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Transcript of Customer Centricity
What is Customer Centicity?
Being customer centric means looking at a customer’s lifetime value and focusing marketing efforts squarely on that real-world, high-value customer segment to drive profit. There is no “average” customer, and that most customers are not always very profitable
The concept of Customer Centricity
Customer centricity is a concept that has been recognised within the scope of service management for over fifty years
Key Trends in Customer Centricity
The pressure to increase market productivity, expanding market diversity, intensifying competition, well-informed and demanding customers, and the accelerated advances in technology
Why is it even relevant ?
Customer centricity is the forming of a relationship. A relationship is almost impossible to competitors to understand, copy or replace; giving its the firm a competitive advantage over other firms.
The Potential Issues
To the customer, customer-centricity is listening to me and satisfying my needs. To the company, this requires tremendous resources for each individual customer
By Tom, Eilish & Jun
Yet has only been developed for the past 10 years...
Did the video from Phillips accurately describe "Customer Centricity"?
The Path To Customer Centricity
Shah, D., Rust, R.T., Parasuraman, A., Staelin, R. & Day, G.S. 2006, "The Path to Customer Centricity", Journal of Service Research : JSR, vol. 9, no. 2, pp. 113-124.
Is Customer Centricity easy?
However, it is worthwhile. Where we used to measure success by profits, market share and output; we now see that the feedback from customers is more valuable that what was previously realized. Having that two way conversation is a new concept.