What’s the difference between a business that is customer focused and one that is customer centric? A customer-focused business prides itself on maintaining a great customer experience whereas a customer centric business looks at the lifetime value of a customer and focuses marketing efforts on the high-value customer segment to drive revenue. Here are some quick tips on how to become a customer centric business:
- Analyze customer data to identify and understand your high-quality customers
- Focus on providing products and services for your best customers
- Use customer lifetime value to segment your customers
- Build customer personas of your best customers and use the analysis to build marketing strategies around acquiring more high-value customers
The infographic below, by Monetate, looks at what it means to be a customer centric business.