If it's all about the customer, why do companies struggle to make them the center of the brand experience? Probably because they're treating their customers like they're all worth the same amount of time and money.
What Does It Mean to Be Customer Centric?
The topic of customer centricity is not new. In the past few months we've covered how to create a customer-centric culture and examined the difficulty in achieving it. And now thanks to the folks at Monetate, there's a handy guide to help us understand what being customer centric really means.
It doesn't mean being focused on the average customer. Rather it means looking at the lifetime value of each customer to figure out how to market exclusively to their worth. But not surprisingly, not many brands know how much their customers are worth. If they did, they'd see that not many of their customers are worth much -- meaning that many are not completely committed to your product and as such can be easily swayed by discounts, deals and promotions from your competitors.
It doesn't mean you should ignore your low-value customers, however. It just means you should market differently to those who are likely to drive profit than you do to those who are merely browsing or looking for the best deal. After all, you don't want to spend all your marketing dollars on customers who may not be worthy of the investment.
What's Your Customer ROI?
Your marketing dollars need to spent more strategically. If you had one dollar to spend, you'd put it towards those who are most likely to bring the highest return on investment. So why are most marketers blindly throwing money at platforms and audiences? If the customer is really the center of the marketing universe, why aren't more marketers focused on appealing to the real needs of their customers? Giving customers what they want is part of the customer experience, but the other part is getting what you expect in return.