{"id":6240,"date":"2023-03-28T08:17:00","date_gmt":"2023-03-28T01:17:00","guid":{"rendered":"https:\/\/cleverads.com.ph\/blog\/?p=6240"},"modified":"2023-03-28T08:17:00","modified_gmt":"2023-03-28T01:17:00","slug":"customer-centric-2","status":"publish","type":"post","link":"https:\/\/cleverads.com.ph\/blog\/customer-centric-2\/","title":{"rendered":"Customer-centric: How to create the perfect strategy"},"content":{"rendered":"

Today, companies in every industry face a battle for customer loyalty. This is no longer just about price, promotion and quality; Experience also plays an important role. This is why organizations have implemented a method called Customer-centric. Building a quality Customer-centric strategy will help businesses get one step closer to their customers.\u00a0<\/em><\/p>\n

1. What is Customer-centric?\u00a0<\/span><\/h2>\n

Customer-centric is a business strategy based on putting your customers first, at the core of your business, to deliver positive experiences and build lasting relationships.\u00a0<\/span><\/p>\n

Customer-centric requires more than just saying that the Customer comes first. It’s about the business has to understand the Customer; you can anticipate their communication wants, needs, and preferences, create meaningful experiences, and build lasting relationships with them.\u00a0<\/span><\/p>\n

\"customer-centric\"<\/p>\n

2. Why Customer-centric is essential for businesses\u00a0<\/span><\/h2>\n

When you combine the Customer at the heart of your business with Customer Relationship Management (CRM), you’ll capture loads of data, giving you a full 360-degree view of customers. This data can then be used to enhance your customer experience.\u00a0<\/span><\/p>\n

For example:\u00a0<\/em><\/p>\n

You can use customer data to understand purchasing behavior<\/a>, interests, and engagement\u00a0<\/span><\/p>\n

You can identify opportunities to create products, services and promotions for your best customers\u00a0<\/span><\/p>\n

You can use customer lifetime value to segment customers based on who spends the most\u00a0<\/span><\/p>\n

Research by Deloitte and Touche shows that customer-centric companies are 60% more profitable than non-customer-focused companies, and 64% of companies with customer-focused CEOs are good. Higher profits than competitors.<\/span><\/p>\n

\"customer-centric\"\u00a0<\/span><\/p>\n

\u00a0<\/span>3. 3 ways to measure the success of Customer-centric adoption\u00a0<\/span><\/h2>\n

Not every organization will have the same customer success metrics to measure Customer-centric. However, the three most important Customer-centric metrics that must be carefully tracked are customer churn, Net Promoter Score, and customer lifetime value (CLV).\u00a0<\/span><\/p>\n

3.1. Customer churn rate\u00a0<\/span><\/h3>\n

Expanding to new customers is becoming more difficult. As a result, many companies invest in retaining existing customers instead of trying to find new ones. Here’s why:\u00a0<\/span><\/p>\n

It can cost up to 5 times more to acquire a new customer than to keep an existing customer.\u00a0<\/span><\/p>\n

A 2% increase in customer retention has the same effect on profits as a 10% cost reduction.\u00a0<\/span><\/p>\n

On average, companies take approx. 10% of its customer base per year (also known as leaving customers)\u00a0<\/span><\/p>\n

For example, customers are more likely to leave a brand if:\u00a0<\/span><\/p>\n

Knowledgeable customer support or a super agent can address customer needs by listening clearly, addressing the issue, and then resolving it promptly.\u00a0<\/span><\/p>\n

Companies lack automated self-service channels like knowledge bases to solve their problems.\u00a0<\/span><\/p>\n

Customers are not rewarded for their loyalty, while new customers receive benefits and bonuses for joining.\u00a0<\/span><\/p>\n

3.2. Net Promoter Score\u00a0<\/span><\/h3>\n

Are your customers satisfied? How do you measure customer satisfaction?\u00a0<\/span><\/p>\n

The answer is through NPS.\u00a0<\/span><\/p>\n

NPS, or Net Promoter Score, focuses on uncovering customer loyalty by asking just one simple question:\u00a0<\/span><\/p>\n

Each time a customer answers this question, the answer will be segmented based on predefined criteria:\u00a0<\/span><\/p>\n