Using Data to Prove Your Value
It’s a challenge for the CCO, as well as any loyalty executive, to prove value and get it right in the first two years, much less the first. Even though 67% of companies with CCOs outperformed their industry and markets in 2010, it is the most fragile member of the C-Suite, with an average tenure of 31 months based on research conducted by the CCO Council. In my interviews with successful CCOs, one central thread running through our conversations has been the importance of using data to prove the CCO’s value in those first two years. Even a seasoned executive can become overwhelmed or distracted by the job of managing and making data relevant, so here are three best practices to help ensure your data effectively improves your perceived value.
Let the Data Speak – Not Swallow You Up
Collecting and building data is a first essential step in connecting you to improved fiscal results. But rather than making data a central focus of your job, it should be used to inform you of the critical areas where your energy can be focused for greatest impact. Analyzing data should not become the big black hole you lose yourself in. Padded with a little appreciative inquiry, quality data will paint a clear picture for where you can improve delivery of value to the customer.
Connect to the Customer Using Data
In some companies, the CCO has no direct ownership over processes that touch the customer, making it incredibly important for the CCO to connect her role to customer satisfaction. She does that by constantly measuring and monitoring customer feedback, customer loyalty, and customer satisfaction. Connecting to the customer allows you to figure out what drives customer satisfaction and repeat revenue. It gives you critical traction to deliver your point of view to an executive team. It helps you frame compelling messages to deliver to your teams and customers, and provides the needed borrowed authority to boost the perception of your value.
Own the Customer’s Voice and Make it Visible With Data
Successful CCOs are spending a lot of time communicating stories internally and externally; stories of revenue impact, turnarounds, customer loyalty improvements, etc. At the end of the day nothing speaks more loudly than a great track record and excellent execution—so use your borrowed authority as the voice of the customer to create a buzz around customer or organizational successes, and to plot the road map for continuing relationships. Data may change or disappear, but people will remember stories, and ultimately, the stories you collect persuade others to action.
Question to consider: how adept are you at translating/framing customer data for your executive team?