The age-old saying that the ‘customer is always right’ may not be as heavily used these days, but the need for businesses to know their target audiences inside and out is integral to marketing success.

Known as customer centricity, the ability to understand the situation, perceptions and expectations of the customer is more important than ever, especially considering just how knowledgeable and savvy the average consumer has become in recent years.

Read on to discover all you need to know about being customer centric, including what it is, the many trials and tribulations that stem from being truly customer centric, and the many more rewards that can be reaped by understanding your customer better than your competitors.

What does being customer centric actually mean?

In short, being customer centric is putting the customer at the heart of everything you do as a business. This includes but is not limited to delivering your products, services or experiences with customer satisfaction, retention and loyalty in mind.

To be truly customer centric, you’ll have to be in a position to predict your customer’s wants, needs and preferences, and tune your business strategy into fulfilling these requirements.

What are the benefits of being customer centric?

By choosing a customer centric company culture, you can build meaningful and lasting relationships with the people who matter most – your customers. You can also pave the way to positive, one-of-a-kind interactions that separate you from your competitors and keep those valued customers coming back.

Embracing customer centricity can boost product or service performance, keep your customers happy to promote new value, and increase existing customer value so you get to enjoy long term, more sustainable revenue.

Are there any downsides to customer centricity?

Being truly customer centric may require significant investment, which - whilst worth it in the long run - can really dent your bottom line in the short term.

Market research can after all be expensive, and with time and money drawn away from other areas of your business, parts of your operations (such as product quality) may suffer. With this in mind, striking the right balance between being customer centric and product centric (i.e. focusing on product development to meet the demands of the market) is recommended.

Ready to embrace your own brand of customer centricity to satisfy your business ambitions and your target audience? Get in touch with me today to discuss your next steps.