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The beginning of Value Economic Era must begin with a clear definition of digital ownership in the organization. Having a digitally responsible owner will help smooth online business operations. Even if there’s no clear answer to who to give it to, determining the roles and responsibilities of the person or team involved is another important thing.
In some organizations, marketing chiefs may be selected as digital supervisors, including growth strategies and online marketing, while others may have growth supervisors or even revenue supervisors to be responsible persons if they are a product-driven company. Clear ownership choices help improve customer information management and digital experience.
In the era of economic value, customer retention is an important factor that should never be overlooked. Focusing on attracting new customers alone is no longer enough because customers can easily stop using services or buy products with a few clicks. Maintaining existing customers and satisfying them are critical to achieving sustainable growth.
Having information about customer behavior helps businesses understand what they want and what makes them want back to buy. Using this information to improve and transform the customer experience will increase loyalty and sales.
In this era, measuring Return On Investment (ROI) is important to enable businesses to clearly assess the impact of marketing activities on business growth. Traditional metrics such as the number of page visitors or rate of change may not fully reflect actual results.
Businesses should look for new metrics, such as Net Revenue Retention, Churn Rate, and Annual Cost Savings, which provide more accurate and relevant measurements for business growth. Clear ROI demonstrations and the successful sharing of customer stories will help build confidence and trust from executives and customers.
Economic Value refers to a value that an individual imposes on a product or service based on its benefits. This value is not the same as the market price, which is a price sold in a market that may be higher or lower than the value that the individual imposes on the individual’s needs and uses. For example, if the individual has an apple, the economic value of an apple is determined by the benefit of eating it.
Understanding economic values and using them in marketing analytics will enable businesses to create and deliver real value to their customers. By using customer behavioral and business-specific information, marketing strategies can be effectively tailored to customer needs.
Entering the Economic Value Era requires business adaptation in a variety of areas, from digital ownership, customer retention, and experience synchronization with business outcomes, as well as understanding the economics of goods and services, and how to adapt and use information properly to meet customer needs and create real value. This will help businesses achieve sustainable growth and maintain customer confidence in the digital age.
References from
investopedia / europeanbusinessreview
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