Adopting a customer-centric model enables your organization to support sustainable growth objectives linked to key value drivers: increased customer acquisition, customer retention, and use of services. The customer-centric approach empowers employees to resolve issues and participate more fully in creating value and benefiting from it. It supports your ability to create more streamlined customer experiences that reduce costs while generating value.
A customer-centric organization creates products and experiences that suit their customers’ needs, wants, and behaviors. Customers feel more comfortable using offerings, asking questions, and complaining when necessary. As a result, the organization sees an increase in retention numbers and has an easier time acquiring new customers through word-of-mouth and brand awareness. A customer-centric organization knows the right kind of research to carry out and markers to look for when expanding to new markets or offering new products and services.
Create 2 Types of Value for Your Customers
- Functional value: What the product or service actually does for the customer. For example, if a product or service doesn’t provide all the benefits a low-income customer thought it would, this may outweigh earlier perceptions of value.
- Experiential value: What the customer experiences when using a product or service. Positive experiential value creates strong loyalty – among low-income customers, in particular.