The customer is always right. We all know that. But what we sometimes forget that they are the whole reason why we do business and whom we do business for. Customer centricity is becoming a culture which is based on creating a world around your customer and their needs. Let’s start from here and see where it goes.
Customer Centricity 101:
Start with The Data
If you want to be customer centric it is mandatory to know what your customer needs. Collect your data from your CRM Software and start digging it. You can have a 360 degree understanding of your customer which will come in handy later on. You might want to get answers for questions like these:
- What is their pattern of buying?
- What are they interested in?
- How do they engage with your brand?
- What is the customer lifetime value?
- What are the dead ends in your relationship?
Know Which One is Best for You
You will have lots of customers and not all of them will be worthy of your time and effort. You need to be strategic here. Your Churn Rate and Customer Lifetime Value are important tools to know what is going on. Your average customers are important but your high-paying loyal customers are where the details of success are hiding. It is crucial to look at why your customers are remaining your customers. That way you know what you are doing right. But also leaving customers leave for a reason. These ones will be very informative in uncovering the dead-ends of your relationship with your customers. At the end, be sure who deserves your interest the most and work on them.
Do You Want Fries with That?
As a customer centric company, you need to focus on 3 main areas in your business. Customer acquisition which creates major extra value and opens up new segments for you, should be your priority. If you want to increase you customer acquisition, check out our latest piece. As important is customer acquisition there is also customer development. You already have a good bunch of customers. They shop from your e-commerce website regularly, but is it possible to make them want more? Sales 101! How to sell a pen to a guy who already has one? Brainstorm and get the machine running. If you are done with all this you can work on retaining your customers as well. But new and exciting customers full of potential should be your priority and they are the ones who make you think. You go through your business model over and over which helps you out in the other areas.
In conclusion, customer centricity is a big weapon for you. The conventional ideas on product centricity need to go out the window. The times have changed. Use your data in an efficient way and sort out your best customers. Because deep down you know you want to make them happy.
As we have mentioned earlier in here, customer-centric companies make 60% more profit than the ones who do not.
Are you willing to start the game 0-1?
If you want to stay in the game it is important to be in the same league with your competitors. In customer centricity, marketing or even prices.
Prisync can help you out with monitoring the competitor prices in all over the world.