One of the first pieces of financial advice I ever received, was that step one towards long term financial independence and stability is buying your first property. The masters of the trade advise that you get in young, invest small and from there grow your investment portfolio. Top company executives follow this tip, many have an impressive portfolio and often have a separate team assigned just to managing their properties – their most valuable assets – yet, are we seeing the same attention by such company executives given to their customers.
When searching the most valuable property that will drive the highest ROI, much research is conducted and advice given around the various elements that puts this property on a pedestal above others. Yet, customers, the key asset to any business aren’t invested in in the same way. You rarely see companies segmenting their customer base, understanding deeply who their customers are and what they require to feel like valued assets of the brand.
We look at 3 key reasons why investing in your customers is much like investing in property:
1. Being a Proactive Investor
When you purchase property you can choose which tenants to rent your property to, how it should be managed, how hands on you wish to be.
Much like Customer Experience, as the company and brand you have a choice at the experiences you’d like your customers to receive, you can choose how much you invest in looking after these key assets in the most promising way so as to create loyalty and long term assets.
2. Income
The return you receive from your property investment is split between the increase in the value of your property and cash flow, which you can reinvest by upkeeping and improving the property. This investment over time increases the value of your property, resulting in a higher monthly income, therefore higher ROI. Much can be said about investing in your customers, the more you invest in your customers, by understanding what they require from your brand and delivering accordingly, so loyalty grows and in turn purchases. When customers feel that they have been heard they are more likely to share their experiences with others, this is the ROI companies should be aiming for and shows the real value of their investment turning into profit.
3. Increase Value
Unlike when investing in vehicles, when investing in property you can increase the value of your investment significantly just by being creative and spending wisely.
The very first step to improving your customers experience is investing in your employees, thinking creatively in how you invest in them could result in added value to your brand and each customer interaction. Obtaining employees feedback to improve customer engagement puts this first step into action by showing them that their thoughts and feedback are valued. Getting creative by perhaps contributing to their gym contract or a quarterly wellness day creates happy, empowered employees who feel valued, and in turn translate to customers who see positive and engaging interactions when communicating with your company.
Much like property, well maintained customers are long term assets that need to be nurtured in order to remain ‘Prime Property’ and trusted brand ambassadors.