What are the top 3 assets ALL companies should be investing in so that they can achieve continued growth and success? Read on to learn more.
Invest time and money in getting to know your customers by talking to them and learning about how their needs are evolving. One way to do this is by ensuring you have a solid data collection system which also allows you to understand how your customers are responding to their experience with your product, company, people. Ideally this system feeds back into your product development, sales and customer experience teams so that customer’s perspective is ingrained into your company’s culture.
Invest in your team to ensure that they represent the visions, values and evolution that your company is undergoing. One way to have the right talent is by incorporating a market driven compensation strategy which makes employees feel they are valued and incentivised is very important. Compensation also includes soft benefits which make employees be productive, happy and healthy. Things like flexible working, extra vacation days, tickets to fun events – the best thing is you can get really creative and tailor to the varying needs of employees. Offer a career trajectory which includes diverse experiences, career development and advancement for employees. This is a win-win as not only will employees be attracted to workplaces which offer this, but you will also be building a more valuable team.
Can you think of brand names you have come to know and love? Nike? Apple? Youtube? Toyota? IKEA? These have come about from deliberate brand building and investment. Investing in your brand is so important because it’s not just about certain products, but rather about building an identity and set of values which customers can relate to and depend upon. Brand investment will also positively impact other areas. One potential improvement is having a higher return on investment on marketing campaigns, as your existing brand boosts these activities. Another benefit is that as the quality of customer increases, your customer acquisition costs (CAC) will reduce and customer life time value (CLTV) will increase, which will improve your CLTV to CAC ratio, and make your business more valuable over time.