I am not saying that your company isn’t customer-centric, I’m just saying you are probably wrong (But feel free to correct me if I am wrong).
Below are 3 (Summarised) common mistakes that prevent companies from acquiring and retaining the highest value customers – coupled with simple fixes (I would never just tell you your potential problems without some advice on how to fix them) *These are relevant to SME’s (Microsoft, I’m pretty sure you’ve got the below worked out to a T)
1. Too much focus on the “customer”
We put our customers on a pedastel, and center them around all our marketing efforts, but by doing this we also concentrate on our least satisfied customers. The fact is, no matter how much time, money, and resources you throw at some people, they will always remain somewhat indifferent to your products or brand.
FIX: What can you do to fix this underlying issue – Concentrate on your brand as whole, but mainly concentrate marketing efforts on “your” most valuable clients!
2. You take a siloed approach to your customers
Companies that do celebrate customer heterogeneity make another common mistake that prevents them from being customer-centric: all too often, they approach the issue in a siloed way. Maybe the sales team has one way of measuring a customer’s value and the marketing team has another, incompatible method. In other cases, some teams don’t even have access to any of this information, and end up making decisions in a vacuum.
FIX: As customers move through the funnel, they will have more touchpoints with different parts of your organization. If your approach to them is siloed, it will be confusing and inconsistent. Instead, develop an organization-wide understanding of what customer-centricity means to your company, and look for opportunities to apply it in every department.
3. Your company success being measured by volume and cost
These are the main 2 figures companies (And some investors, for that matter) that look for in a company to determine “It’s success” – And whilst these do indicate short term success, and overall company success, there are many more figures to conentrate on.
FIX: Work on other metrics, here is an example: Create a product that sells 10 million times once off, or create a product that caters to only 6 million customers who are truly happy and become a retaining customer – This is why it’s so important to focus on valuable customers.
P.S – By doing this, you are also increasing your brand awareness from social influencing. It’s a win-win!
Adapt these simple techniques over time and your company is well on it’s way to success (Or even more success)
