How NRC put the relationship economy to work and let its customers take care of its profit
When data and feelings come together
Xavier told us that NRC uses a lot of data, but only a few kinds of data. “We only collect data that is relevant to our business because nowadays, it seems like collecting data has become a goal all on its own. And if you have too much data, you just drown.
“Of course, people have been researching the value profit chain for years. It’s about value creation first, and then value extraction. But many companies have been so busy with value extraction that they seem to forget who they are doing it for. “
Unfortunately, many organizations still believe that caring for employees and customers means extra costs. “Some even ask us, ‘How do you survive? How can you be truly customer centric and actually benefit from it?’ Xavier said. “People always talk about surviving, and they think of it like you’re hanging from the tower and somebody’s about to cut the cord. We’re super lean and mean!”
As NRC’s experience has shown, it really is a no-brainer: running a healthy company is easier when you take care of your customers. Naturally, customer loyalty increases when you build up customer relations. And those customer relations are vital to your money machine - which increases your total customer value. It’s not that hard to understand, but complicated to implement.
No more hunting for profits
“We came away from the whole process with a very valuable lesson: caring for employees and customers leads to better results than hunting for profits,” said Xavier. “The granularity of the data we get now allows us to zero in on exactly what our subscribers need and expect from us. It’s the tool that allows us work as efficiently and effectively as we do.
“We apply a scientific research framework model: Efficiency (doing things right) plus Equity (doing the right thing for employees, customers, earth) equals Effectiveness: (doing the right things right).”