What is Customer-Centricity?
Customer-centricity can be described as the organization bringing together its focus on the customer and what the customer needs, putting the customer first, and making them the center of all business operations.
A little background
The concept customer-centric organization or customer centricity was born in 1954 when Drucker said, “It is the customer who determines what a business is, what it produces, and whether it will prosper”. Customer-centricity became popular as a phrase when organizations began to employ customer relationship management (CRM) software and their vendors frequently used it. Customer-centricity can’t just be a notion or a general concept, as it frequently was in the beginning and still is a lot of the time.
Is it all about customer-centricity?
There is a notable difference between how customers perceive customer experience and how executives evaluate their organization’s success. Depending on the industry, the difference is great. Fortunately, many more businesses are starting to realize it or, more importantly, acting on it. Customer centricity requires that the customer be at the center of all choices about the delivery of products, services, and experiences in order to achieve customer happiness, loyalty, and advocacy.
Facts
· Increased revenue: According to research by PWC, 86 percent of consumers are willing to pay extra for a better experience
· Making customers into brand advocates: A survey by Iperceptions found that 71% of consumers would recommend a service if they had a good experience with it.
· Churn rate reduction: According to the Emplifi research, 49 percent of customers have previously left a firm because they had a terrible experience with it.
Customer-centricity, a road that leads to success.
Not definitely but somehow yes.
How?
Customer-centricity does not end with the purchase of goods. It’s a piece of a larger puzzle. You want clients to come back and buy from you again, and you want to reduce churn. As a result, customer-centricity considers the overall worth of a customer’s lifetime. The key is “customer lifetime value” and the firm intends to make lifelong customers by giving them the finest of everything.
5 Key practices to become a customer-centric organization:
1. Connect company culture to customer outcomes
2. Promote active listening in your organization
3. Align your core values
4. Collect customer feedback
5. Prioritize customer satisfaction
Final Verdict:
Apple, Amazon, Netflix, Starbucks, Nike, and a few similar organizations deliver excellent customer service and have succeeded in building strong and long lasting relationship with their clients due to their customer-centricity. If organizations want to succeed like them then they must follow the key practices mentioned earlier. Last but not the least, the customers won’t stay with your brand if they aren’t satisfied, and you cannot operate a business without clients.
