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7 tactics to be customer centric

April 22, 2017

With or without NAFTA, organizations need to refine their business models to deliver products and services with the best quality, functionality, and price possible, according to the perception of the customer and get an acceptable ROIC for the investors.

 

Not all clients must be treated or rewarded in the same way, which is why the resources allocated to the sales and marketing areas have to be assigned more carefully in times of uncertainty to deliver the expected financial results.

 

Some tactics to improve Customer Centricity are:

  1. Focus on high value. Understand the goals and value that clients want to achieve. For example, a bank branch may require fewer ATMs, but more financial advisors to serve high-value customers.

  2. Let customers choose the channel. Consumers who buy both online and in stores spend more when it is easier for customers to buy when, how, and where they want.

  3. Mobile media marketing. Consumers in all industries are conducting more and more business with mobile devices. Mobile customers can cost less for every transaction in the long run. Creating incentives for each mobile channel is important to reduce cost to serve.

  4. Help customers use their products and services. Home improvement stores offer Do-It-Yourself Classes and installation services. Car dealers allow customers to know when it is time to make adjustments and maintenance. How can an organization take a similar method?

  5. Align customers to benefit from loyalty programs. The benefits earned by the loyalty each client generates to the organization. The prices and promotions must be oriented to satisfy customers with benefits in their acquisition and above all retention. Loyalty programs established in many industries. However, the challenge of focusing on the customer is still a pending issue.

  6. Clients must participate in the value proposition. The best customers must be involved in a more proactive way in the development of the brand and the characteristics that must have the value proposition for each product and service. Open a continuous dialogue so that the best clients not only give their feedback but help to meet their needs better.

  7. Customize the value proposition. It is critical to know the behavior of the best and worst customers. Fortunately, we are in the era of Big Data, which with the appropriate analytical models can be products, services in negotiation criteria valued in the market.

It is critical to develop the leadership and skills of the staff in charge of Customer Centricity to improve the quality of the characteristics of descriptive and prescriptive models, which should report at least these points:

  • Customer Lifetime value

  • Cost to attract new customers

  • Cost of retaining valuable customers

  • Cost to reject or terminate bad clients

 

Knowing in detail the origin of profitability through the portfolio of clients, allows to establish a valuation method more focused on maximizing shareholder value.

 

 

 

 

 

 

 

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