Customer centricity is an approach of doing business having the focus on catering to the needs of customers to gain competitive advantage.
Especially when all the means of business working is online, its importance has only risen multifold.
This topic is something that all major businesses are applying in their digital deliverability.
Without understanding the needs and requirements of customers, the sustenance and long term growth of the company get impaired.
People or prospects getting interested in a thing takes a while to get this converted into the final purchase process.
And lesser, this time is taken; more will be the rate of fast sales and revenue traction for the business. As more and more companies are establishing themselves in the digital domain, chances of the existing customer base moving towards another brand are apparent.
Brands offer competitive discounts, add on offers, free services, rebates, cashback offers, etc. which customers find cost-saving and appealing.
So, servicing customers in a wholesome manner is the best solution.
Every element of the masses regarding shopping factor should be meticulously planned in a manner that their retention is maintained. This gaining and maintaining higher customer retention rates can be undertaken with the following steps:
Different types of customers will have differing product and service requirements. To meet all these needs, it’s imperative to categorize them systematically.
People and buyers can be segregated into various groups based on:
- Economic background
- Social media usage
- Purchasing history
- Climatic conditions or time
- Education level
- Geographic proximity
This invariably helps the firms to understand the reason behind their choices for things, and thus create tailor-made offerings.
The era of acute personalization is prevalent in anything and everything. People are ready to offer a higher price for premium and even localized versions of what they want.
For this, companies are undertaking extensive research on studying customers likes, preferences etc.
Offerings them most spellbinding and exquisite offering, fully bespoke not only makes them a happy bit also fulfilled.
Such customers will also assist in enabling the company to gain brand worthiness by spreading the right word about it.
The social media prevalence is assisting in free and carefree sharing of viewpoints of everyone.
Taking this into account, what the general market conditions are through the comments and views of people across all digital media platforms is beneficial.
Whether it is for a new product launch or for eliciting demand for a better version of the existing set of offerings, customer’s and even the feedback of the masses is crucial.
Technologies like artificial intelligence, machine learning, and blockchain are all helping companies make decisions easy.
Making use of all these comprehensively as part of its analytics can bring forth best leads to tap into and gain competitive leverage.
Churning relevant and useful information of customers from the sea of data, and using it for predicting their present and future buying behaviour is fruitful.
Giving recommendations present customers, realistic and useful, matching their needs can do wonders in creating bespoke solutions.
No longer can any firm that has to gain market share and withhold competition stay in its dormant manner of one-way selling.
It was the earlier ways of selling things is no longer useful as the trend for response in everything has become inevitable.
Not only a company has to offer the most spectacular offerings of goods and services but also become a social media magnet, to build brand awareness.
Responding and solving queries and grievances is not enough. But to take efforts in innovative ways of engaging them is crucial.
Customer lifecycle management
The journey process of people from the onset of getting interested in an offering to its final sales is something that each firm should tap into.
Customer lifecycle management makes use of this to understand each stage of the customer’s buying process and build ways to engage them.
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