Why Companies Need to Recalibrate the Value of Their Employees, Their Brand and Their Customers
Right now, we are all working and living in a post-pandemic, post-digital transformation, post-employer advantage, post-everything-as-we-knew it world.
That world continues to be ever-expanding.
So much so, we’re all contemplating how to not only exist, but how to thrive in a universe that is meta, where intelligence is artificial and new artwork is non-fungible.
Here, the promise of convenience is as much the saving grace of every product as is the creation of human-like virtual experiences that are meant to be every bit as good as the real thing.
Here, things are dramatically different. No judgements, simply different.
Here, everywhere we look, a new institutional paradigm is shifting. Whether good, bad or indifferent, that means everything resets to zero. What used to work in the past probably doesn’t or won’t work now, and business as usual is a losing proposition.
Moving forward, we need to recalibrate Brand Affinity, Employee Loyalty and Customer Value in ways that create a strategic and competitive advantage for our businesses and our brands.
Employee Loyalty is Dead (for the most part).
The “Great Resignation” continues to be a thing at the same time “Quite Quitting” gains momentum among the rank and file of companies everywhere. The scale of these two movements should not come as any big surprise.
To anyone (companies) who cared to listen, employees have been shouting from the top of their cubicles for two decades (at least). And yet, organizations either didn’t hear the groundswell of the masses under their employ, or they simply didn’t care and continued going about business as they always have in the past.
The pendulum has swung far in the opposite direction my friends, and people have realized that achieving a perfect work/life balance was just another aspirational mirage.
But that was then, this is now.
In this moment, companies have a tremendous opportunity to reset and redefine what “Employee Value” means to them. In this moment, businesses can apply the lessons from the pandemic to create a new employer/employee dynamic…
// The majority of employees are highly productive no matter where they work.
// The majority of employees derive self-worth and comfort from a job well done.
// The majority of employees can be trusted to work from anywhere.
// The majority of employees are looking to be met half-way.
// The majority of employees want, need and expect more from their employers.
In this moment, organizations can choose to create a new employer/employee dynamic that recognizes and formulates more flexible working environments/arrangements, creates a more inclusive corporate culture and implements employee policies designed to evolve over time.
Yes, the companies that choose this direction will be the ones to cultivate a highly productive and fulfilled workforce who are ready to take on the challenges of the new universe together.
Brand Affinity is Overrated (but it’s still important).
Why is brand affinity overrated? Because there is only a small percentage of customers who actually care about your brand. That doesn’t mean your business is better off by not investing in your brand.
No, quite the contrary. This isn’t a binary option.
Having said that, because most of your customers don’t distinguish between your business and your brand, you’ll have to pay close attention to both. Whether they are engaging with a social media post, speaking with a Sales Representative, contacting a Customer Service platform, it’s all the same thing to them – and, that’s how it should be.
The opportunity now and moving forward is taking a holistic view and approach to delivering meaningful Customer Experiences wherever and whenever you are needed.
Customer Value is a Constant Metric (or is it?).
What’s the value of your customer? You can evaluate that based on a one-time transaction or over the lifetime of any given customer. But that would be the old way of doing it.
Although the days of upsell, cross-sell and even oversell are not going away necessarily, there is a more nuanced POV that should be considered and calculated.
Want to be different? Want to be a disruptor? Want to fundamentally change how your customers see your value for the short and long-term? Try asking you and your team to calculate the value that your customers receive when buying from you.
You know, flip the script. Are you giving them a category or industry leading amount of value? If you’re not, perhaps it is time to rethink your product/service offerings or your pricing strategies.
Review. Recalibrate. Reposition.
Depending on which of the financial experts you pay attention to, the economy is going to be different in 2023 than it was in 2022.
In the midst of economic volatility and a down market, there’s always going to be new technologies. New skill sets are going to be needed. Employee expectations will evolve. Consumer behaviors will morph and nothing will be like it is right now.
The successful businesses of the not-so-distant future will be the ones that are able to flex, pivot and adapt in the face of adversity. And, then repeat.
They will also be the ones who can effectively recalibrate and reposition the benefits of Employee Loyalty, Brand Affinity and Customer Value to deliver superior customer experiences.
The time to get started is now. It's not going to be easy. Winning never is.
* More to come on these topics in
our future blog posts and podcast episodes of Brave Business Triumphs.