KPIs. Dashboard-driver. Omni-channel. These are the marketing buzzwords driving businesses in the digital age. Metrics tell the story. But where do customers feature in the landscape?
Consumers today expect experiences that are highly personalized and relevant. It is only those companies who can design their marketing initiatives with the customer in the center that gain the strategic competitive upper hand. And that is the essence of customer-centric marketing.
Customer-Centric Marketing Defined
Your business exists because of your customers. In the midst of product segmentation and channel optimization, companies tend to shift focus from their buyers who go against the very central theme of customer-centric marketing. As Custora University rightly puts it, “Customer-centric marketing is a strategy that places the individual customer at the center of marketing design and delivery. It starts with the realization that there is no “average” customer. Customers have different behaviors and preferences – and this presents rich opportunities to move past a “one-size-fits-all” marketing approach.”
In a nutshell, what it means is:
- Businesses need to understand that there is no such thing as an average customer
- Businesses need to attract strangers and turn them into viable prospects
- Businesses need to deliver the right communication, to the right customer, at the right point of the sales cycle and convert leads into hard sales
- Businesses need to develop a long-term engagement with customers that results in repeat sales
Advantages of Customer-Centric Marketing
The concept for customer-centric marketing helps businesses to design and structure their brand encircling a variety of market segments to adapt to individual demographics affinity for products and services. You will be able to differentiate your brand by evaluation customer perceptions and in due course of time build customer loyalty and retain them as brand ambassadors for your business.
According to Deloitte, July 2017, “Client-centricity is the most important factor in a successful business digitalization, since client-centric companies are 60% more profitable compared to companies not focused on the customer.”
The hallmark of any business that is world-class and turns a profit is customer first. As all businesses know that only what is good for your customers will also be good for the overall business. An add-on to this is to ensure that the business also focuses on empowering employees who are the first key contact for customers with the business. By allowing employees to have a superior employee experience themselves, they can transfer that in the form of top-notch customer experiences which also adds to their job satisfaction. In the end, it is a win-win situation for the business, the employees and the customer.
Principle Proficiencies for Leveraging Customer-Centric Marketing
In order to whole-heartedly accept customer-centric marketing, businesses need to concentrate on some of these principle proficiencies:
Customer Market Segmentation
It is essential for businesses to consider and be focused on the distinctive requirements, wants and preferences of each individual market by smartly managing the demographic groups as opposed to concentrating on channels or products. Use the right survey questions in your survey maker to segment your customers into sections based on priority. By targeting your communication to suit the needs of key consumer segments, businesses will be able to attract a larger section of the customer.
Businesses are able to enhance their perceived value by sharpening and narrowing their customer segments. Customers tend to feel more appreciated by businesses when they observe the effort that the brand has put in to building market segments that are based on, for example, gender or age specific groups.
Customer Views at An Atomic Level
It is not enough to base your customer-centric marketing initiatives just on the foundation of simple segmentation. The demands of the modern day customer are personalized experiences. And only those brands that are clever enough to make use of technology to access an atomic level overview of each individual lead will be able to deliver what customers expect of them in the future.
Analytics that is Actionable
Marketers should be equipped to respond to any changing customer behaviors and be ready to instantaneously adapt to it. This may also translate into understanding the customer and their needs on a more granular level. It may also imply that by responding to these pointers is dedicated to ensuring customer retention.
Ability to React to Customer Demands and Trends
Customer evolution, just like products, is part of the overall process. Forecasting trends, understanding shifts in consumer behavior, adapting to the ever-changing requirements to incorporate a wider customer segment creates that broader growth opportunity. The key lies in adapting to these shifts and reacting to customer demands in a timely fashion.
It is the holy grail of all organizations to transform into a customer-centric business. It is directed towards unlocking the inner potential of customer value. Put yourself in your customer’s shoes to optimize customer value. As best-selling author, Gary Vaynerchuk writes in The Thank You Economy, “There is proven ROI in doing whatever you can to turn your customers into advocates for your brand or business. The way to create advocates is to offer superior customer service.” This is the true essence of customer-centric marketing.