A Look Back on 2023
I’m sure we all must mutter the same as we approach yet another year end: “Where on earth did that go?” We all share similar feelings about the passage of time, but I feel that 2023 may have brought us all individually something a little different. Although we may share the same space, we may not have all walked the same path.
It has been evident this year that customer advocacy has encountered many ups and downs. Within a year where program cutbacks, re-orgs, budget reviews and department shifts have featured heavily, the age-old question has come up time and time again: “Can we do more for less?”
Reflecting on our own, Referential‘s “Predictions for 2023” blog post from January of this year – hard to believe it was published 11 months ago! – we touched upon a multitude of factors that have, in fact, played a dominate role over the past 12 months.
Specifically: Metrics
Customer-led growth (CLG), Earned Growth Rate (EGR), Client Lifetime Value (CLTV) – which we quantify using our snazzy metric CLTR-L – more than ever play a central role in recognizing the value of the customer advocacy program. The customer lifespan, loyalty, spend, influence on prospects and source of new leads are statistics that are critical to monitor. Typically, once customers have made the commitment to an advocacy program, there’s increased retention, spend, and a positive impact on the sales funnel. In addition, it must be noted that having shared KPI’s with both Sales and Marketing – thereby breaking down silos – can be a win-win for all too.
Lastly, we’ve seen a big increase in the adaption of and interest in the Institute of Certified Customer Advocacy Professionals’ formal qualifications – see www.ICCAP.Expert for details – and Referential offers training to help prepare for each level. Indeed, in a year facing more budget restrictions, earning additional ‘stripes’ and having them recognized among the masses is increasingly valuable.
Signing out of 2023
Speaking for myself, I am wholeheartedly grateful for all that the year has provided for me: my wonderful team, our new logo and branding that shows our focus on nurturing, and all my new connections!
To round off this post, I think the biggest asset to you is you- be more you, immerse yourself in everything you touch. In our experience, the thing people are most likely to remember about any encounter is the ‘feeling,’ so make sure it’s a positive one!
Wishing you a very festive holiday season and hoping 2024 brings you happiness, growth and health!
