Do You Think Your Company is Customer-Centric?
Are you aware of the factors that determine the most significant & influential product improvements and new product design priorities for businesses? The shortest response to this is “customer.”
A seamless customer experience is primarily achieved through paying heed to client feedback, understanding their wants and requirements, and thereby developing products to address these objectives.
Essentially, products are purchased by customers to address and then solve certain problems. But if the product doesn’t live up to their expectations, they reluctantly keep using it in ways that weren’t originally intended. Due to this experience discrepancy, customers look into several other market possibilities. Therefore, for companies, it’s critical to keep customers and their demands at the forefront of product development decisions in order to prevent such unsatisfactory outcomes.
THE TRADITIONAL PRODUCT-CENTRIC APPROACH
A company automatically assumes a product-centric strategy when it prioritizes the creation of newer, more refined and advanced products despite the clients’ demands. All business operations and processes are therefore focused on creating and executing this strategy. Furthermore, these businesses make significant R&D investments to develop cutting-edge products and also expand by adding new product lines to their portfolio.
In recent years, many software companies now place a strong emphasis on providing a product-first experience. It typically signifies that the most advanced product is produced using the majority of its resources. These approaches aren’t inherently deemed wrong, but in the roadmap, they tend to ignore the customers: the company’s most valuable asset. It’s very interesting how product-centric businesses still manage to expand their product to meet everyone’s needs; while attempting to solve certain client problems or keep adding value.
THE CUSTOMER-CENTRIC APPROACH
In contrast, a customer-centric plan puts the customer at the heart of every company decision. Their objective is to increase client lifetime value and make customer data a useful resource for their business. Additionally, a company’s value is evidently increased by improved seamless customer experience, which drives up the overall firm value and thereby affects investors’ decisions to keep investing in the business.
Businesses that put their customers first depend on repeat business to generate growth, therefore they work to maximize their recurring revenues. To solely focus on these initiatives and drive maximum revenue from current customers, companies are establishing dedicated and specialized Customer Success teams. In the world of SaaS, the significance of the customer success role is fostering a completely new support sector and set of technologies.
By integrating a customer experience strategy across digital and physical channels while delivering operational service agility, B-TRNSFRMD has pioneered omni-channel CX solutions, cloud contact center solutions, and customer data analytics.
Which consumer behavior patterns are your company’s top priorities for growth? Share your views with B-TRNSFRMD, the leading digital transformation consulting firm.
