Truly understanding your customer’s needs is possibly the most important thing for you to do in business. From customer feedback to adoption and retention metrics, there are a lot of ways to gauge “product market fit”. When it comes to marketing as a channel for understanding and driving this “fit”, the best technique is taking a ‘customer-centric approach’ where your customers are at the center of your business.
But what does it really mean and why it is so important?
“Customer centricity” is not simply a buzzword. It means putting your customers first, establishing a conversation with them that allows you to understand their desires and pain points. It is a strategy that focuses on following your customer’s whole journey, from the initial awareness stage to the purchase, through their entire lifetime with you. A strategy like this allows a company to understand what matters most to their customers, their buying behaviors and interests, and what keeps the loyal and engaged; ultimately allowing you to identify new opportunities that will make your business grow.
Along the lifecycle of your prospect and customer base, there are an incredible amount of data points and “moments of truth”. By collecting this data and capitalizing on these moments, you can then reframe your strategy, pivot (if necessary) to offer an improved product/service that truly responds to market demands. In fact, having a customer-centric strategy allows a business to improve its customer experience, not only before the sales but also after. This corresponds to a lower churn rate and an increased Customer Lifetime Value (CLV, which nets out to increased repeat businesses, increased customer loyalty, and increased profits).
Research by major companies, such as Deloitte, analyzed this strategy to understand its effectiveness how it corresponds to a 60% increase in profitability, compared to companies who are not focused on its customers but on their products instead.
A perfect example of the customer centricity approach is Lococo’s, one of our great partners who truly understand how to leverage its productivity by putting its efforts into understanding what its customers want.
For instance, a few months ago, they decided to start selling Small Packs of fresh meat at the same price of Family Packs. Why? They recognized how their customers weren’t satisfied with buying fresh meat if they were just going to freeze it or waste it, because the packages were too big for their needs. Therefore, they decided to address this issue, creating something their customers would be happier with. Now Lococo’s clients can purchase the same amounts as the family packs, at the same price, and they don’t have to divide it all up into freezer bags or worry about spoilage.
This approach allowed Lococo’s to experience major business benefits. By focusing on its customer and really understanding them, the company improved their buying experience. They also made it so that their customers had a reason to visit them more often – smaller packs means customers have to return more often. By working to increase customer satisfaction based off of a clear need, Lococo’s saw an increase in customer loyalty. Driving customer loyalty corresponded to enhanced customer retention, CLV, and profits, all without overcharging its clients!
So it is clear how customer centricity can help you grow your business. And while there are several different methods to do so, relying on an automated platform can make it smoother for you.
In an effort to continue improving on customer focus, Lococo’s has chosen Nix86.
Nix86 is the online platform for distributors that allows them to manage and, most importantly, analyze all their customer interactions. Lococo’s took advantage of the unique features built in it, such as reports, messaging, analytics, and advertising to better identify its customers’ buying behaviors and reframe its strategy.
Increase your productivity and efficiency, choose Nix86 leverage your sales efforts to focus on growing your business.