Omni-channel. Real-time marketing. Retargeting. The list goes on.
Each one of us wants to show off how cool, cutting-edge, and tuned-in with modern times our brand is. We listen on the web. We entertain on social. We crank out a ton of content every day, hoping for virality. We measure the amount of conversations, likes, and shares. If we are really good, we analyze purchase intent and actual purchase data and correlate it back to all of our busy social efforts.
And all the while we are missing the most important measure of all – relationship capital.
Here is the thing. Consumers do like to talk about brands. They do like to be entertained every now and then. But when push comes to shove, what consumers truly want the most from brands is to know that they, consumers, matter. And the only way to do that is through consistently delivering amazing experiences. If brands are not able to deliver those, they have zero chance to retain their customers (and we all know how much more expensive it is to attract a new customer vs. retaining the current one). Therein lies the rub: retaining our customers is not possible without building long-term relationships with them. And building strong relationships requires knowing and understanding your customers like never before.
Relationship capital should be the most critical measure of business success.
Instead, all we are tracking is the bottom line. Continue Reading »