As a customer centricity champion, just like you I hope, I spend a lot of my time researching what customers want. And in this period of reset, understanding our customers has become more important than ever before.
Just a few short months ago, I didn’t think that it would have been possible for customer-centricity to become any more important. But things happen and now everyone is fighting to keep their businesses afloat. So the new and constantly changing desires of our customers have become a top priority for us all to follow.
I’m always trying to understand exactly what our customers’ preferences are, and where they may be going. My regular searches online include customer service, customer satisfaction, customer care and similar topic areas. Google is my best friend!
A couple of years ago, I came across some surprising facts, which prompted this original post. But recent changes have made it important for me to update it once again. At the time, the analysis showed a serious problem in the business of looking after our customers. Today it is clear that any organisation that hasn’t spent the past few years putting things right, will most certainly be suffering in this post-pandemic business crisis. Read further and then let me know whether or not you agree with my analysis.
Wikipedia, a faithful friend of mine, doesn’t have a definition of customer centricity! If you look the term up, you get directed to customer satisfaction! Unbelievable isn’t it? Try it for yourself and see.
My other go-to online resource for understanding terms is businessdictionary.com, which defines customer centric as:
“Creating a positive consumer experience at the point of sale and post-sale.”
It then goes on to say:
“A customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience.”
Now although I find the definition somewhat limited since it refers only to sales and post-sale activities, I do like the fact that it mentions three important elements of customer-centricity:
- a positive customer experience
- adds value to a company
- enables differentiation
This clearly identifies three huge benefits of becoming (more) customer centric for any and every business:
1. Positive customer experience has been shown to increase both loyalty and advocacy. As we all know, it costs ten times – if not even more – to acquire a new customer, as it does to keep a current one. Therefore strong loyalty is a valuable benefit for a brand.
However, with much of supermarket shopping going online – there was a 161.4% increase on March over February – loyalty takes on a whole new meaning. Customer experience is now far more to do with the online ease of ordering than that of store shopping. Unfortunately, most supermarkets didn’t prepare for such an onslaught.
2. Adding value to a company also increases the ROI of its marketing investments. This is something that marketing has been challenged to prove in recent years, with the risk of seeing their budgets cut if they can’t. Continue Reading