Despite the stated intent to be customer-centric, In 2021, most consumer-facing businesses still look at ‘the cost to serve customers’ rather than the benefit.
My name is Martin Newman and I’m the Consumer Champion.
I have walked the walk on all thing’s customer centricity for my entire career.
From starting on the shop floor of my late Father’s retail opticians in Glasgow, where I gained my instinct for the importance of customer experience, to today where I do my very best to help consumers have a better experience with the brands they want to engage with and where I help the brands understand how to serve customers more effectively. My reason for being is to drive positive change for both consumers and brands.
I have done this throughout my 40 years of working including when I ran e-commerce, direct mail and instore solutions for Harrods, Burberry, Pentland Brands and Ted Baker.
I have been on multiple boards and consulted with and advised household name brands around the world on what they need to do to become customer-centric as well as helping them to understand the commercial impact of doing so.
Customer-centricity is one of the industry buzz words a little like digital transformation and omnichannel, if you ask 100 people in 100 different businesses what it means, you’ll get 10,000 different answers!
When anyone talks about being customer-centric or customer first, there is clearly an intent to focus on delivering great customer experience and customer service. However, I believe that there is a significant gap in understanding what it really means and even more importantly how you transform a business to be completely customer-centric.
That is why I have written two books about it, the former being ‘100 practical ways to improve customer experience’ and the latter is ‘The Power of Customer Experience – How to use customer centricity to drive sales and profitability.’
It is also why I created the mini MBA in customer centricity with my partners at the Oxford College of Leadership and Management and Oxford College of Marketing. I am doing my level best to define what it is and how to achieve it.
If I could sum up in a few sentence’s what customer centricity is it would be this:
Despite the stated intent to be customer-centric, in 2021, most consumer-facing businesses still look at ‘the cost to serve customers’ rather than the benefit.
This can be evidenced by the disproportionate sums that are spent on acquiring customers compared to retaining them, with almost no focus on customer lifetime value or driving loyalty.
Consumer-facing brands need to realise that loyalty can be driven both by transactional behaviour as well as emotional engagement and empathy. The latter is arguably far more important and is very much achieved through customer centricity.
It is the guarantee of long-term business success.
Learn more about customer centricity in this video: