THE ERA OF THE CUSTOMER

The Era of the Customer, there is no business success without the customer.

Have you ever wondered why some businesses thrive while others go into extinction? 

Customers are the driver of the continued existence of a business because without them no business can survive and achieve its aims.

Every business satisfies a need whether in terms of selling products or rendering services. However, the core aim of the business to meet the needs of customers and make a profit will not be possible if the business does not prioritize and take action towards the satisfaction of customer needs. 

Research by Deloitte and Touche found that customer-centric companies were 60% more profitable compared to companies that were not focused on the customer.

Statistic reference link:  https://www2.deloitte.com/content/dam/Deloitte/de/Documents/WM%20Digitalisierung.pdf

At this point, it cannot be overemphasized that the need for being customer-centric will help in the overall business growth and market share of the company.

It must be noted however that becoming a customer-centric company is a reality when the right things are in place. 

To run a customer-centric business, here are some of the things you need to take note of:

1. Niche: A niche is a narrow, and specific area of focus within an organization. To thrive in any of the industries as a business, it is important to identify your niche. It portrays your expertise and helps you stand out among competitors. Some of the ways to identify the right niche are by taking note of things you are passionate about and interested in, researching the potential profitability, evaluating competitors and areas of opportunity, assessing the market demands and your value proposition. With these, you would be set to build products that satisfy the pain points of customers.

1. Products: Building products for customers requires an in-depth understanding of customer's needs, wants, and preferences. In other words, before putting out a product, you should ensure that your product matches the needs, wants, and preferences of your target customers. This can be done by conducting market research, thereafter identifying the problem based on the research, developing a solution that will tackle it, testing your product with a small group of customers, gathering feedback, and refining them before launching. When these steps are satisfactory, you can launch your products and monitor feedback which would serve as a tool for continuous improvement.

1. Maximizing Customer Relationships: Putting the customer at heart deals with building a strong lasting relationship with customers which can be achieved by meeting customers' needs, staying honest and true with customers at all times, personalizing your interactions with them, offering incentives/ discounts when the need arises and taking note of feedback.

1. Approach: B2B, B2C or B2B2C? The best approach depends on the type of business, hence the reason why it is important to map out strategies that serve its target market. 

• Business 2 Business: This approach is when your business sells its products to other businesses. Adopting this approach will lead to increased sales because most businesses buy in large quantities. However, its shortcoming is that the decision-making process takes time because so many personnel have to decide before the business makes a purchase.
• Business 2 Consumer: This approach allows the business to sell its product directly to final consumers and this allows them to reach larger consumers and makes the brand known. However, this approach is quite competitive and the profit margin may be low since most consumers want to buy at cheaper prices.
• Business to Business to Consumer: This approach allows a business to partner with other businesses to sell to consumers. It combines the benefits of both B2B and B2C though it can be quite difficult to manage.

1. Platforms for lead generation: Lead generation is the process of identifying and attracting potential customers/ clients for a business product or service. The aim is to capture the interest and contact information of some persons that have shown some level of interest in the product/service of the organization. There are various platforms for lead generation and some of them include: 

• Search Engine Marketing like Google Ads and Bing Ads
• Social media like Facebook, Instagram, and LinkedIn
• Content marketing like Hubspot, Buffer, and Marketo 
• Email marketing like Mailchimp and Constant Contact

In this era of the customer, businesses must prioritize and invest in customer satisfaction and experience. This experience is a game-changer for businesses to thrive if they are willing to adapt, invest in customer service, prioritize feedback, and stay authentic and honest with customers.

Wishing you a great month ahead!

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