This opening chapter provides a critical reflection on customer centricity and synthesizes academic and managerial research, to develop a comprehensive definition of customer centricity. By introducing each of the subsequent twelve chapters in this handbook, this chapter also starts to clarify how firms can achieve true customer centricity. In particular, the chapters point to three routes for establishing a customer-centric organization: organizational design, relational, and brand and technological. A set of future research opportunities related to customer centricity concludes this chapter.
Companies like Starbucks, Amazon, Netflix and Walt Disney World are often cited for their customer centricity, as they should be. In this post, we wanted to find customer centricity examples that you may have never seen before.
Keeping the customer at the center of everything you do is a must for companies to compete, build loyalty and generate revenue. Customer centricity needs to be a fabric of every modern organization, with siloes eliminated and departments working together with the same goal: create positive customer interactions that deliver value across the entire customer lifecycle.
Yet, even for those enterprises considered among the best when it comes to omnichannel strategies, accompanying customers on their commercial journey can have challenges of its own. One of the biggest concerns is that most omnichannel efforts require some kind of opt-in from customers such as joining a loyalty program, downloading a mobile app, applying for a business credit card or providing an email address or mobile number.
Abstract:Firms are increasingly organized around the client. At the same time, there is customer pressure on green and sustainable organizations. The purpose of this paper is to map the current state of the research in the domain of customer-centric organizations from a sustainability perspective. We conducted a bibliometric analysis from published documents between 1990 and 31 July 2020. Key findings indicate that research on customer centricity and sustainability has increased in recent years, finding some trends and that the topic is structured into three clusters: (1) Sustainable Development, Customer-Centric Perspective, and Sales; (2) Sustainability and Commerce; and (3) Customer-Centricity and Sustainability Trends. The implementation of a bibliometric methodology and the focus given to the definition, the relationships, and the evolution of the three main clusters within the topic are the characteristics that differentiate our study from other publications or reviews in the field of research. In addition, all the documents that refer to practical cases were identified, and the main ones were analyzed, to provide highlights to practitioners who aim to deploy the customer centricity approach in their firms from a sustainable perspective and seeking that the corporate purpose is followed.Keywords: sustainability; customer centric; business strategy; marketing; bibliometric analysis
The first step to becoming a customer-centric company is to bring values related to customer-centricity within the company. The following are ways to create a customer-centric culture within your company:
Key Methodology ElementsIn the book The Customer Centricity Playbook: Implement a Winning Strategy Driven by Customer Lifetime Value, authors Peter Fader and Sarah Toms provide a guide to their version of the fundamental ideas behind customer centricity, but really focusing on customer lifetime value. Peter Fader is the Frances and Pei-Yuan Chia Professor of Marketing at The Wharton School of the University of Pennsylvania. His research is on the analysis of behavioral data to forecast customer shopping/purchasing activities. Sarah E. Toms is executive director and co-founder of Wharton Interactive. She is a demonstrated thought leader in the educational technology field.
Consistently with our case study protocol, we prepared a script before each scheduled interview, containing information tightly related to the literature review for the sole use of the researchers, which focused on customer centricity and data strategy. A semi-structured approach was followed for the interviews, which we recorded with permission in order to organise and classify the material, prepare and code the transcripts. Considering the purposes of our investigation, we opted for a thematic analysis to focus on the wider picture. In the definition given by Braun and Clarke (2012), thematic analysis is a method for systematically identifying, organising and offering insight into patterns of meaning (themes) across a dataset, in order to pinpoint the common elements in the way a topic is talked or written about, and to make sense of those commonalities.
It emerged that the centricity of customer value and data strategy helps to reduce information asymmetry from the external and internal points of view, because of the increased amount and quality of information (Alford and Jones 1998) enabled through Open Finance. Customer orientation, effective processes and horizontal solutions where information can reach all the otherwise distinct teams smoothly and promptly (Moorman and Rust 1999) are ways to reduce this asymmetry, both internally and externally.
What stands out is that the centricity of customer value and data strategy helps to reduce information asymmetry. While most literature on information asymmetry in banking relates to financial inclusion because access to credit signals success in the P2P, crowdfunding and ICO worlds, the outcome is a form of external information asymmetry between the customer and the bank, which makes the relationship less trusted, leading to inclusion issues or the need for signals. There is also an internal asymmetry between the various bank departments with different visibility on information for the same customer, resulting in additional requests or less socially desirable outcomes for the cost and time to (re)acquire such information. In an Open Finance framework, on the contrary, where the customers are given the proper value and there is the right data strategy, the spread of information opens new ways to create value. 2b1af7f3a8