What is customer-centricity? And why does it matter?
Customer-centricity is a marketing strategy with the primary goal of acquiring high-value customers and maximizing the value of every customer relationship. It acknowledges that there is no "average" customer and that the differences among customers represent an opportunity to build more long-lasting, profitable relationships through relevant communication.
Customer-centricity stands in contrast to other common marketing strategies, such as product-centricity (competitive advantage through superior product design or merchandising) or channel-centricity (focus on achieving dominance in one or more channels).
Moreover, customer-centric marketing isn't new, but in many ways, it represents a return to a much earlier era of marketing: the personal relationship between neighborhood shopkeeper and customer.
Being customer-centric also has made a resurgence in recent years, fueled in large part by e-commerce tools.
Here's why being customer-centric matters.
1. New tools offer visibility into individual customer behavior
Throughout much of the 20th-century, mass retailers didn't know who you were or what you did once you completed the check-out process. Often, they lacked even the ability to tie together multiple purchases that you made over time.