Co-Creating Customer Strategy: Notes from Outthinker's NYC Advisory Session
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Last month, in New York City, Outthinker Networks members convened a select group of seasoned strategy leaders who have expertise in customer-related functions (marketing, customer experience [CX], go-to-market, strategy, etc.) to co-create ideas for a new customer-related thought leadership platform.
It was a pleasure engaging with a select group of strategic marketing and customer thought leaders to discuss the increasingly important connection between customer strategy and growth.
Member Elizabeth Chubbuck, Chief Strategy Officer (CSO) at Murray’s Cheese, hosted our panel of experts who shared their perspectives from marketing and customer strategy to identify key issues and opportunities for strategists to focus on to deliver accelerated growth and performance. Some of the insights emerging from our conversation included:
Contemplate the full customer journey: Marketing teams have traditionally placed a disproportionate emphasis on customer acquisition at the front end of the customer journey. A more holistic, “bowtie” model with a balanced approach to acquire, retain and nurture relationships with our customers is likely to yield new insights and opportunities for growth and efficiency. Brands that invest in creating signature moments with their customers across the journey are more likely to win competitively in the market.
Focus on the “why” behind the customer insights and storytelling: As teams capture customer insights to understand what matters for customers, it is instructive to ask the deeper questions on why customers are engaging in the way that they are throughout their journey. As digital, data, and technology play a more prominent role in personalization, storytelling and building an emotional connection still make the difference in connecting with customers and employees.
Experience is the brand … and we need to brand the customer experience: Strategists and consultants have been seeking to quantify brand value for years. Today, more than ever, experience IS one of the most significant contributors to brand value. Companies are prioritizing investments in CX to support further growth in the value of the brand as an asset.
Ensure that the conversation is cross-functional to incorporate the customer perspective: Product and technology teams are often driving investments. Strategists can foster environments of alignment for customer, marketing, and business unit leads to collaborate cross functionally.
Look to agile approaches for continuous improvement: Strategists should look to marketing as an example of using agile approaches, which allow for incorporating customer and market input on an ongoing basis, leading to continuous improvement and innovation.
Data foundation is critical; metrics like Customer Lifetime Value (CLV) can serve as a common language: Strategists serve as the connector between the marketing/customer needs and the business growth plan. Getting to the right metrics, including CLV, may require new talent, capabilities, and technology support. A clear understanding of CLV can drive critical conversations and business decisions. (Hotels and credit card companies were cited as examples of sectors where CLV has been used as a driver of the business. But a CLV-driven approach can be harder to execute in other sectors, especially for products where there is limited to no repeat purchase.) Listen to Peter Fader describe CLV on the Outthinkers Podcast.
The group also discussed the value that the Outthinker Networks brings to strategic marketing and customer leaders This includes:
An outside perspective for practitioners to help them understand how other peers are tackling problems that they are grappling with.
Crystallized wisdom on which trends and market developments should inform customer growth strategy.
Sharing of resources including first-hand case examples, best practice approaches, templates and practical advice.
Career and personal development support & networking as the market and leaders are re-defining the role of the CSO. This group can also support strategy leaders who are seeking to expand their remit and impact in the marketing and customer domains.
What’s next for Outthinker Networks?
While most of our sessions are members-only events, we’re excited to announce that on January 16, 2025, we’re bringing back Jim Bullard, former president of the Federal Reserve Bank of St. Louis, for a public fireside chat on the 2025 Macroeconomic Trends Outlook.
Everyone is invited to join us from 12-1pm ET. 1-1:30pm ET will be a closed-door discussion only for members. CLICK HERE TO REGISTER.