Customer-Centricity

Fascinating article by Stan Phelps on Forbes about customer-centric marketing lessons from leading brands. 

How are you building customers for life? This article makes the case for a shift towards focusing on current customers, in lieu of constantly chasing the prospect. Designing and creating experiences that reach the heart of the customer. It features five leadership lessons from pioneering brands such as Amazon, Apple, Disney, Southwest Airlines, TD Bank, Wells Fargo, and Zappos:

1. Sell More to Current Customers – Your current customers are your most lucrative marketing asset. Take care of the ones in hand, as opposed to the thousands in the bush. Wells Fargo understands this, driving the vast majority of its growth through its current customers. The bank focuses on servicing the needs of their current customers.

2. Exceed Expectations – Give your most current customers more than expected and go the extra mile. According to a survey by American Express called the Global Customer Service Barometer, “93% of companies fail to exceed the expectations of their customers.” Great companies do “MORE.”

3. Convenience for the Customer – Take an outside in view and think about the convenience of your customers first. TD Bank bills itself as America’s Most Convenient Bank. The bank is open seven days a week and most nights until 8 p.m. Convenience has become a huge differentiator for TD. 

4. Think Value, Not Price – Compete on the value you provide. Price is relative. Almost five years ago Southwest Airlines made a bold move. When every other carrier decided to charge for checked baggage, Southwest didn’t think this was fair and created the program, “Bags Fly Free.”

5. Experience is an Investment – Giving something extra isn’t an expense. Giving something extra bolsters your brand. Take for example Zappos. Tony Hsieh and his team built a billion dollar a year business by selling shoes online. They did it largely without spending any money on traditional media. Instead, Zappos invested back into its customers by doing the little extras. The extras included free shipping both ways, overnight shipping upgrades, a 365-day return policy and top-notch customer service.

These five lessons give a great insight how a company creates a marketing strategy for customer centricity. Providing good customer service and creating a great customer experience projects a positive image of a company. Knowing what your customer needs and wants are adds value to a product.