Shifting to customer-centric business models is a tough place to start on improving communications because it is a multifaceted, complex issue. I am aware of the difficulty firsthand because my own company struggles with this transformation every day. Software companies such as Cincom grew up with a focus on products. Product focus is bred into everything we do and undoing it is hard work.
Put on your consumer hat on for a moment and ask yourself the following: Do you want to purchase products that a provider believes will make you more productive? Or do you want the provider to understand your situation and work cooperatively with you to solve your business problems? If you prefer that providers focus on your needs instead of how they can shoehorn their products into your infrastructure, then you’re well on your way to recognizing the need for customer-centric business models.
Improving Customer-Centric Processes
Internal Processes – Companies tend to be organized around products, not customers. To create differentiation through customer relationships, it is necessary to first change how the business is organized and to develop customer-service processes before embarking on a customer relationship management (CRM) initiative.
Companies Failing at Customer Centricity – 37 percent of companies still have a strategic and operational focus on the products and services they sell rather than on the people they sell them to.[1]
CRM Software Use Is Not Yet Widespread – Only 30 percent of companies have actually implemented a commercial CRM software package and most of these are only a year old. Of these companies, 54 percent have implemented just one part of CRM. The path toward CRM while inevitable, will be slower than anticipated.
Becoming customer-focused must go beyond lip service. We all have to learn to trust our customers to define their needs and to make decisions about what they need. Instead of selling, we need to help them buy what they need. This means we must look at the products we offer, the culture we work in, the processes we use to get things done, the way our business is organized, even our compensation and motivation systems. It all has to change.
Choice and Flexibility – There is no one right way for the customer to contact and interact with their providers. The right way is the way the customer wants to interact at each particular moment. And that method may change only occasionally, or as much as daily. Regardless of their preferred method of interaction, your communication with the customer must be consistent and clear. Ease-of-Use – All channels of communication must be user-friendly - even for a novice or first-time user. Difficulty in finding information or getting service from the financial services provider is one of the quickest ways to lose a customer. Quick and Knowledgeable Responses – Customers should be able to locate information quickly about products and services. When information can’t be located, the customer should be automatically directed to a channel that can quickly complete the request. But by sending your customer on a merry-go-round chase through siloed channels, you will soon chase your customer to another provider. Assurance – The customer must feel that your word is as good as gold. When a value promise is made, it must be kept. Best Value – In the end, customers want to feel they are receiving the best value for their money. [1] Fujitsu Consulting: Building Better Customer Relationships
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