In the midst of a busy spring with launching a few new ventures, I can’t help but think about the importance of customer centricity when creating a new company. I come from a marketing background, and many of my projects and companies circulate around marketing and marketing for different sectors. That being said, all of these businesses are rooted around the clients, we aim to serve. It’s that customer-centric approach that I attribute a lot of my corporate success to as well.
Defining the Customer-Centric Approach
People often confuse customer service as customer centricity in its entirety which isn’t the case. In reality, this approach requires a lot more research and understanding in order to build a business model that supports your consumers’ needs and prolongs relationships in order to build a sustainable company. As Sveva Tabarrani explains, “It is a strategy that focuses on following your customer’s whole journey, from the initial awareness stage to the purchase, through their entire lifetime with you. A strategy like this allows a company to understand what matters most to their customers, their buying behaviors and interests, and what keeps the loyal and engaged; ultimately allowing you to identify new opportunities that will make your business grow.”
Why Does it Matter?
In today’s modern age, it’s easy to lose sight of the effect of great customer service. With e-commerce on the rise, people expanding their online footprints and the distance between company and consumer growing, it’s not surprising. That being said, the digital arena also opens up the door for intense backlash when businesses fail to consider the consumer.
That’s why it’s more important than ever to take a customer-centric approach.
By the Numbers
I know what you’re thinking – if I focus on the business, the customers will come. Not according to the numbers. As Justyna Polaczyk highlights:
- Loyal customers are worth up to 10 times as much as their first purchase/
- 3 out of 5 Americans (59%) would try a new brand or company for a better service experience.
- 62% of global consumers have stopped doing business with a brand or organization due to a poor customer service experience,
- When it comes to sales, the probability of selling to an existing happy customer is up to 14 times higher than the probability of selling to a new customer.
The fact of the matter is, we should all be putting our money where the consumer is, because we can’t afford not to. After all, loyal customers prove to pay off. In taking the consumer into consideration as early as possible, you set yourself up for lasting success.