In the modern business world, there are certain terms and phrases related to data that are important yet poorly understood because they’re often misused or made to seem overly complex. I’ve clarified the meaning of some of this terminology before, and today I want to talk about one specific adjective that you’ve probably seen countless times on LinkedIn, company websites (including this one), and business publications from Forbes to Fast Company: data-driven.
Do you know where your business is heading? How do you measure growth? Most business owners or leaders would say, “Of course we know where we’re heading; if revenue is up, we’re growing.” However, to understand where your business is really heading, it’s not enough just to measure revenue – measuring customer success is essential. More revenue is the desired outcome, a loyal customer base is the primary indicator of success.
On a scale of 1-10, how much does your company value customer advocacy? To tell you the truth, viewing customer advocacy as anything less than a 10 (major business priority) means that your company is likely missing out on opportunities to reduce customer acquisition cost, boost brand awareness, and increase revenue. That’s why customer advocacy makes up ⅓ of Revenue Operations, along with lead generation and sales conversion. It’s a vital part of business growth!