Customer Value Management (CVM) can be challenging, particularly for those new to the role, dealing with significant team changes, or needing to accelerate performance. This often raises the question, “Where should I start?”
CVM leaders might look for simple solutions, such as implementing AI, purchasing new marketing technologies, or building a single customer view. However, the reality is more nuanced, as each organization varies in maturity:
- Some organizations may have advanced tools but lack organizational alignment, leading to subpar results.
- Others might achieve great results with manual processes and legacy tools.
Here is a general five-step approach to navigate these challenges:
- Assess Your Current CVM Maturity State: Evaluate your existing CVM strategy, programs, technology stack, cross-functional collaboration, and outcomes. Identify strengths and weaknesses in your current setup, including technology, team skills, and data management capabilities.
- Develop a Clear Vision for the Next CVM State: Define what success looks like for your CVM challenges. This vision should include goals for customer engagement, satisfaction, retention, and revenue growth.
- Estimate the Potential Commercial Impact of CVM Programs: Analyze and quantify each potential CVM program, whether new or existing. Assess the incremental revenue gains versus potential costs. This estimation helps prioritize initiatives based on their expected return on investment (ROI).
- Get Buy-In with a Quick Commercial Win: Identify and implement a small-scale CVM project that can deliver visible results quickly and with minimal investment. Avoid starting with expensive platforms or massive projects. Prototype your future state with minimal resources and demonstrate the impact to the organization as soon as possible. This quick win builds confidence in CVM strategies and secures support from stakeholders for larger, long-term projects.
- Execute the Transformation Plan Step-by-Step: Develop a detailed plan to transform your CVM approach. Break down the plan into manageable steps, each building on the success of the previous one. This phased approach ensures continuous improvement and allows for adjustments based on feedback and results.
“When we needed to create a business case for a new campaign management tool, we manually simulated multi-wave campaigns for several weeks, calculated the real business impact, and estimated the workload necessary to achieve these results without a proper tool. This helped us prepare a well-informed business case for investment and quickly get the whole organization on board.”
Vytautas Jurkus
Senior manager for CRM, User Experience and Marketing Automation
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