REPOST: FORBES

Written By: Michael Caccavale

Across every industry, consumers have more choices than ever before. This abundance of options has created a buyer-friendly marketplace, and companies have been forced to adapt.

Customers can no longer be taken for granted. In fact, many companies are switching to customer-centric business models that filter all business decisions through the lens of the customer experience.

Such a business model would have been unthinkable years ago when the average consumer had fewer options and didn’t have the luxury of selecting companies to patronize. Today, it is quickly becoming a requirement.

Businesses have plenty of incentive to do so: A study from the Temkin Group found that loyal customers become roughly five times more likely to repurchase, five times more likely to forgive the brand, and four times more likely to refer their business to a friend. While generating new leads and customers is paramount for any company, it’s just as important to retain your current customers and turn them into brand advocates.

A strong customer experience is where it all begins. By embracing a customer-centric model, you can prioritize decision-making and digital disruption in ways that serve your customers and elevate your marketing ROI.

 

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