Have you ever heard of customer obsession? The initial thought might be that it’s in the nature of every company to be all about their customers. But this is oftentimes far from the truth. Just think about the last time a company went above and beyond to make you a happy customer. You might need a minute or two to recall that!
Customer obsession is a business strategy that prioritizes the needs and wants of the customer above all else. This approach emphasizes listening to and understanding the customer, and using their feedback to drive decision-making and innovation throughout all parts of a company. Put in simple words, it’s the principle of putting the customer first. In today’s consumer market, it’s a pretty big deal in order to differentiate you from the competition. And it’s a measurable differentiator, customer obsessed companies report 2.2x higher retention and 2.5x higher revenue growth. Let’s dive into the many benefits true customer obsession has to offer!
When a company is all about the customer, it means they’re always listening to their feedback to make decisions and come up with new ideas. To do so measuring your customers’ sentiments is paramount, may it be through a Net Promoter System or Voice of Customer program. This leads to happier customers who are more likely to stick around and tell their friends about the business. So this loyalty not only retains revenue and increases the lifetime value of your original customers, but will also be your most valuable tool to drive new business.
A truly customer centric organization is always on the lookout for ways to improve, so they’re more likely to spot new opportunities and stay ahead of the competition. This mindset helps to foster a culture of innovation in all parts of an organization and along every step of the customer journey. By constantly seeking feedback and ideas from customers, you’ll be able to stay ahead of the curve and anticipate changes in the market. This empowers you to quickly adapt and stay competitive.
Interpreting the idea a bit wider it’s not just about external customers, being customer obsessed also means taking care of all the people within a business, like employees, partners and suppliers. Especially employee engagement is at the core of the heart of customer centricity. Only truly engaged members of your organization will interpret your mission to be customer obsessed as the north start of their own behavior. Moreover, living and breathing customer centricity increases the meaningfulness your teams feel in their work as it clearly shows the impact they are having. By being this holistic in applying customer centricity everyone’s on the same page and working towards the same goal: providing an outstanding customer experience.
All in all, customer obsession is of utmost importance for every business that wants to succeed in today’s competitive markets. It helps companies stay competitive, grow and foster a culture of putting the customer first. And who doesn’t love a business that puts them first, right?