2021 is the time to put customer needs at the forefront. In the age of empowered customers, companies need to go the extra mile to find out what the customer really wants in order to earn their loyalty and establish a lasting relationship. Did you know that client-centric companies are 60% more profitable (Deloitte)?
Customers expect brands to offer relevant perks to them and respond to their unique needs through personalization and effective loyalty programs. This is why businesses are doubling-down on customer-centric marketing strategies. According to Harvard Professor Ted Levitt, “People don’t want to buy a quarter-inch drill; they want a quarter-inch hole.” Customers want to know what your products can do for them beyond simply features and functionality. It’s all about empathy, listening intently and implementing based on customer feedback. A customer-centric business constantly evolves, understanding their customers and making each customer feel valued. According to American Express, one happy customer brings eight referrals, which results in more leads and more sales.
Data from a variety of studies shows that customer-centricity improves financial performance and provides a competitive advantage:
In order to be a successful customer-centric company, it’s important to completely understand what influences your customers, their values, desires, behaviors and expectations. Which means you must integrate individual data, brand awareness data and aggregate data. A loyalty platform and program is an efficient way for a brand to collect and leverage this data. If you understand your customer’s motivations fully, you’ll be able to use the data to create unique experiences for your customers. For brands like Starbucks and Zappos, this has been crucial to building lasting loyalty.
Here are some benefits of being a customer-centric brand:
Annex Cloud knows successful programs aren’t one-size-fits all. Different reward structures and incentives can accomplish different goals. Our advanced customer retention and loyalty solutions are designed to engage and reward your most valuable and profitable customers. One of our clients, Sugarfina, a premium boutique candy company that dishes out awesome incentives, increased their revenue by 15% and repeat transaction frequency by 57%. Call for a demo today.