Creating a customer-centric strategy for your business is an essential step in offering excellent customer service. It’s also necessary for the survival of your business. This makes it necessary to build and nurture relationships with all your existing and potential customers.

By being customer-centric, many companies are seeing an increase in value for their lifetime customers. It’s a strategy that means putting all your customers first and at the center of the business. Believe it not; there’s more to it than providing excellent customer service. It also about the overall customer experience throughout the customer’s journey.

Putting the customer at the center of your business and then combine it with Customer Relationship Management (CRM), you will invariably collect a large amount of data. This will give you a complete view of your customers which can be used to better the customer experience.

Here are some things to consider:

  • Using customer data will help you understand their buying interests, behavior, and engagement.
  • You’ll be able to identify new opportunities to create services or products that’ll be best for your customers.
  • Using customer lifetime value to segment your customers based on the top spenders.

You can note that focusing on the customer will always make good business sense. All companies that make customers their focus become 60% more profitable compared to those that don’t.

Becoming a customer-centric company and its challenges

Today, customers have become more selective in what brand they give their money to. What was once a power held by the brands has now shifted to the customer. Any company that has treated its customers with exceptional service, respect, and built a strong relationship with them are ones that still exist today.

Because of the last recession, social media marketing and selling became a game-changer in the business world as mobile devices became a central part of a customer’s journey. Nowadays, customers can compare services and products across multiple devices in real-time. This has proven a significant challenge for brands around the world. Because of this, many companies are finding it hard to make this change and proving they are unable to become customer-centric in any way.

Many companies don’t have the necessary components ready to make them a customer-centric company. For many, sharing customer information across departments is part of their biggest problems. Many companies focus on the product and not on what customers want to do.

The Best Practices for a Customer-Centric Company

Part of being customer-centric is anticipating your customer’s needs then offering them services or products they might not have thought of, but in the end, they will probably love. A customer-centric company will develop a culture that is designed to support their customers with a fantastic experience as they’re working on their goals by creating products, policies, or services for their customers.

How to stand out as being customer-centric

  1. As a brand, you must be passionate and genuinely feel that the customer comes first. Without the customer, the business can’t survive. Marketers that work for customer-centric companies know what customers want and use the data they collect to capture the customer insights needed to share with the company.
  2. Brands should commit to focusing on what the customer wants and needs. They then should develop products and services around those criteria.
  3. Part of being customer-centric is having a focus on building a relationship that is designed to maximize the overall experience for the customer.
  4. Analyzing, planning, and implementing a customer marketing strategy should be the focus of the brand. This will mean creating and even keeping profitable customers while building loyalty.

 

Measuring your success as a customer-centric company

  1. The churn rate – It can be challenging to acquire new customers. Brands nowadays are investing in keeping the currents one as trying to gain more can cost up to 5x more. Also, a 2% increase in the retention of new customers is the same as a 10% cut on costs. A company on average loses 10% of its base of customers. The key to success has an understanding as to why people are leaving and why some remain.
  2. The net promoter score – How do you measure customer happiness? The more promoters you have, the more people will love your product and/or service. This also means the healthier your business is. These promotors are more likely to refer you to potential buyers and this gives you a higher customer lifetime value.
  3. The customer lifetime value or (CLV) – A company’s most valuable asset is their base of customers. If you invest in a long-term relationship, you can find out how healthy this relationship is. The CLV measures how revenue from a customer contributes to your company as long as they are a paying customer. This usually starts with their first purchase and ends with their last.

Shifting toward a more customer-centric business model is both a complicated and lengthy process. Even the smallest changes in your company’s policies can have a significant benefit for your employees and your customers. Becoming a customer-centric business is the right way to unlock your true potential as a business and reap the benefits of this customer value. Always look at your company from the point of view of the customer. Work to minimize the effort they need to do business with you and you’ll then maximize their value. As many companies shift toward this customer-centric model, others are falling behind and will soon find themselves lost and finishing the race last.

 

Offer this excellent customer service that will make you the customer-centric company you are meant to be. Create a customer-centric culture around your brand that fits your customer’s needs. Make delivering this customer value genuine and personalized. Keep in mind that this doesn’t happen overnight. You will need to start somewhere. This will begin with understanding what customer-centric is and what makes your customers happy. Make your customers the core of your business and keep that strategy going. In time, you’ll see this culture and your customer base grow.

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