Friday, May 24, 2024

3 Strategies For Small Businesses To Remain Customer-Centric

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Whether your business is in finance, manufacturing, lifestyle, travel, or something else, you have one primary focus and responsibility – keeping your clients happy. At least, that’s how it should be. However, as we’ve seen, many business leaders forget their clients are their company’s foundation and instead focus on lining their pockets and keeping their investors happy.

How a company treats its clients is a top concern for customers, with 94% of people saying it’s the top thing they consider when deciding whether to do business with someone, according to recent research by Small Business. That’s why it’s essential to keep clients at the center of your business, no matter how large you grow.

Understanding Customer And Client Centricity In A Business

Customer-centricity involves more than providing excellent customer service – although that is certainly crucial. It means putting your client’s needs and experiences at the heart of your business strategy, influencing everything from product development and design to sales processes. “A customer-centric approach doesn’t view customers just as revenue sources but as central stakeholders in the business’s ecosystem,” explains Goran Ognjenovic, Founder and principal of Independent Investment Advisors. “The key to our success and the industry’s future is our ability to offer a wide range of services all under one roof. This approach allows us to develop deep, long-term relationships with our clients, understanding their unique needs and goals and providing tailored solutions that address every aspect of their financial lives.”

A customer-centric approach contributes to higher client satisfaction and a deep understanding of client’s needs and wants. By aligning your services with your client’s needs and expectations, you can enhance your relevance in the market and sharpen your competitive edge. This approach helps retain clients and attracts new ones through positive word-of-mouth and client referrals.

In an age where reviews and social media are increasing, positive customer experiences are more important than ever. Adopting a customer-centric approach significantly enhances client satisfaction and retention – critical in an industry where retaining customers can be up to five times cheaper than acquiring new ones. “By focusing on keeping our current clients happy for the long-term, we can build relationships that help us secure a stable revenue stream,” says Ognjenovic.

How To Become A Customer-Centric Organization

If you have felt your priorities straying from your clients, it’s time to get back on track. Here are a few strategies to adopt.

1. Stay On Top Of The Market And Respond To Changes Quickly

Staying customer-centric requires aligning business strategies with customer needs, all while keeping a close eye on shifting market changes and acting fast when they occur.

“Nearly 70% of consumers told us that behaving inconsistently is human and acceptable. However, consumers are also saying that businesses need to keep up. Around two-thirds of customers feel that companies are not responding fast enough to their changing needs,” said David Droga and Baiju Shah for The Harvard Business Review.

It’s critical to stay on top of customers needs, as 61% of small businesses say that more than half of their revenue comes from repeat customers, according to BIA Advisory Services.

2. Monitor Your Online Reputation

Deloitte found that 81% of people read reviews and check online ratings before doing business with a brand, highlighting the need for companies to keep up with their online reputation. “Empowered by access to information, social networks, and digital devices, consumers are now well equipped to do research and receive satisfaction for most of their needs. As a result, consumers have come to expect more, making it harder for businesses to keep up,” reports Deloitte. It’s important to respond to reviews, even negative ones, and do your best to make things right.

3. Embrace Your Small Business’s Natural Agility

Thanks to their built-in agility, small businesses can keep a pulse on what their clients want through a more personal connection with the consumer. “As an independent firm, we have the flexibility to adapt to market changes quickly, ensuring that our clients’ interests are always at the forefront of our decision-making process,” adds Ognjenovic.

Keeping clients at the center of your small business is not optional for small businesses – it’s a necessity. By adopting a genuinely customer-focused approach, small businesses can enhance their competitiveness, foster customer loyalty, and drive sustainable growth. Remember, in a world where your competitors are just a click away, how you treat your customers can make all the difference.

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