The Value of Customer-Centricity
According to PwC’s Future of CX report, 73% of survey respondents say customer experience is an important factor in their purchasing decision, yet the same respondents believe only 49% of U.S. companies offer good customer experiences.
Every company aims to provide good customer experiences, so where is the disconnect between what your company offers and satisfying customers?
What is customer-centricity?
Customer experience continues to evolve as customer demands change and it’s becoming a challenge for companies to keep up. Customers want fast, personalized, and friendly service 24/7 to win their loyalty. Bad experiences such as slow responses or a difficult to navigate website may seem minor but can build-up to the point where customers abandon your business.
Customer-centricity is a business strategy that makes the customer the center of your universe. It means creating a culture within your company that makes it the responsibility of every employee to make decisions or take action that puts customers first.
Companies that only view customers as numbers to be measured, but fail to focus on building relationships, miss the opportunity to unlock new revenue opportunities. When you put the customer at the heart of your business and provide exceptional customer experiences, you are likely to see an increase in customer lifetime value. According to Hubspot, customer-centric companies are 60% more profitable than companies that don’t make customers the core of their business.
How to achieve customer-centricity?
Making the customer the center of the universe can help your business stop the disconnect between what you offer and what satisfies customers.
Here are a few more important factors for achieving customer-centricity:
- Create a culture of customer-centricity
- Innovate customer experiences
Customer experience is not the sole responsibility of customer service or marketing. Creating a customer-centric culture requires that all areas of the company — from HR to sales — are accountable to customers. Departments need to collaborate and work together to provides a seamless experience for each and every customer.
Customers want experiences that make them feel like they’re at the center of the universe. A one-size-fits-all approach won’t provide the personalized experiences customers expect. Personalization starts with leveraging your customer data, but even if you don’t have data on a customer, an email with a personal touch such as a “Hi, John” salutation can differentiate you from competitors.
With customer demands constantly evolving, it’s critical for your business to use digital solutions that enable you to collect customer data and create unique customer profiles. A customer relationship management platform takes the guesswork out of understanding what your customer wants. With the ability to anticipate customer needs, your company can offer customer experiences that are memorable and make customers feel good.
Transform with a customer experience specialist
Customers demand exceptional customer experiences, but more companies need to make the customer the center of the universe. By enhancing and improving customer experience, your company can increase customer lifetime value and become more profitable.
Speridian Technologies is a global business and technology solutions provider that helps clients modernize their businesses through digital transformation. With nearly a 20-year proven track record of solving business challenges with our unique, industry-based consultative approach, we can help your business transform customer experiences for greater success. As a leading customer experience specialist, Speridian has effectively assisted over 150+ clients worldwide.
Gregory J. Turner
Managing Director – Innovation & Solutions Center of Excellence
Business executive with a keen understanding of technology, business process engineering, and business analytics. Responsible for selling and delivering innovative solutions and driving efficiencies, growth, and profitability in all organizations served. Moreover, a supreme customer advocate with a strong ability to align business drivers with technology solutions. Industry knowledge includes: Professional Services, Public Sector, Healthcare, Construction, Manufacturing, Insurance and Litigation.