Customer-centricity should be a given for any organisation by now. We know from the swathes of evidence, research and case studies that customer-centric organisations are more likely to achieve better business results.
They have 1.5 times more engaged employees than less customer-focused companies. And, crucially, companies that lead in customer experience outperform laggards by nearly 80%.
But what does customer-centricity really mean in the current climate? And how can organisations keep up with changing customer needs?
Change is now
A variety of internal and external factors naturally impact the relationship any organisation builds with its customers. And we know only too well that economic pressures influence the decisions and choices customers make, and therefore customer acquisition and retention. So, today, organisations need to be more responsive, agile and adaptable than ever.
What this means for customer-centricity is that it requires a more holistic approach that touches every area of the organisation, to ensure that everyone in the business is working efficiently and effectively towards creating strong, long-lasting relationships with customers.
No two organisations are entirely alike, so planning, measuring and acting on CX is obviously going to be different for every business.
However, in order for customer-centricity to deliver a competitive edge, businesses must be willing to tailor their CX strategies on a regular basis so that they remain relevant and finely tuned to their unique position in the market, the products or services they offer, the customers they serve, and the values they adhere to.
In order for customer-centricity to deliver a competitive edge, businesses must be willing to tailor their CX strategies on a regular basis.
Customer-centricity is clearly a continually moving beast. What works today may very well need to be adapted to work tomorrow. So, while the future holds many possibilities and opportunities – some more challenging than others – the ability to change will be imperative.
Just as we can expect to see changes in how we work, live, and play – and how our customers choose to do business with us – we can also expect to see rapid developments in CX which should help us to keep customer-centricity front and centre.
As Bill Gates recently said in his blog: “The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone.
“It will change the way people work, learn, travel, get health care, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it.”
With more rapid change on the horizon, AI will inevitably infiltrate customer experience, impacting customer expectations and how organisations deliver that experience. Organisations should be thinking about future trends now in order to keep up with consumer needs and remain customer-centric.
Keeping pace with change
When we talk about the future of customer-centricity, we often emphasise its benefits for organisations. But let's take a step back and remember what it's really about: the customer.
As Ian Williams, Chief Marketing & CX Officer at Jericho Consulting, discussed recently: “Customer-centricity has changed over the past two years with organisations’ increased focus on digital, but whether there has been more focus on the actual customer experience is questionable.”
What organisations do to ensure they are adapting and evolving to meet changing customer expectations will undoubtedly be shaped by several trends and technologies that already have an impact on how businesses interact with their customers.
Personalisation
Customers want brands to understand their individual needs and preferences and deliver a tailored experience. This means that organisations need to access more data on customers than ever before, and use it in a responsible, ethical way.