Without customers, businesses could not succeed. The term â€œcustomer centricâ€ has, therefore, become synonymous with proactive business strategy worldwide. Primarily due to advances in technology, we are experiencing a fundamental shift in marketing â€“ from a previous focus on companies to a spotlight on consumers. This gives customers a much stronger voice in both the business-to-business (B2B) and business-to-consumer (B2C) markets.
This core reading discusses how customer centricity fits into an organization in three ways:
- as part of a knowledge management system (understanding the customer);
- as part of developing strategic competence as a learning organization (building a customer-centric culture); and
- as a foundation for corporate strategy development and execution (serving the customer).
Following your review, prepare responses to the following discussion questions:
- According to research, what are some of the key customer-centric characteristics of successful companies?
- What are some of the ways that technology has shifted power from companies to consumers?
- In discussing Net Promoter Score (NPS), why does Reicheld suggest doing surveys frequently rather than annually or just a few times a year?