Customer centricity is becoming more important than ever for businesses aiming to stand out in a competitive landscape.
The fast transformation of the Internet and social media has meant that consumers are now far less likely to engage with businesses that put their own interests before customers’ needs. Customer expectations of brands have only increased over the years, which means businesses need to continue their efforts to stay relevant in the market.
The speed at which people can share opinions and what is on their minds has also increased, so companies have to spend more time listening.
That being said, what is the impact of customer centricity on businesses in 2021?
What is a Customer Centric Business?
A customer centric business is one that:
1) Stays up-to-date with what its customers’ needs and wants
2) Is honest and transparent in what they provide to the customer
3) Communicates what it does well and what areas it is still improving; this way, customers can make an informed choice about how they spend their money
4) Treats customers fairly
5) Is always looking for ways to improve what it offers in terms of quality, coverage or value for money
A customer centric business puts its customer’s needs above its own, ensuring that what it provides to them provides value for every cent spent. A good example of what a customer centric business looks like is what we see from Amazon.
In short, a customer centric company understands what customers need, care about and want; it also studies customer behaviour and thoughts. From there, the company markets its products and services accordingly.
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What is the Impact of Customer Centricity?
Customer centricity has the power to transform a business. The following are some of the positive impacts that it can have:
Stay ahead of the game
Customers’ thoughts and wants can change quickly; this means that it is hard for businesses to stay ahead of the game. However, customer centric businesses have a better chance of doing so because what they offer will be tailored to their customers’ needs or wants.
Higher satisfaction and customer loyalty
Customer centric businesses ensure that what their offering is what the customer wants or needs; as a result, customer satisfaction will be higher. In addition, satisfied customers are more likely to be repeat customers and advocates, so you’ll maintain a strong sales pipeline.
Being customer centric is a great way to inspire your employees to think outside what has traditionally been done or what they are used to, thus increasing innovation.
Improve brand reputation
Customers have a voice, and what they say about what you do can affect your business. Being customer centric allows you to listen to what your target audience thinks, whether that’s good or bad. It also allows you to act on customers’ thoughts by making necessary changes to turn a negative impression into a positive experience.
Listen to what customers think, what they want and what is important to them. Customers who feel valued will not only recommend your business to others but are also more likely to buy from you again in the future.
How Can You Be Customer Centric?
Here are some key takeaways if you intend to strengthen the customer centric approach of your business:
Get to know what your customers want and what they like using active listening. An easy way to do this is through social media; what the customer says on these platforms can give you insights into what they’re looking for from your business. Additionally, you’ll be able to address customer complaints on social media before they influence the impression of your brand.
Many social listening and monitoring tools in the market can help you monitor brand mentions on multiple social media platforms at once, such as Hootsuite, Buffer and Later.
Asking what your customers think via surveys is another way of finding out what they want. By asking what they value, what they think of what you offer and what they want to see in the future, your business will be more likely to provide what matters most.
Complement the quantitative data that you’ve collected from surveys with focus group research. Sit down and have a conversation with some of your more vocal customers to get what they think.
You can learn in-depth about their customer experience and tailor improvements to your product or services accordingly. Gathering what customers have to say in an informal setting can give you a more nuanced understanding of what they care about and think.
Be transparent with what you’re doing and what you’re offering. Customers will trust what you do and be more likely to want what you offer when you’re open about your business. Being open helps build a positive relationship between what the company does and what the customer wants or needs.
Make them part of it
Make your customers part of what you do by giving them a voice and the opportunity to be heard. Don’t just listen to what they have to say, but also consider it when making decisions about what’s important to what you offer or how you run your business as a whole.
A personalised experience is what people want, and it’s what they need. The ability to personalise what you offer will ensure that what you do is what your customers want and are interested in.
Personalisation doesn’t have to be overly complex. You don’t necessarily need to segment what you do into individual customer journeys. What you can do, however, is be empathic when conveying how you solve their pain points and managing their dissatisfactions with your services or product.
Being customer centric gives your business what it needs to be successful now and into the future. By being aware of what customers want, what they value and what they think, you’ll know what to do to make them happy.
Being customer centric means you are offering what matters most, and as a result, your business is set up for what lies ahead in 2021.