The product-centric approach to business and marketing was conceived during the industrial revolution during the 1700s. Until recently the market has been dominated by product centricity, the main goal being to sell as many products as possible. However, customers are becoming more business savvy and better informed than ever before. Couple this with escalating competition and it becomes evident that product centricity is quickly becoming an outdated model for marketers. Not to be confused with ‘the customer is always right’, customer-centricity is defined as having the end-user as the focus of every business decision. Surpassing simply delivering a great product, customer-centricity focuses on enriching the customer journey, providing them with the best possible experience.
Why Is Customer-Centricity Important?
These days products are a means to an end. We’ve all heard that ‘customers don’t want a quarter-inch drill they want a quarter-inch hole,’ and with countless other businesses offering similar solutions, what sets you apart? The customer-centric model helps businesses to create a sustainable relationship with their customers. Cultivating this relationship builds trust, loyalty and reputation, parallel to setting you apart from your competition. The second reason businesses need to remember the significance of customer centricity has been brought about by technology. From 2015 - 2020 the online shopping industry in Australia has increased over 17%, and this number will continue to climb. Digitisation of sales brings along a transfer of sensitive information, name, address, payment details, to name a few. As online sales increase so does the cost in exchange for a customers information. The more information we ask for, the higher the service we are expected to provide.
How To Become More Customer-Centric:
There are countless arguments for and against many tactics to becoming more customer-centric, a few of our favourites are to:
- Engrain customer empathy within your organisational culture
- Facilitate customer interaction
- Collect and engage with customer feedback
- Provide proactive customer service
- Expedite your customer journey
- Analyse performance and constantly improve.
As an increasing number of businesses begin to adapt, customer centricity is slowly becoming the norm. Online sales and competition continue to increase, and consumers are becoming more connected and informed. It is only a matter of time before the importance of customer-centric thinking progresses from something that might help a business, to a fortified measurable revenue influencer.