What Does It Mean to Be Customer Centric
What does it mean to be customer centric ?
The heart of the word customer is “custom”. Great companies understand this. They know building a value proposition around what customers really want – and will want in the future is the foundation far a competitive advantage and business success.
What are the benefits of centricity ?
* A profitable customer base * Clear understanding of how to grow your business and profits, based on a deep knowledge of your customers * An ability to respond quickly to your customer needs and changes in your business environment * A faster, more efficient organization, as everyone beats to the same drum * Better protection in downturns, due to more loyal customers
5 Commonalities of customer centric businesses
1. They see themselves not as a group of products, services, territories or functions but as a portfolio of customers. 2. They know how much money they make or lose with each of their customers or customer segments and understand why 3. They understand the individual needs of different customers and group them into operational segments and sub-segments. 4. They continually innovate by updating their customer segments and sub-segments, improving their value propositions as customer needs change. 5. They create a completely unassailable customer-innovation advantage based on models grounded in continuous testing at customer touch-points.
How do organizations become customer-centric?
1. Clear Vision. Everyone in the company understands what’s important and there is unwavering belief that an intense focus on creating the best possible experience for customers is the best way to grow the businesses. 2. Intimate Customer Insight. Commitment to set aside “what we think we know,” replacing it with a current, accurate and data driven understanding of customer’s needs, preferences, and expectations. 3. Customer Value. Put your valuable customers at the core of strategy
The heart of the word customer is “custom”. Great companies understand this. They know building a value proposition around what customers really want – and will want in the future is the foundation far a competitive advantage and business success.
What are the benefits of centricity ?
* A profitable customer base * Clear understanding of how to grow your business and profits, based on a deep knowledge of your customers * An ability to respond quickly to your customer needs and changes in your business environment * A faster, more efficient organization, as everyone beats to the same drum * Better protection in downturns, due to more loyal customers
5 Commonalities of customer centric businesses
1. They see themselves not as a group of products, services, territories or functions but as a portfolio of customers. 2. They know how much money they make or lose with each of their customers or customer segments and understand why 3. They understand the individual needs of different customers and group them into operational segments and sub-segments. 4. They continually innovate by updating their customer segments and sub-segments, improving their value propositions as customer needs change. 5. They create a completely unassailable customer-innovation advantage based on models grounded in continuous testing at customer touch-points.
How do organizations become customer-centric?
1. Clear Vision. Everyone in the company understands what’s important and there is unwavering belief that an intense focus on creating the best possible experience for customers is the best way to grow the businesses. 2. Intimate Customer Insight. Commitment to set aside “what we think we know,” replacing it with a current, accurate and data driven understanding of customer’s needs, preferences, and expectations. 3. Customer Value. Put your valuable customers at the core of strategy