Consumer centricity can transform lead generation and retention

There is an ongoing debate as to whether customer centricity will remain as important in 2023, due to organizations placing more importance on identifying new customers rather than retaining existing ones. However, statistics highlight that customer-centric companies are 60% more profitable, proving it to be an invaluable asset for brands.

Consumer centricity for lead-gen

Brands can no longer afford to underestimate customer centricity. Customers who feel that they aren’t being catered to are much more likely to reconsider their purchases and spend their money elsewhere.

Customer centricity can help companies reduce their customer acquisition costs. Businesses can generate leads and referrals from existing consumers to generate a pipeline of new prospects, which can help lower overall costs and increase the speed of acquiring potential customers.

By establishing a long-term relationship with customers, brands can better understand customer needs and establish knowledge of what they value and their past purchases. Companies can then advance their offerings, serve their customers better and keep them satisfied in the longer term.

Additionally, personalizing a customer’s experience can drive leads. With dynamic content, brands can personalize ads, pop-ups, and other content they deliver to their prospects based on the information they’ve collected, such as their personal preferences and on-site engagement history.

How brands fall short when it comes to customer centricity

While brands recognize the importance of customer centricity, there are several things to consider.

Firstly, organizational silos can have a detrimental effect on achieving customer centricity as it requires teams across the business to share data to get fully educated on the customer’s experience. By removing these silos, brands will be better equipped to utilize these insights to tailor customer experiences and improve lead-generation processes.

Equally, business models centered on customers require technology, but it can be difficult to make rapid changes because of outdated systems. To justify the modernization effort to investors and business leaders, marketers will have to establish a substantial business case that demonstrates the expected ROI.

It’s also vital for companies to gather as much customer feedback as possible, exploring their experiences with the brand and identifying areas that can improve customer centricity.

With this in mind, marketers will need innovative ways to collect customer data and drive relevant interactions with existing consumers and prospects. Making sure to keep the brand omnipresent to generate new leads can be beneficial as businesses can generate brand awareness and showcase the brand’s value to potential customers.

As consumers need to be able to progress in their journey without any distractions, streamlining prospects’ initial experiences with the brand will increase the potential chances of conversion. Marketers should always make sure that their visitors can find the information they need to simply accomplish their tasks. Having less friction will make it easier for potential leads to dive deeper into your brand and take the next step in the buying journey.

Driving value with customer retention

It’s clear that customer centricity is a necessity for organizations in 2023, but most brands are falling into the trap of placing importance on short-termism, rather than focusing on driving customer lifetime value (CLV).

In fact, customer centricity helps to increase CLV as loyal customers are worth up to 10 times as much as their first purchase. When pre-existing loyal customers have a brilliant experience with the brand, they are more likely to discuss it with others, with huge opportunities for brands to utilize referrals and word of mouth for further growth.

The current cost of living crisis is also top of mind for brands, with customers becoming more mindful of where they spend their money and, in return, valuing cheaper products over brand loyalty. Marketers need to begin showcasing the products or services’ value and acknowledge the current economic circumstances through clear, concise messaging – leading to the customer feeling understood and supported by the businesses that they purchase from.

Retaining and growing a customer base does more than improve a brand’s bottom line; it also creates room for the brand to grow through new leads and attaining new consumers. Customer centricity has a significant role to play in helping companies advance their offerings, better serve their customers and keep customers satisfied in the longer term.