Social media and the free flowing access to information, such as product and service reviews, are giving more power to the consumer that previously was not available. Thus creating more informed and demanding customers. With the advances made in technology and communication, combined with vast amounts of data and information created daily, we have empowered the consumer to the highest level.
Truly understanding the consumer is one the most important attributes for making sense of their purchasing process and decisions. A clear understanding of customer needs, wants and pains across the whole organization will help drive profitable growth strategies. Developing a customer-centric model, applying advanced segmentation with data analytics to design an effective customer experience, along with harnessing the power of digital and shifting to a new culture of about the customer for the customer will drive great growth and competitive advantage that is now key for the future of all business.
Transforming to this business model was never going to be a easy transformation. There was always going to be bumps along the way when looking to change a culture that has been in place for some time now. The importance is building that foundation for the future keeping the customer in mind in every business decision we make going forward.
7 Key principals to this culture are:
Process - Avoiding the product push idea and tailoring product offerings based on specific customer segments. Tied with the use of real–time customer insight to support those process and products decisions. Using predictive analytics to adjust offers and service actions according to each customer meeting their behaviors and buying preferences
People - A Customer centric culture is embraced at all levels of the organization. Customer insight is a key component of the company’s strategic agenda.
Technology - A unified vision for data management across the whole enterprise. Data is managed as a corporate asset. As this data will be key going forward proactive measures need to in place for ongoing data quality improvements.
Brand and market position - A need to create a high brand recognition and strong positive associations among target customers, based on real evidence and reputation for customer focus
Customer Segmentation - Clearly defined target segments based on strong understanding of current and potential customer lifetime value. Tied with the in depth knowledge of customers behaviors.
Service – Ensuring that all contact is relevant and value-adding customer contact through variety of media including phone and online self-service tools and information. Not just the transactional and admin driven reasons for contact.
Culture - Customer lifetime management is every so important a clear focus on meeting needs of profitable customer segments across their whole life cycle.
After reading a Ernst & Young report on The journey toward greater customer centricity. I wanted to share some of my key findings with you.