Organizations with successful customer feedback programs infuse a ‘customer-centric’ philosophy into every interaction – and it starts at the top. A customer-centric philosophy reflects a continuous seeking out of customer feedback and a real (not feigned) inclusion of your customers’ thinking in your business decision-making process. In a customer-centric organization, evaluations of product quality, new product/service ideas, and communication with customers are made with intensive 360-degree customer input. The process is highly proactive, systematic, measurable, and inclusive to ensure all customers have a voice in providing feedback.
Revenue Quantity versus Revenue Quality: From an economic point of view, a customer-centric philosophy recognizes a distinction between revenue quantity (absolute revenue dollars) and revenue quality (volatility of revenue – the source of your business’ cash flow is your customer base). Clearly, a $100 million revenue stream generated by a highly satisfied customer base is markedly different than a $100 million revenue stream generated by customers that are on the verge of leaving the firm or downsizing their business relationship.
Is Your Organization Customer-centric? There are several beliefs that are at the core of a customer-centric philosophy about how businesses should approach their relationships with their customers below. Take a moment to think hard and be intellectually honest about the type of customer research philosophy that exists in your company. Where does your company’s belief set lie? Does your senior management team hold these beliefs? How is the philosophy evident within your organization? What do you do to foster this way of thinking?
Colin Wahl, CEO Client Opinions, Inc.