The consultancy arm of Research & Ratings agency Fairer Finance is partnering with UX specialists Pancentric Digital
Customer-centricity is worth the hassle
Question: Who is the most important person to your company right now?
a. Your colleague who can make that bloody printer work?
b. Your boss who might finally give you that promotion?
c. Your needy, seemingly insatiable customers?
Whatever you believe, the correct answer is C, that the most important person to your business is always your customer.
James Shewry, Customer Experience Manager at HSBC, commented:
“Everyone in the business ‘thinks’ that they work with customer in mind. In reality, there’s more they could do to bring customer into the picture when it comes to solving business problems”
But we knew that, right? We all think customer, the customer always comes first… etc etc ad infinitum. But the glaringly obvious truth is often not easy to put into action. Especially when it comes to implementing tricky business processes.
Except the hard work really pays off.
A great example is Apple’s latest store opening on Regent Street, which feels less like a tech store and more like a friendly local courtyard or square. Apple recognised how their stores make customers feel, and worked their emotional journey into the design process.
All well and good, but if you don’t work for Apple, here’s four reasons you can give to convince your colleagues that customer co-creation is worth the hassle.
Customer experience is the new differentiator
Digital brought us transparency, and with that, the ability to talk with each other about our customer experiences.
Customers are talking to customers, and their recommendations count as a big opportunity. So big that 81% of consumers in the US said that they are influenced by peer recommendations when they buy things.
Customer centricity means making your customers spread good things about your brand. It means reduced marketing costs and better brand perception - all things that your boss wants to hear!
Retaining customers is big business
It costs 6-7 times more to acquire a new customer than to retain a current one. Happy customers not only bring down acquisition costs, but they spend more too. Plans that aim to improve the life of customer should be a top priority for businesses looking to grow.
Thinking 'customer' brings lifetime value
Customer centricity leads to impact that can affect brands and culminate over time. Picture the likes of long-standing names: John Lewis, Hovis and Heinz. When we think of these long standing names, we feel a cosy familiarity.
We know we will be looked after, we trust them. This hard earned trust has been built over decades, but it didn’t happen by magic. These brands made customer excellence their hallmark, that’s why we remember them with fondness. Customer centricity future-proofs your business.
Customers can interact with you across more touchpoints than ever
When Talktalk’s data breach affected over 150,000 customers, the effect on customer perception was ‘devastating’. Consumers share bad experiences like wildfire and across more channels than ever before, even taking to Snapchat to provide customer service. That particular breach cost Talktalk 101,000 customers and £60M revenue.
If your customers are unhappy, chances are you will hear about it. Upset them too much, and everybody else will hear about it too. As Andrew Griffin, CEO of Regester Larkin (an international consultancy specialising in consumer crisis) says “if you’re in the news... it’s already too late”.
It's up to you
It all boils down to a choice. Take the hard road to customer centricity for long term rewards, or stumble down the familiar comfortable path of ‘business as usual’.
The short term looks attractive, but carrying on with the same ‘old same old’ could culminate in disaster. Just ask Blockbuster or Nokia.
Innovation doesn’t grow on trees - it’s the result of a concerted effort from a focused team, guidance from external partners, and insight from... customers who are ultimately the heroes who will grow your business. In other words,design thinking.
The choice is yours.
A new Go-Insur web app for marine war risk specialist MGA Vessel Protect makes its K&R quote & bind offer the most versatile in the market.
Specialist MGA Trafalgar Marine Trades (TMT), part of Pen Underwriting's new Marine division, is partnering with Go-Insur, Pancentric's PAS solution, to provide online quote & bind for Commercial products in the Oil & Gas sector and more widely.