Customer centricity places the greatest significance on the customer experience and strives to make every interaction with the customer as positive and memorable as possible. This is incredibly valuable and critical in our world today, as customers have the highest expectations when it comes to the quality of their experience and the level of personalization being provided by their favorite brands. They expect companies to deliver relevant content, offers, or messaging while respecting their privacy and upholding their preferences. Especially now, many consumers are more risk-averse and are sensitive to messaging that doesn’t match their expectations.
How can businesses drive growth in times when there is strong economic pressure and buyers’ expectations are at an all-time high?
One area to focus on during economic instability is your customer base. Nothing is more important than ensuring your current customers are happy and their needs are met.
Customer Centricity in 2023
Companies need to put the customer at the center of everything an organization does in order to navigate the ups and downs of today’s global society. At its core, customer centricity requires building long-term relationships with customers by providing personalized experiences, excellent customer service, and ongoing support. It involves listening to customer feedback, gathering data on customer behavior and preferences, and using that information to improve products, services, and processes.
In order to achieve these customer-centric objectives, your company needs to be able to properly collect customer data and then organize it for hypertargeted and cost-effective activation. You also need to create the infrastructure to align the entire organization to these valuable customer-based insights and unique customer profiles.
Why does it make sense to focus on customers now?
- Strong Growth Can Come from Existing Customers: Acquiring net new buyers is great, but don’t forget about keeping current customers happy. Retaining customers can help businesses generate more revenue in the long run. Satisfied customers are more likely to make repeat purchases, and their loyalty can also lead to referrals and recommendations, bringing in additional new business.
- New Customer Acquisition is Expensive: Acquiring net new buyers can be 5-25x more expensive than placing investments with the current customer base. Spend the time to ensure it’s clear what your different customer segments need from your products and company. Make sure there are programs that are centered around utilization, customer success, and loyalty.
Boost Your Customer Centricity Initiatives at Digital Velocity 2023 – Day 1
At our upcoming Digital Velocity 2023 we will be focusing specifically on customer centricity on day one of this three day virtual event. “Customer Centricity: How to Grow and Retain Your Customer Base,” features sessions on how innovative companies are creating customer-centric experiences to survive and even thrive in dynamic times and increase marketing efficiencies with the Meta + Tealium Conversion API.
“Next year Google Chrome is slated to deprecate third party cookies which will obviously have a very significant impact on the efficacy of the Facebook Pixel, which is what most of our advertisers that drive off-site use today to measure the efficacy of their ad campaigns to help optimize, to target, etc.
Because of that we feel a very strong sense of urgency around helping advertisers get more reliable and secure ways to share data about what happens outside of Meta with Meta. That’s why we’ve developed a product called Conversions API that we work very closely with Tealium on. Our feeling internally is that advertisers, while they may not necessarily be feeling a ton of impact from signal loss changes today, over time they’re going to become greater, and greater, and greater.”
– Emily Wilson, Partnership Team, Meta
Digtal Velocity 2022, Powering eCommerce Personalization While Respecting Privacy
Over the course of all three days at Digital Velocity 2023, we’ll explore key strategies for building an organization around customer centricity, surviving and thriving in dynamic times, leveraging first-party data through innovative means, and the power of connected and secure customer data to future-proof your business. We’ll also examine top customer data use cases for growing and retaining your customer base, empowering your teams and business to ride the waves of change with stability.
Click here to register for Day 1 of Digital Velocity 2023: “Customer Centricity: How to Grow and Retain Your Customer Base.”
