Whether your business is in finance, manufacturing, lifestyle, travel, or any other field, you have one main focus and responsibility. It's about satisfying customers. At least, that's how it should be. But as we've seen, many business leaders forget that customers are the foundation of their companies and instead focus on lining their own pockets and satisfying investors.
A recent study by Small Business found that how a company treats its customers is a top concern for customers, with 94% of people saying it's a top consideration when deciding whether to do business with them. is the answer. That's why, no matter how big your company grows, it's essential to keep your clients at the center of your business.
Understanding customer centricity in business
Customer centricity involves more than just providing great customer service, though it's certainly important. It means putting customer needs and experiences at the center of business strategy, influencing everything from product development and design to the sales process. “A customer-centric approach views customers not just as a revenue source, but as a central stakeholder in the business ecosystem,” explains Goran Ognjenovic, Founder and Principal at Independent Investment Advisors . “The key to our success and the future of our industry is being able to offer a wide range of services under one roof. This approach allows us to build deep, long-term relationships with our customers and understand their unique needs and goals. , we are able to provide customized solutions that address every aspect of our customers' financial lives.”
A customer-centric approach contributes to increased customer satisfaction and a deeper understanding of customer needs and desires. By aligning your services with your clients' needs and expectations, you can increase your relevance and competitiveness in the market. This approach helps you retain customers and attract new ones through positive word of mouth and customer referrals.
In the age of reviews and social media, a positive customer experience is more important than ever. Adopting a customer-centric approach significantly increases customer satisfaction and retention. This is critical in an industry where retaining a customer can be up to five times cheaper than acquiring a new one. “By focusing on keeping our current customers happy over the long term, we can build relationships that help us secure a steady revenue stream,” says Ognienovic.
Becoming a customer-centric organization
If you feel like your priorities have drifted away from your clients, it's time to get back on track. Here are some strategies to adopt.
1. Always understand the market and respond quickly to changes
Staying customer-centric requires aligning business strategies with customer needs, closely monitoring market changes and acting quickly when changes occur.
“Nearly 70% of consumers say inconsistent behavior is human and acceptable. But consumers also say businesses need to respond to this as well. “About two-thirds feel their companies are not responding fast enough to their changing needs,” said David Droga and Baiju Shah of Harvard Business Review.
According to BIA Advisory Services, 61% of small businesses say they derive more than half of their revenue from repeat customers, so it's important to stay on top of your customers' needs.
2. Monitor your online reputation
Deloitte found that 81% of people read reviews and check online ratings before doing business with a brand, highlighting the need for businesses to maintain their online reputation. “With access to information, social networks, and digital devices, consumers are now well-equipped to conduct research and meet most needs. As a result, consumers expect more. Deloitte reports: It's important to respond to reviews, even negative ones, and do your best to make things right.
3. Leverage the inherent agility of small businesses
Thanks to built-in agility, small businesses can stay on top of what their clients want through a more personal connection with consumers. “As an independent company, we have the flexibility to quickly adapt to changes in the market, ensuring that our clients' interests are always at the forefront of the decision-making process,” Ognjenović said. I'll add.
For small businesses, putting the customer at the heart of your small business is not just an option, it's a must. By adopting a truly customer-centric approach, small and medium-sized businesses can strengthen their competitiveness, foster customer loyalty, and drive sustainable growth. Remember, in a world where competitors are just a click away, how you treat your customers can make a big difference.