Customer Success | 6 MIN READ
Debunking the Top 5 Myths Associated with Customer Centricity
In this write-up, we discuss a list of customer-centricity myths that have overlived their potential.
It is often said that the customer is the king, but the fact of the matter is that not many companies can understand the needs of their customers.
We have heard it many times…If we can somehow understand our customers, they will help us bring in more business.
But, when it comes to practically implementing it, many people are not clear with the concept of customer-centricity.
Taking a cue from this fact, we have prepared a list of customer-centricity myths that need to be dispelled as soon as possible.
Before we dive straight into the topic in discussion, let us get started with the definition of customer-centricity.
Customer-centricity is an innovative attitude that emphasizes the customer’s perspective and how it relates to a business. It involves understanding what products or services customers want and why they want them. It also consists in maintaining a goal of meeting the needs and wants of your customers, whether they’re potential customers, current customers, or even former customers.
The benefits of customer-centricity are numerous—including a stronger relationship with your target audience, more successful marketing campaigns, higher levels of satisfaction among stakeholders, improved communication within teams, greater brand loyalty amongst customers, and more.
From the definition of customer-centricity, we can tell that when you do everything for customers and their needs, they will be delighted and want to return. When you do business with them, they will give recommendations to others. In this case, the company will have a chance to expand its market share. So, this is a win-win situation for both sides.
This myth is possibly one of the most pervasive. But it’s not true. Each customer has a unique problem, and each customer has a unique set of circumstances that caused their pain. That’s why you need to speak with every customer individually to truly understand what they need and how your product or service can help them solve their problem.
In addition, this myth addresses the idea that a single customer experience represents universal truth. It’s a myth that many customers will immediately think of when they hear the phrase “customer-centricity.” They may even believe it, but this notion is a misconception.
When companies make significant changes based on a single customer experience, they risk taking a one-size-fits-all approach that doesn’t fit anyone well. To create an environment that helps every customer get what they need, companies must go beyond the data from one singular experience.
Instead, they must look at how multiple customers have interacted with their product or service over time and get a clearer vision of how it works for the customer base as a whole.
As the number of companies clamoring to put the customer at the center of all, they increase the temptation to believe that putting the customer first is expensive. But in most cases, it is anything but big-budgeted. Companies with a customer-centric culture put their customers’ needs above all else when they make business decisions.
And these decisions—to innovate, improve products and services, evolve company culture—enhance every aspect of the company in ways that save money. The obstacles are usually less about money than fear, fear of losing control over decision-making; fear of becoming too customer-focused; or fear of not knowing what customers want or how they want it.
It now seems clear that the customer is at the center of any successful business. But, of course, that doesn’t mean that you can ignore your competitors, production and sales processes and prices, and so on. What it does mean is that we should ensure we put our customers first. It isn’t as expensive as we might think, and not doing so could cost you your competitive edge.
One of the many myths surrounding customer-centricity is that all companies need to have absolutely everything 100% right, even on their first go around. The truth is that many of the most successful brands in the world have stumbled upon what made them great through trial and error, just as you likely will if you are new to this mindset of customer-centricity.
While we can’t say you shouldn’t strive to be precise and flawless in your methods, we think that acting like everything needs to be accurate and perfect is misguided. Words alone will only take you so far—you’ll find more success if you listen to what customers really want and embrace guiding them towards a goal in a way they can appreciate.
If you want to ensure that your customer base is happy and satisfied with your product or service, it’s crucial to track the metrics that matter. But make sure you aren’t falling for these top customer-centricity myths. The right metrics can help you take actionable steps towards continuously improving your product or service.
Still, it’s easy to waste time focusing on data points that don’t matter too much. So instead of worrying about which metrics are the most insightful, focus on what matters most to your company. That way, you can save time and effort while making meaningful improvements along the way.
The idea of focusing on metrics and ROI is not enough if the customer’s voice isn’t heard. Measuring their intent, satisfaction, loyalty, and empathy can all add meaningful insights. Creating this simple scorecard can help you benchmark your progress.
Many business leaders put the customer first, but they aren’t necessarily putting their employees last. Companies indeed need to consider how to serve customers better, but this doesn’t have to come at the cost of employee satisfaction.
Keeping customers and employees happy should be prioritized, but it can be done if the two concepts are adequately balanced.
As a leader, you can improve your company while simultaneously empowering employees to work more productively. All you have to do is follow the core principles of customer-centricity—be responsive, be reliable, be dependable, and do what’s in the best interest of your customers—and watch as your business begins to thrive.
These are some of the top customer-centricity myths debunked by us in this write-up. In no way do we say that this list is exhaustive. You can always add more myths.
If you feel we have missed out on any customer-centricity myths, please let us know about it by commenting below.
Originally Published December 27th, 2021, Updated December 16th, 2021
Rakhin has over 10 years of experience driving business development and client services. In his prior roles, he stayed close to customers to understand their requirements and help them achieve their business goals. He is passionate about customer success.