Monday, April 16, 2007

Customer Centricity -- The only way to Success

Knowing the customer is the first way towards greater business. And further is knowing to benefit those customers. Customers can be better served in two ways - one is giving them what they want at the time they want, and second is giving then in better way i.e. with ease.

There is a saying about branding and long-term business -

"If you make profit, you will retain business and if your customers make profit, you will grow business".

Now, at this time when customers are very choosy, they not only chose product but they evaluate the service also. They simply turn down their buying decision, if they do not find good service. Also, many surveys have shown that now a days most buying decisions are made at the site (shops) when they see the products rather than planning to buy particular product and searching it. This gives virtually no time for the retailers to prepare. The Retailers need to be prepared to serve all types of customers in the way they want.

I have seen many people searching many products in a departmental store and if one in their list is missing they simply go away without any purchase. Also, it is quite common to see people asking for some benefit which competitor is providing and inability to provide that particular benefit takes him away. This happens in all industry, be it banking, insurance, retail or health-care.

All these scenarios appeal to more customer centric business environment. Customers do not want more benefit, but they want a particular benefit that appeals him. Thus Customer Centricity is the management practice designed to rule the coming days.

I am happy to see this topic being chosen for discussion in InterAct Meet of Fair Isaac. Fair Isaac, with its 50 years of Analytics and Decision Management experience built different various customer segmentation tools to support better customer understanding. To view the Fair Isaac talking about Customer Centricity, follow this link:
Customer Centricity at InterAct

James Taylor talks about it here. This may be a good reading.
Customer Centricity by James Taylor


James Taylor said...

Completely agree - turning data into customer decisions is key.
P.S. You might want to make the links in your post active. Like this:
Customer-Centricity sessions at InterACT
The customer service section of James' blog

Le_Plan said...

James, thanks for the comment, and the suggestion.


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