Customer centricity is all about customer experience. A customer-centric approach of doing business concentrates on delivering a great customer experience both before and after a transaction in order to increase customer loyalty, encourage repeat business and boost business growth. It requires a great understanding of the customers to define their wants, needs, pain points and formulate the best customer experience accordingly.
Customer centricity can be a very effective strategy when it comes to customer loyalty and customer retention. It gives you a competitive advantage by creating a loyal customer base and helps increase revenue. It can also prove to very cost effective, as customer retention can prove to be just as if not more profitable then customer acquisition in many cases (as explained in this article).
How To Formulate A Lucrative And Sustainable Customer Centric Strategy?
When it comes to formulating any strategy that will bring long-term success there are a few areas that have to be considered. You have to have a focus point, a sustainable model and a data driven approach. Here are the 3 points that will help you formulate an effective customer centric strategy.
1. Centered around the right customers.
When you hear customer centric, you might be thinking it means focusing on all of your customers and providing a consistently great experience to all of them. Although that is the overarching idea it isn't exactly true. As not all of your customers are equally profitable, your focus should reside on your high value customers and center around that group.
Low value customers are usually not committed to your brand and will switch products for something better or cheaper. It is always good to try and convert them to become loyal high value customers but instead cultivating your relationship with high value and loyal customers and working on acquiring this type of customers will be much more cost effective in the long run. When formulating your customer centric strategy you should therefore focus more on your high value customers and their experience.
2. Data driven.
To formulate a customer centric strategy you need to know about your customers first. Therefore it is essential to collect and utilize data about your customers through customer purchase histories, habits and feedback.
The main idea of a customer centric strategy is to optimize customer experience throughout the entire customer journey. To do so you have to know about the pain points, incentives and deterrents of your customers throughout their journey. Utilizing data on what they need, what they want, what keeps them coming back or stops them from doing so will allow you to formulate a solid strategy based on evidence.
3. Constantly improving on feedback.
Growth comes from constant improvement. Visualize it not as linear but rather a loop. While formulating your customer centric strategy an important point to pay attention to which will make your strategy sustainable is building the frame in a customer experience feedback loop.
To optimize your customer experience, pay attention to what you are doing right and wrong. The outputs of your process should feed growth and become inputs for your next steps to come. Implementing a solid feedback system and communicating with your customers throughout the process will help you formulate a truly customer centric and sustainable strategy.
How BHuman.ai Improves Your Customer Centric Strategy
BHuman.ai is a platform that is focused on humanizing communication. It allows you to create a personalized experience for your customers helping you to show them the care and attention they deserve. BHuman.ai allows you to truly put your customers at the center.
With our platform's ability to create personalized videos at scale you can address each and every one of your customers by name to explain your products and services, thank them for their purchase, ask for feedback, provide customer support, offer promotions and so much more. The use cases are only limited by your imagination!
Sign up for our platform today to utilize quick and easy personalization at scale, stop missing out on the secret recipe for connection and loyalty!
To learn more about the other ways you can utilize BHuman.ai for your business visit our site at BHuman.ai. You can also contact us at email@example.com and we will be happy to inspire you in all the ways you can use BHuman.ai to improve your personalization efforts.