{"id":6787,"date":"2021-05-01T09:30:00","date_gmt":"2021-05-01T04:00:00","guid":{"rendered":"https:\/\/kylas.io\/?p=6787"},"modified":"2023-08-03T16:59:30","modified_gmt":"2023-08-03T11:29:30","slug":"small-business-customer-centricity","status":"publish","type":"post","link":"https:\/\/kylas.io\/en\/business-growth\/small-business-customer-centricity","title":{"rendered":"What Is Customer-Centricity? Plus, All the Important Things You Need to Know!"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">For most of us, customer-centricity is to put your customers in the thick of it all by helping them realize value. The idea here is to focus on creating lasting relationships to create long-lasting business opportunities for you.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-ht-block-toc  is-style-outline htoc htoc--position-wide toc-list-style-plain\" data-htoc-state=\"expanded\"><span class=\"htoc__title\"><span class=\"ht_toc_title\">Table of Contents<\/span><span class=\"htoc__toggle\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"16\"><g fill=\"#444\"><path d=\"M15 7H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><path d=\"M15 1H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1zM15 13H1c-.6 0-1 .4-1 1s.4 1 1 1h14c.6 0 1-.4 1-1s-.4-1-1-1z\"><\/path><\/g><\/svg><\/span><\/span><div class=\"htoc__itemswrap\"><ul class=\"ht_toc_list\"><li class=\"\"><a href=\"#htoc-understanding-customer-centricity-via-a-comparative-overlay\">Understanding Customer Centricity Via a Comparative Overlay<\/a><\/li><li class=\"\"><a href=\"#htoc-how-can-a-growing-business-become-customer-centric\">How Can a Growing Business Become Customer-Centric?<\/a><\/li><li class=\"\"><a href=\"#htoc-the-3-customer-centric-models-to-know\">The&nbsp;3&nbsp;Customer-centric Models to Know<\/a><\/li><li class=\"\"><a href=\"#htoc-the-3-customer-centric-metrics-to-know\">The 3 Customer-centric Metrics to Know&nbsp;<\/a><\/li><li class=\"\"><a href=\"#htoc-customer-centricity-for-small-business-growth\">Customer Centricity&nbsp;for Small Business Growth&nbsp;<\/a><\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">However, customer-centricity can mean different things to different people. It can depend on-&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li>Your definition of the customer.&nbsp;<\/li>\n\n\n\n<li>Your definition of the lifecycle (based on time).&nbsp;<\/li>\n\n\n\n<li>Your focus will be to enable customer-centricity.&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>The business culture.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Your engagement channels, and so forth.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Regardless, at the core, you will find that every department or function makes decisions by keeping your customers at the center of it all.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Famous-Examples.png\" alt=\"Customer centricity famous examples\" class=\"wp-image-6822\" width=\"836\" height=\"667\"\/><figcaption class=\"wp-element-caption\">Link to Forbes&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/blakemorgan\/2018\/03\/12\/building-a-customer-centered-culture-at-capital-one\/?sh=1de539a14065\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Read Article<\/a>.<\/figcaption><\/figure><\/div>\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">As the cases showcase, Customer Centricity can mean different things to different businesses and industries.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-understanding-customer-centricity-via-a-comparative-overlay\">Understanding Customer Centricity Via a Comparative Overlay<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Most businesses,&nbsp;though,&nbsp;take a product-centric&nbsp;route where they focus on the sale&nbsp;of the product&nbsp;itself rather than the value it can create to their customers.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">To understand the&nbsp;comparison&nbsp;better,&nbsp;here\u2019s an&nbsp;analysis of&nbsp;both concepts.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#f3f4f5\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Perspective<\/th><th class=\"has-text-align-left\" data-align=\"left\">Product Centricity<\/th><th class=\"has-text-align-left\" data-align=\"left\">Customer Centricity<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Obsession&nbsp;<br><br><br><br><\/td><td class=\"has-text-align-left\" data-align=\"left\">To sell the product\/service as much as possible&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">To identify, create and sell products\/services that can help customers drive better value<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Mission&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Acquire and retain customers&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Acquire, retain,&nbsp;and serve customers who provide the highest-value&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Customer engagement&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">To sell at all costs&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">To focus on the core segment but do&nbsp;not ignore the rest&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Innovation&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Add new features&nbsp;to&nbsp;existing products&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Add new features&nbsp;to&nbsp;the&nbsp;existing product&nbsp;line&nbsp;<em>AND&nbsp;<\/em>innovate to solve&nbsp;changing&nbsp;customer&nbsp;needs&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Commonly asked&nbsp;questions&nbsp;by small business owners&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">What products\/services can we sell to our clients?&nbsp;<br>What kind of relationship do we need to build?&nbsp;<br>How can we make more money?&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">What do our customers need (products\/services),&nbsp;and how do we help them?&nbsp;<br>What kind of relationship do our clients expect from us?&nbsp;<br>How can we provide them with more value so that they buy our products\/services?&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Based on this chart, we can identify&nbsp;a&nbsp;trifecta of three&nbsp;core&nbsp;factors&nbsp;that can define \u2018Customer-Centricity.\u2019<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol class=\"has-medium-font-size\">\n<li>Addressing the Customer\u2019s&nbsp;specific needs,&nbsp;<\/li>\n<\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"2\" class=\"has-medium-font-size\">\n<li>The value provided to the Customer,&nbsp;<\/li>\n<\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"3\" class=\"has-medium-font-size\">\n<li><a href=\"https:\/\/kylas.io\/blog\/managing-customer-lifecycle-in-crm\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Customer Lifecycle<\/mark><\/span><\/a> Value\u00a0(direct\/indirect).\u00a0<\/li>\n<\/ol>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Put differently, Customer Centricity is where the focus shifts from products\/services and its sale, to the value created for customers over a long time.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Factors.png\" alt=\"Customer centricity Factors\" class=\"wp-image-6820\" width=\"591\" height=\"442\" srcset=\"https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Factors.png 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Factors-300x225.png 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Factors-768x576.png 768w\" sizes=\"(max-width: 591px) 100vw, 591px\" \/><\/figure><\/div>\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-how-can-a-growing-business-become-customer-centric\">How Can a Growing Business Become Customer-Centric?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">For customer-centricity to be adopted and to&nbsp;be maintained&nbsp;right&nbsp;from the top&nbsp;brass&nbsp;down to the customer-facing executive, the leadership needs&nbsp;to embrace the responsibility to do so.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Gartner&nbsp;tells&nbsp;us that&nbsp;<a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2020-02-10-gartner-says-nearly-90--of-organizations-now-have-a-c\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><u>90%<\/u><\/a>&nbsp;of&nbsp;enterprises&nbsp;have&nbsp;set up a &#8216;Customer Experience&#8217; department&nbsp;and have a Chief Customer Officer to handle customer-centricity. Growing businesses and startups cannot afford&nbsp;to do&nbsp;the same because of their constraints.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">But this doesn\u2019t mean that they give up. In actuality,&nbsp;they&nbsp;will&nbsp;need to go beyond what&nbsp;an&nbsp;enterprise can do to bridge the gap with customers.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">They can do so by encouraging-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li><strong>Leadership &amp; culture<\/strong>&nbsp;\u2013 It&#8217;s down to the leadership to create and maintain&nbsp;an&nbsp;&#8216;anything-centric&#8217; culture across the organization. For starters, the leadership much experience a shift in thinking. Read this blog on the&nbsp;<a href=\"https:\/\/kylas.io\/sales-effectiveness\/agile-mindset-small-business-growth\/\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Agile&nbsp;Mindset<\/u><\/a>&nbsp;to get started. <\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li><strong>Gap identification &amp; innovation&nbsp;<\/strong>\u2013 Just like Apple, you too will have to keep a finger on customer expectations &amp; trends to stay ahead of the innovation curve. Here, your troops on the ground, aka your sales teams,&nbsp;are your source of information gathering.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li><strong>Assigning the right responsibilities to each department&nbsp;<\/strong>\u2013 Every department must play its role as defined by&nbsp;its&nbsp;responsibilities. The leadership must define responsibilities clearly so everyone knows what\u2019s&nbsp;expected from them.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li><strong>Track metrics and share knowledge across departments&nbsp;<\/strong>\u2013 Every change and process must be tracked to identify if it is working properly,&nbsp;where&nbsp;the&nbsp;gaps in the process are, and track implementation success.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Humans by nature are largely compassionate people, and giving them the capacity to showcase empathy can bring the best out of people. Essentially, you end up shifting focus away from your products, their amazing features, and revenue generation.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">In all fairness, many businesses begin with new or renewed energy&nbsp;to be different. On much recognize that without adhering to the above 4 points, Customer-centricity becomes a passing hype and nothing more.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">So how does a growing business&nbsp;<em>create and&nbsp;maintain&nbsp;<\/em>Customer Centricity?<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-the-3-customer-centric-models-to-know\">The&nbsp;3&nbsp;Customer-centric Models to Know<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">These 3 models can help address&nbsp;growing businesses address&nbsp;Customer-specific needs, provide value to them, and do so over a long period.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/kylas.io\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Models.png\" alt=\"Customer centricity models\" class=\"wp-image-6821\" width=\"616\" height=\"462\" srcset=\"https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Models.png 1024w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Models-300x225.png 300w, https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/04\/Customer-Centricity-Models-768x576.png 768w\" sizes=\"(max-width: 616px) 100vw, 616px\" \/><\/figure><\/div>\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">I. The Purchase Model &#8211;&nbsp;Forecasting how frequently your customers will transact with you&nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\">II. The Customer Acquisition Model &#8211;&nbsp;Forecasting&nbsp;the inflow of new customers&nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\">III. The Customer Retention Model &#8211;&nbsp;Forecasting&nbsp;how long customers will remain with you and your products&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Customers are, in a sense, treated as assets strategic for the growth of the business.&nbsp;And tracking&nbsp;the&nbsp;performance of&nbsp;customer-centric initiatives&nbsp;is what&nbsp;helps&nbsp;complete the concept.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-the-3-customer-centric-metrics-to-know\">The 3 Customer-centric Metrics to Know&nbsp;<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Not every business can rely on these metrics specifically to measure customer-centricity. However,&nbsp;these 3 metrics or&nbsp;their&nbsp;variations&nbsp;must be implemented&nbsp;to measure customer-centricity.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-i-customer-churn-rate\" style=\"font-size:22px\">I. Customer&nbsp;Churn Rate&nbsp;<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Consider these stats from a&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/jiawertz\/2018\/09\/12\/dont-spend-5-times-more-attracting-new-customers-nurture-the-existing-ones\/#217de9f55a8e\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><u>Forbes<\/u><\/a>&nbsp;article:&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li>It can cost five times more to attract a new customer than to retain an existing one.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li>Increasing customer retention rates by 5 per cent can increase profits by 25 per cent to 95 per cent.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"has-medium-font-size\">\n<li>65 per cent of a company\u2019s business comes from existing clients.&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">As the statistics prove, acquiring new customers is&nbsp;far more difficult than&nbsp;<a href=\"https:\/\/kylas.io\/sales-effectiveness\/customer-retention-sales-crm-software\/\" target=\"_blank\" rel=\"noreferrer noopener\"><u>customer retention<\/u><\/a>.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">The key, then,&nbsp;if we look at the stats from a customer-centric&nbsp;approach,&nbsp;is to understand why your customers are leaving,&nbsp;and why the ones who are staying put are doing so.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Here are the reasons for customer churn according to&nbsp;Farsijani&nbsp;and Zandi\u2019s&nbsp;The&nbsp;<a href=\"http:\/\/www.smsjournal.ir\/article_88669.html?lang=en\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Servqual&nbsp;Model<\/u><\/a>&nbsp;(2012)-&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#f3f4f5\"><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Variable<\/th><th class=\"has-text-align-left\" data-align=\"left\">Description<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">Tangible quality&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">The appearance of physical facilities, equipment, personnel, and communication materials&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Reliability quality&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Ability to execute the pledged service dependably and accurately&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Responsiveness quality&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Readiness to support customers and provide prompt service&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Assurance quality&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Knowledge and politeness of employee and their skill to transport trust and confidence&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Empathy quality&nbsp;<\/td><td class=\"has-text-align-left\" data-align=\"left\">Special attention that the employees provide to each other&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Simply put &#8211; Growing businesses with high retention rates do tend&nbsp;to&nbsp;do better and&nbsp;grow faster.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-ii-net-promoter-score-nps\" style=\"font-size:22px\">II. Net Promoter Score&nbsp;(NPS)&nbsp;<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">NPS tries to answer one question only,&nbsp;<em>&#8220;<\/em><em>Are your customers happy with your service?<\/em><em>\u201d<\/em>&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Every&nbsp;customer&#8217;s response is then segmented based on&nbsp;predefined&nbsp;criteria-&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-0-6-the-detractors\"><em>0-6 &#8211; The Detractors<\/em>&nbsp;<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">These customers are not happy with your product\/service and are likely to mar your reputation by sharing their negative thoughts about you with their connections.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-7-8-the-passives-or-the-fence-sitters\"><em>7-8 &#8211; The Passives (or the Fence<\/em><em>&#8211;<\/em><em>sitters)<\/em>&nbsp;<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">These customers are content with your offerings but are on the lookout for better services.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading has-vivid-cyan-blue-color has-text-color has-medium-font-size\" id=\"htoc-9-10-the-promoters\"><em>9-10 &#8211; The Promoters<\/em>&nbsp;<\/h4>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">These customers love you! They don&#8217;t even want to consider shifting to another brand and will make their thoughts known to their connections. When you think about high Customer Lifetime Value, think of your promotors.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">Simply put, the higher your NPS, the better is your&nbsp;customer-centricity.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"htoc-iii-customer-lifetime-value-clv\" style=\"font-size:22px\">III. Customer Lifetime Value (CLV)&nbsp;<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">CLV is when&nbsp;you&nbsp;go beyond Churn Rate &amp; NPS&nbsp;and look at&nbsp;the revenue each customer contributes to your business.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">For example, this one person had&nbsp;bought&nbsp;a Macintosh computer, then an iPod,&nbsp;a MacBook, and an iPhone.&nbsp;Say they don&#8217;t buy an iPad or upgrade to any new Apple product.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Th<\/em><\/strong><strong><em>e<\/em><\/strong><strong><em>&nbsp;formula&nbsp;<\/em><\/strong><strong><em>for CLV&nbsp;<\/em><\/strong><strong><em>is&nbsp;<\/em><\/strong><strong><em>=<\/em><\/strong><strong><em>&nbsp;T<\/em><\/strong><strong><em>heir total contribution&nbsp;<\/em><\/strong><strong><em>&#8211;<\/em><\/strong><strong><em>&nbsp;<\/em><\/strong><strong><em>(<\/em><\/strong><strong><em>minus<\/em><\/strong><strong><em>)<\/em><\/strong><strong><em>&nbsp;<\/em><\/strong><strong><em>T<\/em><\/strong><strong><em>he cost of acquiring them<\/em><\/strong>&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">While CLV is not an exact science, it can draw a better picture to help you plan&nbsp;your investments (in your customers) better.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"htoc-customer-centricity-for-small-business-growth\">Customer Centricity&nbsp;for Small Business Growth&nbsp;<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">The shift to Customer-centricity is not a simple one and requires&nbsp;changes&nbsp;in multiple ways. However, this is the best path to experiencing true small business growth.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">A&nbsp;growing business needs the right mix of mindset and technology, like&nbsp;Kylas&nbsp;<a href=\"https:\/\/kylas.io\/sales-effectiveness\/small-businesses-need-sales-crm-software\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Sales CRM Software<\/u><\/a>. The technology&nbsp;helps&nbsp;collate,&nbsp;help&nbsp;implement Customer-Centricity&nbsp;and measure, along with other growth-driving practices&nbsp;you&nbsp;want to implement and perfect.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-medium-font-size\">We hope this article&nbsp;will help&nbsp;you understand the concept of Customer-centricity. Do share your comments below and also tell us what you would like&nbsp;us to write&nbsp;on.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For most of us, customer-centricity is to put your customers in the thick of it all by helping them realize value. The idea here is to focus on creating lasting relationships to create long-lasting business opportunities for you. However, customer-centricity can mean different things to different people. It can depend on-&nbsp; Regardless, at the core, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/kylas.io\/en\/business-growth\/small-business-customer-centricity\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;What Is Customer-Centricity? Plus, All the Important Things You Need to Know!&#8221;<\/span><\/a><\/p>\n","protected":false},"author":23,"featured_media":14835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","footnotes":""},"categories":[14,16],"tags":[42,63],"acf":[],"featured_image_src":"https:\/\/kylas.io\/en\/wp-content\/uploads\/2021\/05\/What-Is-Customer-Centricity-Banner.jpg","author_info":{"display_name":"Shagun Sharma","author_link":"https:\/\/kylas.io\/en\/author\/shagun"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Customer Centricity? Plus, All you Need to Know! | Kylas<\/title>\n<meta name=\"description\" content=\"Customer-Centricity isn\u2019t just for large enterprises. 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