Customer centric companies have 2x higher average revenue vis-a-vis companies that are not according to a recent EY report. Welcome to first in a series of seven business growth pillars that can help your company scale up. So here are 5 ways to be a more customer centric company.
Let me share a personal story where I got very present to the need to be a customer centric company. I used to be in the rice business, over a decade back. We took part in an exhibition where we had an opportunity to interact with our end customers, and typically, those were housewives. Over three days we interacted with over 2,000 housewives. And we kept on asking them: “Why do you buy our rice? We got some surprising feedback.
90% of the housewives said that they loved our product because the rice was fat. Yes you read that correctly: FAT!
So we started to look into this deeper, and we looked at what did that mean for the rice to be fat? And we were able to identify that one cup of our raw rice was able to produce four cups of cooked rice.
We found out that the competitor’s rice was only able to produce two and a half cups of cooked rice. So our brand was delivering tremendous value. This is something that we had never even communicated to our customers. It’s our customers who were happy with the product, telling us this why they were buying our rice.
This new insight completely changed the way in which we marketed our product. We found a way to articulate the reason why customers bought our rice in our marketing and sales. We were able to grow our revenues by over 100% because of this new insight.
So let’s cover 5 simple ways in which your company can be more customer centric.
1. Customer Centric Companies Get feedback
Proactively take feedback from your customers. And in this day and age, it’s so much easier. Use tools like Survey Monkey for online surveys.
Use every customer interaction to solicit feedback. For a customer centric company, feedback is the breakfast of champions.
2. Customer Centric Companies Use CRM
Customer Relationship Management software helps you be more customer centric. Every time you have an interaction with either a prospect or an existing customer, always have it recorded. CRM software helps you manage this easily.
I personally use a free cloud based software called Hubspot. This software helps me track the interaction from a lead, qualify a prospect and then turn into a sale. This is a great way to track how many leads you have and the status on each.
Other good ones to consider out there include:
Staying in touch with existing customer and prospects is an important part of marketing. You can use some simple email marketing options like: