Presently it is required to introduce shrewd power meter, these new guidelines are coming
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Gathering the data shouldn’t be difficult; nearly every company already tracks these metrics. Methods for calculating customer value will differ slightly between subscription-based businesses (think retail banking, cable companies, and software-as-a-service providers) and nonsubscription ones (grocery stores, for example, or parts suppliers), but the basic principles are the same. For subscription businesses in which customers also make discretionary purchases, one additional metric is required: the number of orders placed by new and existing customers during the period.
The job of leadership in any major organizational shift is to articulate an inspiring vision, lay out a path, and engage every employee in the work ahead. The first thing leaders must do is get everybody on board. Building the case for customer value should be easy: When a company focuses on loyalty, it makes customers’ lives so much better that they keep coming back, and they bring their friends. Employees become inspired by the satisfaction that comes from making customers’ lives better. And don’t forget the superior performance of the companies that lead their industries in Net Promoter Score or satisfaction. Their revenue growth and shareholder returns far surpass those of their peers. Companies that don’t pursue customer value risk being put out of business by those that do.
Using the CBCV approach, revenue numbers no longer exist in a vacuum. Instead, they are a direct function of a small set of behavioral drivers—in this example, total customers acquired, retention dynamics, and average revenue per user (ARPU). This framework makes revenue forecasting easier and serves as a diagnostic, helping managers and investors understand where the value creation is coming from (and what questions to ask when results are out of line with expectations).
Vanguard, the mutual fund company known for its low-cost index funds, frequently shows up on lists of organizations with the most-loyal customers—and that’s no accident. During his tenure as CEO, from 1996 to 2008, Jack Brennan emphasized what he calls the virtuous circle of attracting loyal clients who stick around and create new ones through word of mouth. Now Vanguard’s chairman emeritus, he is a leading voice on corporate disclosure issues and has held positions at the Financial Accounting Foundation, the Financial Industry Regulatory Authority, and the Investment Company Institute. Brennan spoke with HBR about why companies should want to tell investors more about their customers—and how soon they may be required to. Edited excerpts follow.
If shareholders demand disclosure, it will get the attention of the Securities and Exchange Commission, and FASB will weigh in on whether it can be done well. I do think regulation will happen; the question is at what pace? It always feels too slow to me. I think it is still years away, but over time, the market will demand it. I don’t think you’ll see standardized, fine-tuned Net Promoter Scores as part of corporate financial statements any time soon, but some information about customers will probably be required in the not-too-distant future in the management disclosure and analysis (MD&A) section of the annual report or in the footnotes. That’s how regulators have treated disclosures about executive compensation and environmental, social, and governance data. Requirements could begin with something as simple as “We had X number of customers on December 31 of last year and Y number on December 31 of this year,” with a little bit more granularity. Companies that are proud of their customer base and loyalty have an incentive to disclose more, of course. Creating a virtuous circle of loyal customers is one of those self-evident ideas that you can’t emphasize enough.
Instead of fighting or ignoring in-group bias, some companies now harness it for the benefit of customers by aligning cross-functional teams around a specific customer need. Although members are drawn from different functions, they are fully dedicated to the team, with authority for decision-making and accountability for outcomes. Many digital-native firms, such as Warby Parker and Stitch Fix, are organized around teams whose “products” are better described as customer experiences, including try-on programs in which eyeglass frame options or personalized clothing selections are shipped to customers’ homes for consideration. No purchase is required, and easy returns are guaranteed. The teams are composed of representatives from each discipline necessary to deliver the experience—IT, marketing, fulfillment, and finance, for example—and each team focuses on meeting a defined need. Team members, whatever their functional provenance, view addressing the customer need as their primary goal, with individual performance measured and rewarded through their contributions to the team’s results.
If you’re an executive and you aren’t currently disclosing your customer metrics, start thinking about the story they would tell if disclosure were required. If you would not be proud of your metrics as they stand, this is your golden opportunity to refocus on and improve the health of your customer base in the dark. It may not be long before market participants demand sunlight.
through this application.
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