The 5 reason why building a customer centric strategy is crucial now more then ever
"Get closer than ever to your customers. Get so close that you tell them what they actually need before they realize it themselves."
- Steve Jobs
HubSpot reports customer-centric companies to be 60% more profitable than the ones that aren’t. 76% of the customers, in today’s world, expect the companies or businesses to understand the needs and requirements. And it's a challenge millions of businesses face globally, which is why $1.6 trillion dollars have been reported to be lost each year as a result of poor customer service.
Building a customer-centric strategy has now become more crucial than ever before.
Your customers/clients are your business's lifeblood. That's the reason you should ensure that you are delivering one of the most memorable experiences, in fact, the best one that they have ever been subject to. This will help you not only build a long-term healthy relationship with your audience but will also position your business as the industry giant, ultimately leading to more sales and business growth. But, to deliver a great experience, you need to build a strong foundation. So, the first step is to build a highly-detailed and well-thought-out customer-centric strategy.
“The most customer-centric companies can answer any or every question by simply deciding what’s best for the customers, without ever having to ask.”
- Aaron Levie
For those who aren’t familiar with what customer-centric companies stand for, let me explain to you:
Customer-centric companies always put their customers at the heart of what they do. Their focus point is always their customers/clients. These companies make sure that no decision is ever taken without taking into consideration how it'd impact their customers and whether it'd be beneficial for them or not. This means not making decisions, not conducting meetings, not having discussions without customers having the center stage. And if you are wondering why building a customer-centric strategy is so crucial, let me list out the five main reasons why.
This blog post lists out the five main reasons why it's important for companies or businesses to build a customer-centric strategy. Let’s have a look.
5 Main Reasons Why Companies Should Adopt Customer Centricity
Following are the points we’ll be discussing:
- Shows How Much Your Business Values its Customers
- Adds Value to Your Customers’ Lives
- Helps Stand Out from the Crowd
- Boosts Retention Rate
- Helps Unite Employees & Makes Them Feel Proud
Showcases How Much Your Business Values its Customers
All most businesses do is blindly market their products and services without adding little-to-no value. Most of them deliver a poor customer experience, leading to disappointment and a poor retention rate. Imagine yourself purchasing a $100 product, only to later know that it’s defective and the company you ordered it from doesn’t respond on time and won’t accept returns. That’d be utterly frustrating for me.
Few of the most successful businesses like Apple, Microsoft, Nike, Puma, Adidas already know how important it is to make customers feel special. Time and time again, businesses need to make sure that their customers are reminded how special they really are. Each loyal customer you earn, you'll earn a dozen more. And they'll keep coming back for more, which will, in turn, bring in more profits and help you scale your business when the time is right.
Adds Value to Customers’ Lives
Building a customer-centric strategy isn't just about making your customers believe that you understand their value. It's about taking bold steps to prove your point. Your customers are already facing problems that you can quickly address and solve for them. But what you need to do isn’t just wave your hand and describe how your products/services will benefit them. Instead, what I’d advise you to do is focus on their pain points, address them and deliver an actually meaningful solution to them in the form of blog posts, podcasts, videos, etc. This will help win their trust and position yourself as an industry expert.
Building a customer-centric strategy will help you ensure that you are adding value to your customers’ lives, which is why you should build one straight away.
Helps Stand Out from the Crowd
Hundreds of your competitors want to snatch your customers away from you. They are already thinking about attracting your prospects and customers. And the businesses that fail to stand out from the crowd will be the ones losing the game.
In today's digital era, every single business has access to high-speed Internet. They are already reaching out on Facebook, Instagram, Google, and countless other platforms. And upon failing to adapt, you may end up being left behind.
Being a customer-centric business doesn’t imply that your customers are always right. Instead, it heavily focuses on the fact that businesses should invest their valuable time and efforts across different platforms, building a healthy relationship with their clients/customers. That’s the only way you can emerge victorious in this digital era.
Boosts Retention Rate
Delivering a memorable customer experience will make your customers keep coming back for more. Also, they will ask their friends and family members to purchase your products/services. But, upon failing to deliver a good experience, they will never come back. Also, they will ask their friends and family members to stay as far as possible from your business.
Most businesses experience an outstanding first-time conversion rate yet have a poor retention rate, all thanks to poor customer service. Building a customer-centric strategy will motivate you to invest your time and efforts in building a seamless customer experience, which will, in turn, take your profit margins off the charts. Like we discussed already, customer-centric companies are 60% more profitable than the ones that aren’t. So, you can take the first step towards boosting your profit margin by building a customer-centric strategy.
Helps Unite Employees & Makes Them Feel Proud
While a customer-centric business's sole focus is on the customers, upon building and implementing a customer-centric strategy, your employees won't be able to resist how proud they are of the organization they are working in. Also, it'll even unite them and make them work towards a single goal, which is delivering the best possible customer experience. And as they enjoy their way around, they'll work even harder.
Putting your customers at the heart of your business will not just bring in higher profits but will also help you build a long-lasting relationship with your customers. But way before you take the bold step, it’s important to plan it all about. And you can do that by building a customer-centric strategy for your business. And if you want to actually build a highly-impactful strategy, harnessing the power of customer data is crucial. But, with so much data lying around, you may often find yourself getting all confused as to what to do with it and how to rightfully use it. The key to creating a highly-impactful customer-centric strategy is having all of that customer data that you generate in one single place, both updated and actionable.
That’s what Predictable Media will help you with.
Finally, you can take control of your customer data and make it actionable with our highly-advanced Customer Data Platform. We empower small and medium-sized businesses to have access to our high-tech customer data platform, helping them build a 1:1 relationship with their customers across multiple marketing channels.
We’ve seen most early-stage companies ignore the importance of data organization. Just because you have recently started your business doesn’t mean that you shouldn’t organize all of your customer data in one single place. Also, it doesn’t mean that you should avoid giving customer communication a thought.
Businesses, especially start-ups and early-stage companies, instead of getting scared of data, should tap into its potential and harness its unbelievable benefits. And you can start today and build a customer-centric strategy with Predictable Media. Our platform is codeless, easy to use and built such that every single company out there can use it without finding themselves all lost.
So, what are you waiting for?