"Customer-centric companies are 60% more profitable compared to companies that are not focused on the customer."
More and more companies are turning away from the company centered approach, and instead focusing on the customer needs to increase profitability.
"63% of CEOs see rallying their organizations around the customer as one of the top 3 investment priorities this year."
For years, companies took a company first approach to marketing, but over the years with the emerging user experience technology, companies have wised up, and decided its a pretty good idea to ask the customer what they need to engineer better experiences that lead to more customer loyalty.
"It takes 12 positive experiences with a brand to make up for 1 unresolved negative experience."
Bad reviews have literally ruined thriving businesses, which has lead more and more companies to services like reputation management to monitor what customers are saying about them online so they can offer ways to satisfy customers that would otherwise cause detrimental effects to their business through bad reviews.
"Using data to inform decisions is at the center of customer centricity. However, executives view the flood of incoming data as part obstacle and part opportunity, with 61% of CMOs admitting they have a long way to go still in using big data properly."
Brands recognize the importance of data, but many still haven't uncovered the secrets to making big data work to their advantage to grow their company which is why many digital agencies offer services like conversion rate optimization to help them generate more revenue from their online presence.
"90% of marketers say that customer individualization is a priority, and that’s because they’re learning that the more personal the approach, the greater the chance of a positive response."
It's no secret that personalized marketing campaigns are more effective at grabbing the attention of customers and making them feel more important and valued compared to the outdated shotgun approach of marketing to anyone and everyone. Companies now realize the laser targeted marketing and personalized customer experience result in more revenue and customer loyalty.