Impact and return involve demonstrating how customer initiatives provide a financial benefit to the company. Metrics such as satisfaction and loyalty cannot be the end goal. Rather, they must connect with other business indicators and activities. When this is in place executives are more willing to invest in customer programs, knowing that results have been shown to positively impact financial performance.
Here are four steps you can take to achieve world-class impact and return:
- Start by aligning the customer perspective with other authoritative sources, such as financial, operational or employee metrics.
- Analyze the information to determine if there is a strong and meaningful relationship. As one area improves, is it having a positive impact on growth and profitability?
- For areas with a strong relationship, prioritize initiatives that will most directly impact the measure.
- As improvements are implemented, measure the business impact.