The way of doing a customer-centric business is to provide a good customer experience before and after the sale to drive repeat business, increase customer loyalty and improve business growth.
A customer-centric business needs much more than offering positive customer service.
Both the companies like Amazon and Zappos are the best examples of customer-centric brands, and they have spent many years creating some culture around the customer and to what they need. The commitments they give in delivering the customer value are genuine. Zappos never feel harmful to fire their employees if they do not fit within the customer-centric culture.
You would wonder that how essential it is for a customer-centric business?
A research company asked what the essential characteristics to establish a really "digital-native" culture are.
Answers to these questions and the most leading responses with around 58% were to be customer-centric.
Which characteristics do you believe are the most important in establishing a Digital Native culture?
For the option customer-centric business, the answer was 58%.
For Data-driven, the answer was 40%.
For innovative, the answer was 28%.
For collaboration, it was also 28%.
And for agile, the answer was 26%.
According to another research, only 14% of the marketers believe that customer-centricity is a hallmark of their companies.
Executing a tremendous customer-centric business strategy doesn't happen in one night.
Now, let's explore ways to create a customer-centric business strategy that associates your business with your customers' unique needs.
Define customer-centric?
Customer-centric businesses, which are also known as customer-centric, are a business strategy based on prioritizing your customer at the core of your business to provide a great customer experience and build long-term relationships.
When you are going to put your customer to the core of your business and combine it with Customer Relationship Management, you will collect a good amount of data, which would give you a full 360 view of your customer. This data can also be used when you are enhancing your customer experience.
For instance:
- Your customer data will allow you to understand the buying decisions or behavior, interests, and engagements.
- It also allows you to identify different opportunities to create products, services, and promotions for your best customers.
- You also can use the customer lifetime value to segment your customer based on the top spender.
Some research companies found that customer-centric businesses were almost 60% more profitable than the companies that were not focused on the customers.
The challenges that may come when you become a customer-centric business.
The shift of power happened during the economic downfall while the late 90s became selective in what brand they chose to spend their money on.
The brands that treated their customers with respect were the winning brands, offered excellent service, and also built a good relationship with them that is still existing.
During the same period came another game-changer, social media. Social media marketing changed how the customers interacted with the different brands and became significant parts of the customer journey.
The global web index (GWI), 54% of social media consumers use social media to research products, and around 71% are more likely to buy based on social media platforms.
Research tells that companies that are struggling to become customer-centric businesses cannot share their customer information across departments and don't have an aligned culture around the needs of the customers.
Another question that was raised was, what challenges would you face accomplishing a customer-centric business?
There are around seven challenges that may be faced, as told by the
ghostwriting services rates experts.
1.Functional silos prevent customer data sharing.
2.Culture doesn't come close to the customer's needs.
3.Technology platforms to manage data are missing.
4.There is one definition of customer-centric.
5.No support was taken to address the issues of the customer.
6.Insufficient professionalism in data analytics.
7.Sales prioritized before the customers.
Many companies don't have all of the components with them to claim that they are customer-centric businesses, but an essential part to remember is that:
Customer centricity is started when you are focusing on what the customer needs and how do they want to get interacted with your business,
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