Research by Deloitte and Touche found that customer-centric companies were 60% more profitable compared to companies that were not focused on the customer.
In fact, 86% of buyers are willing to pay more for a great customer experience. The more expensive the item, the more they are willing to pay, according to a research from PWC.
Seven years ago a study found that the main challenge to truly achieve customer-centricity is functional silos blocking aggregation of data from across the organization.
The winning brands of the future are the ones who treat their customers with respect, offer great service, and build a relationship with them, understand their needs, constantly improve their product/ service for a better fit and create an overall customer experience.
The main ingredients for becoming customer-centric are:
1. Understanding your customers in the first place
2. Collecting continuous feedback from them about their experience with your company
3. Designing (and tracking) their experience using the above insights