How to become 60% more profitable | Effective Strategies to Become a Customer Centric Company

Published by: BLUE LABEL WEEKLY MAGAZINE | WEBSITE |

Customer centric is more than offering goods or services, it entails providing continuous improvement as well as a positive pre- and post-sale customer experience to your customers toward driving profits, repeat business, as well as encouraging customer

Blue Label Weekly Magazine | How to become 60% more profitable | Effective Strategies to Become a Customer Centric Company | Great Customer Experience | Become customer centric | Designing Your Company From The Customer’s Perspective Allows Your Organization To Focus on The Customer’s Needs | Most companies Lack The Essential Components Required To Be Customer Centric | Strategies to Becoming a Customer Centric Company | Grow Faster | Reduce or Eliminate Churn | The Value-Chain | Customer lifetime value (CLV) | | www.bluelabelweeklymagazine.com |
Blue Label Weekly Magazine | How to become 60% more profitable | Effective Strategies to Become a Customer Centric Company | Great Customer Experience | Become customer centric | Designing Your Company From The Customer’s Perspective Allows Your Organization To Focus on The Customer’s Needs | Most companies Lack The Essential Components Required To Be Customer Centric | Strategies to Becoming a Customer Centric Company | Grow Faster | Reduce or Eliminate Churn | The Value-Chain | Customer lifetime value (CLV) | | WEBSITE |

loyalty.

Examples of brands that are customer centric are amazon and paypal that have spent years creating a culture around the customer and their needs while honoring their commitment of delivering value to their customer.

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Although the importance of being customer centric is proving to be more important than ever, implementing a customer-centric strategy requires meticulous planning and execution.

Great Customer Experience | Why become customer centric?

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By offering a great experience from the awareness stage through the purchasing process and finally through the post-purchase process, customers feel valued and become your evangelists.

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Moreover, it enables you to collect a wealth of data and get a 360 view of the customer from your CRM, which in turn helps you enhance the customer experience:

  • Understand buying behavior, interests and engagement
  • Utilize lifetime data to segment customers based on top spending customers
  • Identify opportunities to create products and services for your valued customers

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Designing Your Company From The Customer’s Perspective Allows Your Organization To Focus on The Customer’s Needs | Most companies Lack The Essential Components Required To Be Customer Centric

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As the last recession ensued, social media marketing, social selling and mobile selling became major parts of the customer journey that, in turn, encouraged customers to become smarter and favorably selective with their purchases, this also presented brands with a huge challenge to learn how to quickly react and treat their customers with care but also how develop long-term relationships.

Strategies to Becoming a Customer Centric Company

Being customer centric enables you to anticipate customers’ needs toward delighting them with products and services they might not have thought of but will quickly embrace. Furthermore, it further enables you to create services, products, policies, processes as well as a culture intended to provide customers with impeccable experience towards reaching their objectives.

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The best strategies to become customer centric include but are not limited to:

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Focus on building relationships designed to maximize the customer’s product and service experience.

  1. Seeing the world through the customer’s eyes and passion as well as a strong belief that it is impossible to succeed without the customer. It also entails using customer data to capture customer insights and sharing this across the organization.
  2. Zeroing on what the customer wants and needs, and develop products and services according.
  3. Analyzing, planning and implementing a carefully formulated customer strategy that focuses on creating and keeping profits and customer loyalty.

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Measuring the success of a customer centric company

Not every organization will have the same customer metrics to measure customer centricity. However, the two most important customer centric metrics that should be carefully monitored are churn rate and customer lifetime value.

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Grow Faster | Reduce or Eliminate Churn

With the cost of customer acquisition reaching an all-time high (10%), keeping existing customers instead of trying to find new ones has become more attractive.

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The Value-Chain | Customer lifetime value (CLV)              

In the value chain, the customer remains the most valuable asset. Calculating the customer lifetime value is a great way to get an understanding of your customer portfolio, segment your customer accordingly, as that helps you understand why it makes sense to invest in keeping your customers.

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Conclusion

Becoming a customer centric business is the crucial point towards unlocking the true paybacks of customer value. Always think from the customer’s perspective as well as their perceived value.

 

Most important, a CRM platform plays a crucial role in becoming customer centric as this is where all of your customer data is stored.

 

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