Customer Centric

What Does Customer Centric Mean?

As a term, customer centric companies first trended when organizations started adopting customer relationship management. To be customer-centric actually means to put a customer first, beyond a simple customer focus, and provide more than good product or service. This approach creates a positive customer experience at the point of sale and post-sale. It enables your business to differentiate itself from competitors. The best examples of customer centricity in companies are McDonalds and Slack that listen to the customer’s feedback and act upon it. 

So, in order to become customer-centric, you should define customer-centric KPIs, identify the gaps, watch over them, and be responsible for the customer. If your clients are satisfied, it generates the most and longest-lasting business value.

🚀 Read Building a Customer-Centric Company Strategy – Guide & Tips🚀

How to Become a Customer Centric Company?

In order to become a customer-centric company, you’d want to anticipate customer needs and requirements first. This involves creating customer-friendly products, as well as offering a great follow up experience during use. Have in mind that such a brand also should create and promote a positive work culture and policies that benefit customers the most. Let’s explore several ways a company can stand out with a customer-centric policy.

🚀 Read Customer Experience Guide: How to Put your Customers First? 🚀

First off, you’ll want to make sure your brand is fully committed to its customers and uses relevant data in order to get insight into their desires and aspirations. Moreover, this also implies a focus on developing products and services around those same desires. As a final step, you’ll want to build a long-lasting relationship and make sure to maximize their final experience.

Customer centric company customers

Picture 1. Customer-centric company Customers

Customer Centric Metrics

Let’s explore the metrics that let you track the success of your customer-centricity. 

Churn rate

It’s hard to get new customers. That’s why it’s a sound idea to invest in keeping existing customers happy, rather than acquiring new ones. Existing customers have the potential to stay loyal to the brand and repeat purchases over a longer period of time. That’s why all companies with a high retention rate grow faster than usual. Find out how to reduce customer churn rate in the Paldesk article.

Customer lifetime value

If a customer is at the center of your business model, it makes sense to measure the overall profit your business makes from his purchases. The longer you’re able to retain customers, the higher the customer lifetime value will be. It also helps you understand why it’s important to invest in keeping current customers, as opposed to acquiring new ones.

Read more about customer experience metrics.

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Customer Centric was last modified: November 4th, 2019 by student@paldesk.com
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