It’s safe to assume everyone is aware of the role customers play in the success of every business. When you get right down to it, if no one’s buying your product or services, there’s no hope of staying in business at all, and everything a business does should be aimed at securing its future. We plan, strategize, predict, organize and make decisions with a goal of remaining relevant on the market so that our company has its place in the world tomorrow.
There is a strong argument that placing your customer at the center of your processes can help you earn more revenue and grow your business faster. Is customer-centricity something you should be considering?
What is a customer-centric business strategy?
Having a customer-centric business means that you’ve placed the customer’s needs, values and desires at the core of each and every process. Everything from the product or service itself to marketing and sales will be guided by the idea of creating the best possible experience for the customer. The general idea behind this approach is that securing customer satisfaction will give your company the necessary competitive edge while ensuring company growth.
Important steps for implementing the strategy
Each company’s journey will differ from the next, but there are several tactics that will make the process of adapting to customer-centricity easier and more effective.
Research, acquire data and create detailed customer profiles
Gathering data and tracking your customers’ behavior is something that your marketing team is likely already doing. You can use that data to adjust processes across all departments. For instance, if your customers express that they prefer to communicate with you via text instead of email, you should adopt texting into your communication strategy. It’s best practice to regularly run NPS surveys to find out what your customers want and what their current pain points are.
Build a customer-centric culture with employees
Your employees need to share your mission and embrace the idea of putting the customer first and making customer satisfaction a primary goal. Sharing customer stories at company meetings can help humanize your customers and keep them top of mind. When your employees see a happy customer as a result of their work, it encourages them to keep thinking about customers.
Providing customer service training can also go a long way. Your employees are going to be on the front lines, so it’s important they have a firm understanding of who the customer is and how to respond to their needs.
Gather feedback and respond accordingly
Getting feedback from your customers is not only an important step in improving customer communication but also an essential way to build and adapting your strategy further. There’s always room for improvement and your customers will provide you with highly relevant insight.
What are the benefits of focusing on the customer?
One of the main advantages of a customer-centric approach is greater customer retention and loyalty. Since you’re focusing on making sure customer are happy, they’ll be more likely to come back and chose you over your competition. One study shows it costs five times more to acquire a new customer than to simply retain an existing one. You’re also more likely to make a sale to an existing customer, and your loyal customers are less sensitive to price changes.
Having more satisfied customers also increases the chances of them sharing their experience and suggesting your services or product to their friends. Through a chain reaction starting with 5-star reviews and word-of-mouth referrals, your customers will both expose you to new potential customers and improve the status of your brand. This gives your business an opportunity to grow while ultimately increasing your revenue and profits!
Conclusion: So, should you?
Bottom line is that every business needs to consider their customer’s needs to some extent. The key distinction is whether you’re willing to accept your customers as the most valuable component of your business success or not. The arguments that back this approach are numerous and supported by evidence. Still, going customer-centric requires certain sacrifices and adaptations that not every business is ready to embrace. There’s plenty to be gained, but it’s important to make sure your whole company is on board and understands the strategy.