What is a Customer-Centric Marketing Strategy?

Customer-Centric Marketing Strategy

A customer-centric marketing strategy prioritizes customer needs and interests when making decisions related to advertising, selling, and promoting products and services. The focus is understanding why your customers need what your business provides so you can deliver immense value to improve some aspect of their work or personal life.

This type of strategy asks:

• Will this help my customers?
• Would my customers like this?
• Do my customers need this?
• What would my customers think about this?
• Would this offend my customers?
• What are my customers struggling with right now?
• What’s happening in the world, and how is it affecting my customers?
• At last, what do my customers need and want?

Implementation Of Customer-Centric Marketing Strategy:

Identifying the core competency:

A company is more likely to be successful if it focuses on its core competencies. That would give a company a competitive advantage over others.

The core competencies are very difficult for the competitors to copy. It is the firm’s own significant trait. It also gives firm excellence in the broader business process.

Value chain as a tool:

A value chain helps to create more customer value. According to the model, a company has strategically relevant activities to design, produce, market, and support its product.

These activities create value and cost in a business. The firm has to analyze each value-creating activity and benchmark it against the competitors and find ways to improve it.

Thus, the company will be successful on the basis of how each department performs and coordinates between one another.

Analyzing growth opportunities:

Assessing growth opportunities means to plan new processes and discard the old ones which are not producing much profit and customer value.

In fact, planning a new process will require downsizing the current one and identify the interest and current trends of the customer’s needs and wants.

Organization and organizational culture: Adapting the culture is the key to implementing any strategy.

Corporate culture is “the shared experience, stories, beliefs, and norms that characterize an organization.” Thus, customer-centric culture impacts the outlook of the organization in a positive way.

Word-of-mouth:

For customer-centric organizations, satisfaction is a marketing tool as well as a sign of approval. The internet allows us to spread a word very quickly, and the customers can share their complaints with a particular brand via multiple channels. Thus it becomes all the more crucial for companies to pay special attention to customer satisfaction.

Feedback and control:

The company is more likely to lose its efficiency as the marketing environment keeps on changing. A firm has to quickly respond to the changing environment, otherwise, it may succumb to the inertia.

A business must understand analyze the changing environment, adjust to the new marketing realities, and accordingly adopt new goals and behaviors.

Benefits Of Customer-Centric Marketing

Building loyalty:

The loyalty of a customer is buying the preferred product or service repeatedly despite any situational influence. Customer-centric marketing inculcates loyalty in consumers and patronizes them towards their brand.

The company’s market offering and the delivery system plays a huge role in delivering distinctive customer value.

Total customer satisfaction:

As customer-centric marketing revolves around delivering the high value of products and digital services, a consumer tends to be more satisfied.

Consumers often form favorable perceptions about a product, if the performance matches the expectations the customer is satisfied if it falls short the customer is dissatisfied.

As well as, the design and delivery of marketing in a customer-centric environment are to match their perception and expectations.

Monitoring satisfaction:

In fact, companies regularly check and analyze the factors that have driven their digital customers to loyalty and satisfaction and they keep modeling it to greater improvement.

Thus, customer-centric environment is shaped around the customer base and it is the greatest long term investment for them.

Product and service quality:

Quality is the conformance to requirements. A customer-centric definition of quality- “It is the features and characteristics that a product or service offers to meet the expectation of the customers and satisfy them.

Quality and satisfaction are connected to each other. Thus, high levels of quality mean higher levels of satisfaction and that implies more profit for the digital business.

Maximizing customer lifetime value:

In fact, customer lifetime value is the amount of money that the customers are willing to spend on business over a course of a relationship with the company.

More lifetime value is obtained in a customer-centric environment as the company identifies customer’s needs and requirements and makes sure that the expectations have reached the product designers. They also interact with the customers after the sales for their valuable feedback.