Have you ever wondered how a successful brand manages to survive in today’s cut-throat market?
There is no better differentiator in the experience economy in which we currently find ourselves than customer experience. To survive in it, we must understand its importance. Brands that create lasting relationships with their clients by offering a positive customer experience to drive important choices throughout their business, and actively listen to customers’ feedback in real time, are known to be customer-centric brands.
Therefore, you must design customer-pleasing experiences if you want to differentiate yourself from the competition and survive in this fiercely competitive market that encourages consumers to keep coming back to your brand. That being said, you must be wondering why is there a need to create a customer-centric culture in today’s time to build a successful brand?
Power shift towards customer-centric experience: Top-down, authority-driven models have long been the foundation of traditional marketing and consumer acquisition strategies. It frequently follows industry norms and seeks to expand into already-existing markets.
In comparison to a few years ago, customers now have different demands and expectations. They have higher standards and, more significantly, are more self-aware of their wants and dislikes. It's easy to say that the market has undergone a power shift if you add in the fact that they have a myriad of options to choose from.
Influence of social media and digitization: Social media and digitization have revolutionized how customers engage with brands. It has also led to the increased power and intense selectiveness of today's consumers.
A study found that 58% of consumers view social media connections with brands and businesses to be more engaging than going to stores physically. Another study suggested that 54% of those who use social media do so to look up products.
With advancement in technology and the presence of digital marketing tools, there are multiple ways to take reviews and feedback from the consumer - SMS, e-mails, surveys and phone calls being the most preferred ones. This helps anticipate the developments the product needs with the interference of the final consumer and the possibility to alter it post feedback.
It calls for betterment: Modern business is calling for betterment. An improved comprehension of our customer’s requirements, better taking into account what they experience on a daily basis is very important.
You must create products and services that consumers will genuinely use and your marketing messaging should be carefully crafted to increase interest in your products as it will drive up your product sale. Moreover, when it comes to after-sale support, it should be top notch. The support must live up to the pre-sale promises and not irritate your clients.
The need for CRM: The core purpose of the business model is customers. Hence, it is necessary to consider a data-driven model with efficient Customer Relationship Management (CRM). CRM data will help in posing a unified front for better service. Understanding the customers’ requirement even before they feel the need for it is a big step towards being customer-centric.
For this, data collection and analysis are vital and helps the company understand the needs and difficulties of their audience. The data can also be used to explore new opportunities and provide a better customer experience.
Metaverse marketing at your service: The metaverse is a virtual space where people can live, play, work, shop and interact with people without leaving the comfort of their homes. With the advent of the Internet, companies have ventured into that space and are utilising it to connect with people at an intricate level.
Campaigns revolving around customer interaction and involvement, rather than being product-centric, are stirring up the market. The main objective is engagement and experience and to enhance those experiences, virtual reality has assisted the process of providing the experience one would want before making the purchase.
Personalisation and hyper-targeting is the key: Every consumer wants to feel different and special. They don't care if they belong to a group of people who have similar tastes and inclination and that makes personalisation essential.
For instance, Borosil has been conducting surveys on a personal level with customers to get closer to the issues the end user faces and working on ways to get better on it.
Hyper -targeting, on the other hand, is the process of expanding your business, being clear about your target audience, how to approach them, and what to say. You can acquire better outcomes by utilising data about your target audience and tailoring your budget or campaign size to the unique requirements.
Your corporate culture serves as the bond that holds all these facets of the customer experience together. The easier it is for different departments to comprehend and satisfy objectives, the more customer-centric your culture is.
Customer-centric businesses are 60% more successful than businesses that don't focus on customers; therefore, doing this eventually ensures easier and more memorable customer journeys as well as better earnings.
(Priyanka Kheruka is Brand Head, Borosil Limited)