Investments in customer experience and product innovation are made for the purpose of delivering better financial results. Hold your investments accountable.
Brand health is usually built by delivering on investments in superior customer experiences. But the sales and marketing costs that support these qualities are usually accounted for as expenses, rather than investments. This can make it hard to gauge their contribution to the bottom line. Yet integrating consumer behavioral changes, organizational productivity and financial-performance measures—as well as clarifying how shareholders benefit from such initiatives—can make it easier to determine the effectiveness of customer investments and get the most from future outlays.
Strong brands and high customer-experience measures can boost profits and shareholder value. And in order to improve efforts to bolster market reputation and customer loyalty, firms should solicit greater CFO involvement in customer experience decision-making and analysis. Equally important is the need to foster communication between sales, marketing and customer-care leaders, evaluate digital marketing and social CRM efforts and improve media and trade spend. Whether you are appraising customer-experience designs or seeking new product strategies, better customer satisfaction scores, or more profitable customer loyalty programs, knowing the results of your efforts is paramount to their success.