Customer and Market centricity – what is it?
Is it a bird? Is it a plane? No, it is….
Customer and market centricity is a business philosophy that focuses on creating value for customers and delivering superior customer experiences, while also being aware of and responsive to the market conditions and opportunities. A customer and market centric business strives to understand the spoken and unspoken needs, wants, preferences and expectations of its customers, as well as the trends, dynamics, and challenges of the market. By doing so, it can design and deliver products and/or services that solve customer problems, meet customer demands, exceed customer expectations and stand-out from competition.
Customer and market centricity is important for several reasons, such as:
Increasing customer satisfaction and enhancing brand reputation: By focusing on customer value and customer experience, a business can improve customer satisfaction and delight customers at every stage of the customer journey.
Gaining competitive advantage and greater market share: By being aware of and responsive to the market conditions and opportunities, a business can differentiate itself from competitors, innovate its products or services, and adapt to changing customer needs and preferences. This can help it gain more market share and grow its business.
Driving revenue and profitability: By creating value for customers and delivering superior customer experiences, a business can drive revenue and profitability. According to a study by:
Deloitte, customer-centric companies are 60% more profitable than companies that are not focused on the customer.
Bain & Company, increasing customer retention rates by 5% can increase profits by 25% to 95%.
Achieving business goals: By aligning its strategies, processes, and culture with customer value and customer experience, a business can achieve its business goals more effectively and efficiently. Customer and market centricity can help a business improve its performance, productivity, quality, innovation, and growth.
Customer and market centricity is vital for any business that wants to succeed in today's competitive and dynamic environment. Every company that puts the customer at the center of everything it does, has a head start. And those that also are fully aware of market conditions and opportunities will keep on being the front-runner.
At Experience Unleashed we know that every company with a turn-over have a level of customer & market centricity in their DNA. But we can help to take it to the next level, independent of starting point.
