Today’s customers won’t settle for digital experiences that don’t meet their needs. As we move into the next year of digital innovation, companies must pivot to ensure their strategy is designed to give the customer exactly what they want. They have to become more customer-centric.
To help set your business up for success, we’re taking a closer look at the benefits of customer centricity. We’ll dive into what it is, why it’s important, and what stops companies from being customer-centric.
What is customer centricity?
Customer centricity is an approach that requires understanding what the customer expects and needs in order to drive repeat business and loyalty. It means exactly what it says: putting your customer at the center of your business.
Ask yourself: What does your customer need—and how can your business deliver on that need? Maybe your customer wants to buy products efficiently. Perhaps they are looking to do research or configure products.
Before you take action, you need to understand the customer and assess the current state of your customer experience. This understanding will help you build an effective strategy that will move your business forward in the right direction.
What is the importance of customer centricity?
It is crucial to consider the voice of the customer in your digital strategy. Adopting a customer-centric approach can maximize revenue. Your customers drive your revenue — which means your success depends on meeting your customers’ needs.
According to our 2022 B2B Buyer Report, 94% of B2B buyers agree their company prefers to work with suppliers that continuously evolve their digital capabilities and experiment with offerings.
That preference directly affects a business’s bottom line. In recent years, companies that are leaders in digital transformation have experienced more than double the revenue growth and compound annual growth rate than that of the digital laggards.
You don’t want to be a digital laggard. That position puts you behind your competition, and in terms of the Great Resignation, it doesn’t help with attracting and recruiting top-notch employees either.
Customer-centric digital transformation ensures that you’ll evolve your capabilities in the a way that is impactful, successfully meet your customers’ needs, and build long-term customer relationships that drive revenue.
How can I get to know my customer?
You already have access to sources that can help you get to know your customers better. Get started by diving into the data and making connections. Here are three steps to take:
Review the data and analytics.
They tell you exactly what your customers need, where your digital user experience is succeeding, and where it’s falling short. Be sure to put the data into context so you don’t make any false assumptions.
Talk to your customers.
Understand their pain points and discover what capabilities they would like to see. You can do this through customer surveys, or if you are a B2B company, even one-on-one sessions with your top customers.
Our 2022 B2B Buyer Report shows that 97% of online B2B buyers experience some sort of pain point during the eCommerce purchasing process as a result of suppliers’ tech solutions. Top issues center on inefficiency, lack of innovation, and generally being difficult to do business with.
Make data-driven decisions.
See if your data aligns with what the customer is saying in your customer surveys or conversations. Are you capturing the right information? Are you interpreting the data accurately? Integrating these learnings into your strategy is essential for achieving customer centricity.
What stops companies from being customer-centric?
We get it — building a customer-centric marketing strategy isn’t easy. Businesses need to analyze the data, extract insights, and modify their strategies to create an experience that customers enjoy.
Customer-centric marketing requires a deep dive into the customer journey. It involves listening to your customer and collaborating with teams across your organization.
You’ll have to consider your business’s opportunities, current capabilities, and barriers to customer-centric innovation. In identifying those factors, companies can come up against challenges that feel hard to overcome.
But in today’s digital landscape, the biggest risk to a company is inaction.
If a company’s digital channel can’t keep up with their needs as a buyer, 85% of B2B buyers would turn to a competitor.
When it comes to a customer-centric digital strategy, there is opportunity in the uncertainty. If your company has a plan and is also adaptable to any new impacts, that transformation can lead to unexpected wins.
Ready to put your customer at the center of your digital strategy? Contact a digital transformation team member, or download our “How To Prioritize Customer-Centric Digital Transformation” white paper.