To become customer-centric, a company or product manager can take several practical steps:
- Create a communication channel with customers to gather continuous feedback and understand their problems.
- Map and optimize the customer journey to put yourself in their shoes and reflect on your product.
- Test products with customers at every stage to collect precious feedback and make them feel heard.
- Be proactive by predicting customer needs and solving future problems.
Metrics to measure customer centricity success include:
- Churn rate: Retaining old customers can cost 5x less than acquiring new ones. A lower churn rate indicates a more satisfied customer base.
- Net Promoter Score (NPS): Measures customer satisfaction and willingness to spread the word about your product.
- Customer feedback surveys: Customized surveys can tell you if you’re addressing customer problems efficiently.
- Time to value: Measures how long it takes for your product to deliver value to customers. Optimizing this metric can increase customer satisfaction.
Examples of top customer-centric companies include:
- Shopify: Empowers small businesses through different functionalities and involves customers in every stage of product development.
- Samsung: Launched AI-driven customer support features, increasing customer engagement by 19 percent and earning the top highest customer satisfaction score among competitors.
By prioritizing customer centricity, companies can build highly successful products that solve real customer problems, driving global success.