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ROX Research Consortium meets for the first time

ROX Research Consortium meets for the first time

Last week we kicked off our pioneering research programme with the first ‘Return on Experience’ Research Consortium meeting.

 

This is a new initiative commissioned by Experience Makers that will  help property owners make  better asset management decisions  in the Covid -19 era. Covid  crisis is challenging the fundamentals of real  estate;  location, product, rent, value and service. What  our  customers want and the way we work, shop, live and relax  is changing  fundamentally.

New tools and thinking needed

 

“It is  the job of asset management to make investment decisions which drive loyalty, protect rents and maximise retention”  says Howard Morgan, Director at research partners, RealService  “but the tools to help them evaluate these decisions are undeveloped  compared with other industries”. 

This was echoed by Neil Young, Investment Chair at Young and ex-Chief Executive at Get Living, who says “budgets may be pressed but the need to invest to drive loyalty and retain customers is the clearest path to recovery, as long as we make the right decisions. This requires new types of data and new tools to evaluate investment”. 

‘The need to invest to drive loyalty and retain customers is the clearest path to recovery, as long as we make the right decisions’.

Who's involved?

 

The project is being supported by lead sponsors Transport for London and Experience Makers members, including The Crown Estate, BNP Paribas, Savills, Hines and M&G Real Estate.

 

Siobhan Jared, senior business and customer performance manager at TfL said: “My team is working very closely with TfL Property to help define strategy, develop customer products, improve communication and learn how to evaluate our CX decisions. 

 

“But I am constantly being asked, ‘where’s the value?’, ‘how is revenue increasing because of the customer?’  

‘So, what we have to do is stand back, be professional, and prove empirically that what we’re doing is targeted and has a positive impact on ROI’.

With more demanding and diverse customers, blurring between sectors, acceleration of technology, and wellbeing, sustainability and purpose rising on business agendas, customer experience in real estate has never been at a more daunting -  and exciting juncture. 

Different businesses are at different levels of CX maturity but the direction of travel is undeniable’.

Chris Garthwaite, CEO at customer consultancy CGA, and the latest partner to join Experience Makers, also suggested that getting to grips with CX in real estate is a question of language. Different businesses are at different levels of CX maturity but the direction of travel is undeniable.

Consortium aims

 

The ROX Consortium research project seeks to unify understanding and help fill the gaps  by creating a toolkit for asset managers to classify, assess the business case and measure the impact of  investing in customer experience initiatives.  

 

The programme will look at metrics such as vacancy rate, lease renewal, Net Promoter Score,  ESG  indicatorsand financial measures such as total return or net revenue, as well as brand value. 

 

The new toolkit  will be the  outcome of a  two-yearprogramme which will start by creating a knowledge bank of customer experience best practices and a set of measurement  guidelines drawing on  experts  within and outside property.  

 

These guidelines will then be tested through a series of real-life projects working with the project sponsors. 

We’re thrilled to be supporting the ‘Return on Experience’ Research Consortium which will help redefine the way we think about real estate,  at a time that calls for greater purpose, collaboration and clarity”.

 - Siobhan Jared, TfL

Experience Makers is the real estate industry champion for  customer experience professional education and research. If you would like to join the ROX research consortium or for more information please contact harriet@experiencemakers.com 

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