Without a scorecard you cannot tell when you are succeeding
Every successful organization makes a lifelong commitment to investing in their customers. But understanding the metrics that matter as you measure customer retention and overall customer value, is much more difficult than tracking the acquisition of new customers.
It is also common for organizations to have so much data available that the key metrics required to monitor the efficiency and effectiveness of customer profitability are lost like “needles in a haystack.”
What keeps managers awake at night? Not knowing if their efforts are optimized to achieve the company’s business goals.
This problem is exacerbated by the need to both monitor the daily programs that drive customer retention, cross sell and up-sell and report at a senior executive level on the contribution of these programs to the overall customer profitability.
Customer Scorecards measure and reports actual customer value, enabling decisions to be made based on current and potential customer value metrics. Supported by a robust ROI methodology, Genroe’s programs benchmark and continuously track results, allowing you to demonstrate the ongoing success of your programs.
The Genroe customer scorecard measures not just the customer value generated but also the elements that drive that value. It incorporates the key elements needed to become the key reporting vehicle for customer management in your organization.
To deliver maximum value they are integrated into the organization’s existing management reporting processes.
Key elements include:
- Metrics required to breakdown customer churn and customer migration into customer value based reporting.
- Tactical and strategic feedback are both built in. Tactical feedback lets you know if you are executing tactics properly. Strategic feedback lets you know if your overall customer strategies are being effective. Both are required to fully assess the implementation of customer strategy.
- Built around Balanced Scorecard principles, Genroe Customer Scorecards incorporates a range of Leading and Lagging measurements. This ensures that you have an explicit understanding of your current performance and the performance that you can expect in the future.
- Roll-up/roll down ability: Measurements also have a tactical focus that is rolled up into a strategic view, each customer retention, cross sell or up-sell program can be monitored for everyday management. The contribution these programs make to overall customer profitability is monitored through the strategic success metrics.
The benefits of the approach are many and include:
- The ability to more accurately forecast business outcomes
- The ability to rapidly react to tactical programs that are not delivering results
- The ability to identify customer strategies that are not delivering value
- The ability to calculate and understand both customer value and its strategic drivers