A smarter approach was to help these resellers sell more to their customers and help them get a footprint in new markets by enabling them do so. Of course, it makes sense to focus on your best customers and on those customers with the highest potential customer lifetime value. Things like up-selling and cross-selling do exist. At the same time, anyone knew that if you were really talking with customers and listening to them, also smaller ones, you could detect hidden gems, sleeping gold mines or apparently occasional small buyers who bought loads of stuff from your competitor.
Especially the last part which we rephrase as follows: do not waste time on stuff that will never pay off in any significant way whatsoever, regardless of the term in which you hope it pays off and of the ways it pays off that ultimately impact your bottom line. What Fader essentially wanted us to realize was that, despite good attentions to love all our customers and serve them all equally well, they are not equal.
That does happen, also today. Ask any sales rep, any CEO, anyone in real-life business and most of all, maybe, anyone who knows everything about metrics and analytics like Jim Sterne. The issue is that we live in a somewhat different world, to say the least and that the definition of customer-centricity should really be broadened a bit. Sometimes we asked them if they had any idea what the impact of brand perceptions and other brand metrics and shifts in those perceptions and metrics had on their bottom line.
You can measure that, you can include it in your marketing ROI although the misunderstanding of marketing ROI often scares the hell out of brand marketers. Very often the answer to that question was…. Take it a step further. Customer experiences? Peter Fader is not just your average author. And these people do some very smart things in the customer analytics field.
Customer-centricity is not the same as what Forrester calls customer obsession. And being customer-centric is really, truly, genuinely and in so many proven ways utterly crucial. Digital transformation Industry 4. Sign in. Forgot your password? Get help. Password recovery. Home Contact center. The famous customer experience delivery gap Bain and Company first published in The three Us: Useful.
Product-centricity and customer-centricity — source Don Peppers — read on LinkedIn. UK Agency D. Customer-centricity — research from Insites Consulting. Kobrin: In the book, you say this current generation of consumers is spoiled: They know what they want, and they want it immediately. What are the implications of that for companies? Economic times in general tend to be better than they were, say, 50 or 60 years ago. Customers are far more empowered than they ever were before. A lot of companies spend their time pushing back, hoping for the old days when they could just put a product out there and leave it to the customers to figure out how to use it and how to integrate it with other products and services.
Instead of pushing back and complaining, companies have to realize that instead of just putting products out there, they really need to be a solutions provider. Companies need to help consumers figure out how their products and services are going to fit into their lives and offer solutions, and not just ingredients.
Kobrin: You talk a lot about the difference between a product-centric and a customer-centric strategy. What is the difference? Fader: Nearly every company on the planet is product centric. You look at the incentives. You look at the language they use. You look at the performance metrics that they rely on. But I am suggesting that there are alternatives.
I realized that I need to take a step back — or actually a step up. I need to understand the strategies into which these models and methods and analyses would fit. As I stepped back and looked at what experts are saying about customer centricity and loyalty and all these higher-level terms, I was surprised at just how ambiguous a lot of these definitions were or how contradictory they were.
You pick up three different books on customer centricity, and you get four different definitions about it. But beyond IT departments where, for example, the majority of software developers employ Agile techniques , adoption is not as widespread. Skip to main content. Home Career Advice Industry trends Why customer centricity is crucial to your organisation.
Why customer centricity is crucial to your organisation. Why customer centricity is crucial to your organisation By Terri Williams.
Companies with a product-centric approach are at a competitive disadvantage. There are examples all around of the folly of pursuing product centricity. Paper-based packaging comes from a renewable resource, it can be recycled or composted, and it meets customer requirements for health and safety.
Additional advantages come if the package is shipped in its own container, supports shelf-ready display needs, is more suitable for print advertising than current plastic solutions, or it can be used for another purpose after its initial packaging life is complete. Forest products companies can leverage three strategies to bring customers and consumers into the heart of their business. They can do the following:. Fiber is well-positioned to be the material of the future, and now is the time for forest products companies to act.
They have an opportunity to leverage insights and information to become more customer centric and take steps to reimagine and reinvent how they interact with the world. Reinventing the forests products industry. It employed a two-part methodology, including a standard survey and a preference analytics tool developed by TrueChoice Solutions that ranked 74 buyer value levels across 14 defined attributes. With a total of participants, respondents included: materials suppliers approximately 70 of which were forest products companies ; industrial buyers across 15 sectors; retailers; and 1, consumers.
The industrial buyers group included both converters companies that transform wood-based raw materials for manufacturing segments and manufacturers those that produce finished products for industrial sectors and consumers.
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