CUSTOMER CENTRICITY: 5 WAYS TO INCREASE PROFITS BY FOCUSING ON THE CUSTOMER
Time after time, research shows that having a customer-centric strategy means increased profits for small businesses. And yet, so few businesses practice that customer-centric mindset. Why?
One very common reason is that many organizations are overwhelmed with data. It comes at our employees from all sides and unless you have a streamlined method of gaining and sharing insights, it may not make much sense ( Check out our blog on Why CRMs Are Important to Small Businesses to see why this is true).
Many businesses say they believe that customer-centricity is important, yet only 14% say that they actually DO anything about it or think it is true of their company.
A Definition of Customer-Centricity
Hubspot defines customer-centricity as, “a way of doing business that fosters a positive customer experience at every stage of the customer journey. It builds customer loyalty and satisfaction which leads to referrals for more customers.” So anytime a truly customer-centric business makes a decision, it will improve the effect the outcome will have on its customers. Here are some ways your company can improve its customer-centric strategy.
Create an Internal Culture of Customer-Centricity
Ask yourself this: are the people in your company who deal with customers on a regular basis prepared to be empathetic to the customer? It starts with you as the leader and continues on to each and every employee you hire. Every team member you hire should be prepared to listen to the customer and suggest (or make) changes based on the needs and wants of the customers.
Anticipate Your Customers’ Needs
Tim Cook, the CEO at Apple, was once quoted as saying: “Our whole role in life is to give you something you didn’t know you wanted. And then once you get it, you can’t imagine your life without it.”
Apple is a company that revolves around customer-centricity. They want each step of the customer journey to delight the customer and have them leave an Apple store with a smile on their face. Can you say that is the case with your customers? If not, why not? And, what can you do to make that happen?
Take the Time to Talk to Your Customers
Even during this time when social distancing has become the norm, you can still put your customers front and center in a number of ways. Simply picking up the phone or scheduling a Zoom meeting can bridge the gap.
You can invite a few of your customers for a short chat and find out what they are really thinking. Feedback like that will not only go a long way toward helping you understand their needs, but also lends the sense they are seen and heard.
Get Customer Feedback
Speaking of feedback…you need it and it doesn’t always have to be face-to-face. You ALSO need to conduct surveys and make sure there are plenty of places to leave comments on your website. Getting customer feedback is not the time to be selling your product. However, is a time to be listening to your customer, collecting data and then acting on the information you gather.
Then Keep Them Coming Back
Once you have gained a new customer or made a sale, now is not the time to sit back and rest on your laurels. You want your customer to come back to you again and again. Studies show that it costs nearly five times more to bring in a new customer than to keep an existing one
So, why wouldn’t you work just a little bit harder on those customers who have proven they like you and your products or services? You might be able to offer a significant discount on future purchases or make valuable resources (think ebook or white papers) available only to customers.
If you’d like to find a way to move forward with your own customer focus, we think the best place to start is to determine how strong your marketing foundation truly is before you start executing a plan. Check out these great resources and even take a free quiz to find out how you are doing!
Of course, if you have any questions, feel free to contact us and we’ll see if we can get you started in the right direction.
Tomato Fish Is An Indianapolis Consulting Company Focused On Helping Small And Midsize Businesses Make Good Strategic Planning Decisions