The answer, of course, is that both are important. However, in our quest to transition our organizations from being product centric to being customer centric the metrics being used to measure success are often not in alignment, slowing down the transition and causing confusion as to what the cultural drivers are for the organization.
Using Customer Centric Metrics as a Key Driver is a Necessity
As businesses battle to stay competitive and relevant, the need to measure customer centricity is becoming a necessity, beyond marketing. A Harvard Business Review article, Why Strong Customer Relationships Trump Powerful Brands, drives home the necessity of organizations not only being customer centric, but also using customer relationships as a key suite of metrics, when it demonstrated the move that investors have made from looking for companies with strong brands to looking for companies with strong customer relationships, “Over the last 10 years, brand valuations declined by nearly half (from 18% to 10%) while customer relationship values doubled (from 9% to 18%). These numbers reveal a dramatic shift in the strategic approach to marketing.”
Balancing Our Suite of Marketing Metrics
As marketers, it is still imperative that we measure the campaigns we create to drive customer acquisition and retention. But, as we transition our marketing thinking, strategies, and tactics to a more modern customer centric approach, it is paramount that the metrics we put in the foreground to measure ROI mirror the new imperatives of customer engagement, loyalty, and lifetime value. Indeed, in the modern marketing world, campaign metrics become a subset of the metrics we need to track our customer centricity, where the entire organization is focused on delivering exceptional customer experiences, across multiple channels and touchpoints.
Re-balancing our marketing metrics to prioritize those that measure our organization’s customer centric focus obviously can’t happen without the necessary strategies, technology, resources, and tools in place to deliver customer personalization, at scale.
To find out the steps needed to implement customer personalization, at scale download our latest eBook, How to Implement Personalization Across All Customer Touchpoints.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.