The 10 New ROIs

The 10 New ROIs?

Guarantee sustainable commercial success.

I firmly believe that the traditional ROI model is broken as it doesn’t allow businesses and key stakeholders to test and learn or develop at the pace required to take advantage of market opportunities or combat competitive threats.

I want to challenge the conventional ROI model and present ten new metrics that reflect what truly matters to consumers and how businesses can create lasting value.

?Let's dive into my 10 New ROIs!

1. Return on Inspiration – Setting our colleagues up for success

To deliver exceptional customer experiences, we must first inspire our own employees. Focusing on employee engagement is crucial, considering that a staggering 85% of the global workforce is disengaged. By prioritising employee experience, we lay the foundation for true customer-centricity. Brands like Hyatt Hotels and Timpson empower their employees, fostering a culture of inspiration and improving outcomes for both customers and the business.

1. Return on Integrity – Building trust with our customers

The VW emission scandal serves as a reminder of the importance of consumer trust. Brands like Patagonia, renowned for their social responsibility, have gained a strong foothold by demonstrating unwavering integrity. Trust is a valuable currency in today's market.

1. Return on Inclusion – Creating a business that better reflects our customers

By catering to the needs of diverse customer segments, businesses can tap into significant opportunities. Neglecting the 70 million disabled individuals in the US or the 14 million in the UK means missing out on a multi-trillion dollar market. Brands like Specsavers stand out by proactively reaching out to customers with disabilities or mental health issues, showcasing empathy and understanding.

1. Return on Image – Demonstrating true social responsibility

Consumers increasingly seek sustainable options and guilt-free consumption. Brands that provide choices like renting, buying second-hand, or purchasing recycled products gain an edge. Decathlon and even fast-fashion giant Zara have embraced these models, attracting more customers and expanding market share.

1. Return on Intervention – Promptly resolving issues for customers

Shifting from transactional customer service to holistic customer care fosters long-term relationships. This lifetime value approach prioritises customer satisfaction and goes beyond resolving immediate concerns. Businesses that adopt this strategy enjoy enhanced customer retention and loyalty.

1. Return on Interaction – Being present where our customers want us to be

Increasing touchpoints and expanding opportunities for customers to engage with a brand leads to stickiness. Omnichannel retailers witness improved average order values, profitability, and lifetime value compared to single-channel sellers. Embracing marketplace solutions and collaborating with third-party sellers further bolsters customer retention and attracts a broader audience.

1. Return on Improvements – Shifting from mere transactions to becoming a service provider?

Customers today seek more than just products—they seek experiences and solutions. Adopting a service-led approach and providing additional support for product usage and installation resonates with time-constrained consumers. Home Depot stands out for enriching the customer experience by offering relevant services alongside its products.

1. Return on Involvement – Increasing customer loyalty through personalised messaging and engagement

Brands that actively involve customers in their journey foster stronger connections. Hilton Doubletree's warm, freshly baked cookie upon arrival and CDLP's discount offer on the second purchase are examples of driving meaningful engagement. Encouraging customers to participate instils a sense of ownership and loyalty.

1. Return on Insight – Leveraging actionable insights to improve performance rather than just reporting data

While we often focus on measuring outputs, understanding the "why" behind the performance is crucial. Instead of solely analysing conversion rates or sales figures, digging deeper into customer behaviour and preferences allows us to make informed decisions. By unravelling insights, we can enhance our offerings and avoid repeating mistakes.

1. Return on Innovation – Continuously advancing and improving our offerings at pace

Innovation requires taking calculated risks, even in the absence of a proven business case. The traditional ROI model may hinder the adoption of new initiatives. Trusting intuition and recognising the emotional connection customers have with brands can guide us in navigating uncharted territory.

By reevaluating our metrics and embracing these ten new ROIs, we can build businesses that resonate with consumers on a deeper level, drive sustainable growth, and seize market opportunities.

Want to know more? I have recorded a new podcast and written an ebook called "The 10 New ROIs." If you're interested in discovering how these innovative metrics can transform your business, I invite you to listen to the podcast and download the ebook for free.

In the podcast, I delve deeper into each ROI, providing insights, real-life examples, and actionable strategies. It's a valuable resource for business leaders, marketers, and anyone looking to create meaningful connections with customers and drive sustainable growth.

To access the ebook, visit www.10newrois.com. There, you can download the comprehensive ebook, which offers a detailed exploration of each ROI, practical measures, and quick wins!

I look forward to your thoughts and insights on these alternative metrics. Let's reimagine success together!