Whitepaper
Customer Centricity: the devil lies in the details
This decade's prominent trend is to be customer-centric and is
often viewed as a one-off initiative rather than the way of doing
business, misleading organisations into believing they are truly
customer-centric. The most common misconception about being
'customer-centric' is to have customer facing applications.
Businesses worldwide have evolved from rendering tailor-made
products to employing mass production to focusing on
product-centricity to delivering personalised services to finally
focusing on customers. The truth is that there is a widespread
quest for customer-centricity, but most organizations are not true
practitioners.
Achieving Customer-centricity
Reasons that advocate businesses to be customer centric
- Boost revenues by understanding customer needs
- Enhance customer loyalty through actionable customer
insights
- Bring product innovations by considering customers' needs
- Increase wallet-share by maximising customer longevity and
lifetime value
Evaluate your customer centricity quotient
- Is your business strategy customer focused?
- Are you segmenting your customers based on their profitability
and their lifetime value, in order to be able to give differential
treatment depending upon the value that they bring to you at all
touch points?
- Are your processes built around servicing customer needs?
- Does your organization have the technology that supports all
customer processes seamlessly?
- Do you have a unified customer database with a single truth of
customers across LOBs, departments and geographies?
- Are your people sensitized to the value that each customer
brings and importance of each customer interaction across all touch
points?
- Are your products/ services adaptable to ever changing customer
needs?
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