In a world that has many competitors in the business industry, you need to be outstanding to run a business successfully. In order to manage a business smoothly it is important for you to learn the needs and wants of a business.
The most important thing needed in your business is to have the correct business strategy.
There are two types of business strategies, customer centric strategy and product centric strategy. It cannot be said that one strategy is better than the other but today, we will be focusing more towards customer centric strategy in which many businesses take in moving forward.
Due to the changes in the behaviours of customers from 2022 onwards, businesses should be more dynamic, be more personal and remember that customers are the king. Not only that, with the current increases in the number of customers, when a business does not feel relatable or does not identify with the customers, businesses have the tendency of losing out in seconds.
The main cause of this is because businesses lack rapport with their customers. To better understand how to handle your business while putting your customers at the utmost priority, a sharing session by a mumpreneur from Marketing On Point marketing expert, Ms Yasmin, had given some in-depth insights on the essential elements businesses should acquire to be successful.
What Every Business Have and Needs webinar has provided an eye-opening direction towards business strategies and delivered exclusive tips that help businesses to grow bigger. The webinar mainly focuses on the customer centric strategy and why it is vital for businesses to have a great customer centric strategy to maintain their business flourishly.
Below are the hot topics that were discussed by Ms Yasmin to help you plan the perfect strategy for your business.
What is Customer Centric Strategy?
Customer-centricity is a business approach that focuses on placing the customer first and at the centre of your operations in order to create a great experience and establish long-term partnerships.
A customer centric strategy is one in which the customer’s needs, wants, and communication preferences are prioritised during the purchasing process. All sales activity and communication should be geared at assisting the customer in achieving immediate and long-term success throughout the customer journey.
The difference between a customer centric strategy and a product centric strategy
In customer centric strategy, the main priority is always given to the customers and this in return increases loyalty and retention in a business. In customer centric strategy, it focuses on the customers at the heart of every decision made and any plans or meeting always starts with the mindset of what the customers want and how it helps customers.
The customer centric strategy is beyond customer service. Although some claim customer services and chat boxes are customer centric strategies, it is only one part of it. Customer centric strategy is more of a macro view of how you are planning things for your business.
An example of customer centric companies such as Starbucks developing an on-the-go app that allows customers who are busy, to order and pick up their purchases without queuing up in lines or Netflix providing recommendations to their users for latest shows that matches the user’s preference.
Product centric strategy focuses on the products first unlike customer centric strategy that focuses on customers first. This strategy focuses on developing new versions and product lines. It concentrates on finding customers for their products and have the mindset of who I should sell this to.
Examples of companies are Apple, always coming up with many versions and new products and having their own community that buys their products or Dyson who comes up with new versions of their products and increases their products range.
Why Customer Centric Business Strategy for your business?
In research done by Deloitte, it was found that customer centric businesses are 60% more profitable. It is advisable for businesses to include customer centric strategy as a part of their business strategy especially for a product centric business to improve their business.
Although it brings 60% profit to businesses, only 14% of marketers have incorporated this strategy in their business. This is because presently businesses only have a few seconds to grab the attention of the customers and that requires a lot of effort. Nevertheless, when effort is put in to gain customers attention, a business will be able to run successfully.
Besides, customers are the heroes and business owners are the guides that help them buy the products they wish. So, the thought process that businesses should have is, there are many guides out there, how should I make customers choose my business as the guide to buy the product they want.
Thus, it is vital for businesses to produce the product in a way with the customers in the mind. Including your customers in your brand story makes your businesses more inclusive with your customer. To get the best outcome from this strategy, having a detailed target audience personas is important.
Tips for Customer Centric Business Strategy
- Backed up with latest marketing data through testimonials, google analytics and customer service
- Having a customer journey map allows you to learn customer’s experience with your company and improves buying and after sales process
- Develop a detailed target audience. Begin with 2 groups and expand according to your resources.
- Your biggest priority must be your customers experience
- Be easily accessible for customers to contact you
- Develop products based on customers’ needs
- Create an onboarding process that introduces your products and services that explains your customers how to use them to fulfil their specific needs
- Reward loyal customers to get customers to purchase your product or service again
Now is the right time for you to decide on which pathway you would like to carry on your business forward. Customer centric strategy might be the best option you have to make your business successful.
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