A customer-centric approach is a way of doing business that provides a positive customer experience before and after the sales to drive business, customer loyalty and profits. Customer centricity is not just about offering great customer service; it means offering a rich experience from the awareness stage, through the purchasing process and finally through the post-purchase process. The customer experience (CX) is defined as the interactions between a customer and an organisation throughout their business relationship. CX is an integral component of Customer Relationship Management (CRM). A customer who has an enriching experience with an enterprise is likely to become a repeat and loyal customer.
Customer centricity is a strategy that is based on putting the customer first, and at the core of an organisation. Amazon, Flipkart, Nike and other e-commerce platforms are examples of customer-centric brands that have spent years creating a culture around the customer and their needs. They are committed to delivering customer value and do not hesitate to fire employees who do not fit into their customer-centric culture.
Product-centric vs customer-centric companies
The product-centric company focuses on developing new and advanced products irrespective of the demand. The demand may be non-existent, but the utility and the quality of the new product creates a new customer segment for the product. Apple, Google, and Tesla are some of the examples of product-centric companies.
The customer-centric company, on the other hand, focuses on identifying a key customer segment, their needs and preferences. It then continuously develops products and services to fulfil those needs. One of the best examples of a customer-centric company is Amazon which started by selling books online and then went on to develop products like Alexa, Kindle, Fire TV stick, etc. Similarly, Nike, TD Bank, Southwest Airlines are a few more examples of great customer-centric companies.
To read more, please subscribe.