit. Valuable, yes, but rational. In the meantime, your customers are making emotional decisions...
There is a new KPI that is not a rational number: Return on eXperience. It quantifies the earliest (subconscious) emotive responses within your customers' minds. As a result, you learn which experiences to improve, and which to expand - long before any Return on Investment shows in the usual statistics.
So how can Return on eXperience drive commercial targets? Observingminds creates custom business cases to answer this question. The essence is this: emotionally connected customers spend twice as much and have 306% higher lifetime value (LTV). Thát is Return on eXperience!
Interested? Request a quickscan to learn more about this new KPI, including the top 3 opportunities for your business.
Suppose you have several new experiences in pilot phase: which to expand to other locations? You can now measure the answer. Suppose this yields 2% extra emotionally connected customers (conservative estimate). For one of our clients, this meant millions of extra annual turnover!
A typical question when addressing a new market segment: should you invest to adapt your current experience to the new audience, or not? We measured it for one of our clients. It saved him tons of unnecessary investments!