The Power of Customer-centric Marketing [with Statistics]
In today’s highly competitive markets it’s no longer about you, your product or your company. The focus has shifted to customers, their experience and their success. In other words, it’s high time to turn to customer-centric culture.
Putting customers in the very center of a company’s universe pays off. People are not interested in how you operate or how you manage your processes. They just want to gain value. And it’s your task to make it as easy and smooth as possible.
Most managers know it. Many believe they apply it. Yet few really make use of its full potential.
However, those that do and apply customer-centricity to their whole business have much higher chance to succeed.
It’s not just my point of view. Research shows it.
- Customer-centric companies are 60% more profitable than those that are not. (Deloitte)
- According to Majority of buyers (86%) is willing to pay more for better customer experience. (Superoffice)
- By 2020, half of the businesses will try to stand out using customer experience.
- In 2013, 62% of consumers changed providers because of poor experiences – a rise of 4% compared to the previous year. (Accenture, Global Consumer Pulse Survey, 2013)
- “Increasing customer retention rates by 5% increases profits by 25% to 95%.” (Harvard Business Review, 2014)
- “Only 1 out of 26 unhappy customers complain. The rest churn.” (Huffington Post, 2017)
If you are interested in more numbers, you can find a bunch of different customer experience statistics here.
Why does inbound marketing usually work best for driving primary interest? Above all, because it adds value.
Similarly, such an approach applied to the entire customer journey gives some extraordinary benefits:
- Nobody can deny the power of customer reviews. Excellent customer experience will have therefore a profound impact on your conversion rates.
- The cost of acquiring new customers is much higher than retaining (and up-selling to) existing ones. If you care enough, you will be able to maintain your revenue without additional, unnecessary spendings.
- Given you keep providing value, it’s highly likely you’ll need little effort to create viral loops. These will turn current customers into advocates, bringing new leads into your funnel at no cost.
That’s where stable growth comes from.
Because even if you’re great at finding new acquisition channels, there’s nothing as powerful as word-of-mouth.
(…) 92 percent of consumers around the world say they trust earned media, such as recommendations from friends and family, above all other forms of advertising (…).Nielsen, “Consumer trust in online, social and mobile advertising grows“, 2012
To learn how to apply it to your business, read my next article. I show there 5 main strategies that customer-focused companies need to implement.