February 15, 2022
What is customer centricity?
In today’s crowded market, being customer-centric can give you the edge you need to cut through the noise. Read on to learn what customer-centricity is and why you should incorporate this approach into your business.
Customer-centricity means exactly what you think it means: to put your customer at the center of everything you do. But customer-centricity means more than just understanding what your customers want. Instead, customer-centricity means tailoring your processes and experiences based on your customers’ unique behaviors and focusing on the customers that provide the most value.
What is customer-centricity?
Being customer-centric means ensuring the customer experience is as engaging and satisfying as possible. From pre-purchase to post-purchase, a customer-centric approach ensures that each touchpoint is tailored to meet customer needs and match their behaviors. Additionally, customer-centric businesses use customer engagement tools to hone in on the customers with the highest lifetime value, tailoring shopping experiences to satisfy this unique segment of customers. From marketing that targets a specific purchasing behavior to promotions that highlight predictive replenishment purchases, being customer-centric can enhance every potential touchpoint.
But to be a truly customer-centric organization, you have to fully understand who your most valuable customers are. By knowing them and developing a relationship with them, you can craft the customer experiences that keep them returning to your business time and time again.
What is the Importance of customer-centricity?
32%, or about a third of your customers, will walk away from you if you don't get the customer experience right.
In today's marketplace, customers have a plethora of brands to choose from, and your goal in being customer-centric is to create a one-of-a-kind experience that leaves a meaningful impact. These personalized experiences help drive customer retention, as a satisfied customer is one that is likely to continue making you their brand of choice.
In developing your customer-centric approach, consider the power of a loyal customer. Acquiring a new customer can cost 5 times more than simply keeping an existing customer at your company. Not only that, but loyal customers generally spend more than new customers year over year.
Plus, a truly loyal customer is a great asset for getting you new customers when you need them. Today, over 90% of consumers trust recommendations from friends or family more than they trust any kind of marketing. By creating a meaningful customer experience, you can turn your customers into raving fans who’ll empower your marketing through word of mouth.
How to create more customer-centric service
Your first step towards customer-centricity is to develop a richer understanding of your customers. To achieve this, you'll need to gather data from existing customers and create a complete customer profile. This means compiling data about them focusing on attributes such as age range, products purchased, gender, purchasing time, and location.
Once you know who your most valuable customers are, you want to shape your promotions, marketing, and services to meet their needs and adapt to their behaviors. Behaviors change, so you should continue to work to understand your customers as their needs shift, whether that be through additional data analyses or feedback surveys.
With a better understanding of your customers, you can create the experiences, marketing, and products that captivate your customers and ensure their returning business. And having the right customer insight tools can help paint a better picture of who your customers are and how to serve them.
What are the best customer-centric tools?
To build a customer-centric business, you need the tools to develop a deeper understanding of your customers. And a Customer Data Platform (CDP) can be incredibly useful in helping you reach that understanding. Not only can a CDP help you aggregate your customer data into a single view, but when effectively implemented you can get an in-depth view of who your customers are and the products and marketing they best respond to.
With a CDP, you can build a customer-centric business that gets it right for your customers. Instead of running around and targeting every possible person that might fit your ideal customer, you'll be able to highlight the customers who are more likely to engage with what you have to offer.
Use Lexer’s CDP to enhance your customer-centric approach
Lexer puts the power of customer data directly into your hands, helping you take a more customer-centric approach in everything that you do. Our Customer Data Platform (CDP) is built for retail, providing you a detailed view of your customer behaviors so that you can understand them, and better market to them.
If you’d like to learn how Lexer’s CDP can enhance your customer-centric approach, use the calendar below to schedule a demo with a member of our team!