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How the CMO Can Leverage Returns Data in 2019
As the CMO, you’re the prime innovator, strategist, and analyst. People look to you to lead the way. It would be nice if working by the seat of your pants was enough to get it done, but you need empirical data. Not just historical data but forward–looking data that gives you insight into what is happening now and what is going to happen. Collecting and sharing immediate feedback on why customers are returning merchandise at the start of product launch is now a critical success factor.
In 2019 and beyond, it’s all about the voice of the customer. Only the brands that listen to that voice and react quickly will thrive. Identifying the root cause of product issues can not only prevent a cycle of returns and customer disappointment but also provide priceless directional product feedback for the future. That’s a competitive advantage. That drives customer loyalty and retention. And that drives improved financial performance.
The key benefits to reviewing, analyzing, and interpreting returns data including the following:
- Improved EBITDA – A $1 M returns reduction delivers $0.5 M to the bottom line—money that can be invested back into your aggressive growth initiatives.
- Enhanced Customer Experience – Identifying, addressing, and mitigating negative customer feedback to drive retention and loyalty.
- Product Development Intelligence – Knowing what customers really want drives future product success.
ONCE YOU KNOW WHY CUSTOMERS WERE NOT SATISFIED WITH YOUR MERCHANDISE, YOU CAN THEN DEVELOP A PLAN FOR IMPROVEMENT AND COMMUNICATE TO YOUR CUSTOMER THE SPECIFIC ACTIONS YOU HAVE TAKEN TO RE-ESTABLISH THEIR LOYALTY WITH YOUR BRAND.
As CMO, you know forecasting future customer needs accurately is what business leaders need to grow their business effectively. By providing your organization with visibility to returns reduction opportunities and actionable information, you will empower business leaders to make informed decisions that will affect long-term corporate goals. Chief Returns Officer is a game-changing analytic tool and workflow developer that provides consistent monitoring of the business, an elevated call to action, and collaboration and remediation across teams, business units, and partners.
Key Takeaways from our Deployments of Chief Returns Officer
- A Returns Reduction platform is essential to identifying the root cause of product issues, so they can be resolved.
- Adopting Chief Returns Officer’s cloud-based software is frictionless and fast.
Engage our team to analyze and reduce your returns in 2019. A $1 M reduction in returns contributes $0.5 M to EBITDA. And that is the bottom line.