Do you care more about your products than customers?
Customer-centric businesses look to create the best solution for the customer while the goal for product-centric businesses is to create the best product. The problem is that product-centric companies rarely involve their customers in product design. Instead, they trust that their designers and engineers know best how to design or improve their products. They are also not inclined to look at what their competitors are doing.
Do you care more about your products than customers?
Another drawback of being product-centric is the pricing approach it forces you to take. A customer who is buying a product will compare benefits, features and prices of competing products across the market. Companies can only charge what the market will bear.
A customer-centric organisation, in contrast, is solving a customer’s problem. Buying a tailored offering makes it difficult for customers to compare between vendors, allowing these companies to price based on the value they add and the risk they are taking. The crippling disadvantage of being product-centric is that it makes companies inwardly focused. They suffer a type of product myopia. Customer needs are seldom explored or taken into account.
Converting innovative ideas into great customer experiences
We offer a tailored, 3-step programme to support innovation:
Generate real customer insights through research. Learn as much as possible about your customers before deciding how to best serve them.
Understand the different needs and characteristics of customers, and manage them accordingly. Create customer segments based on value, needs and behaviour, then develop customised marketing, sales, and service plans that are relevant and valuable to these groups.
Manage your customer relationship in the most appropriate channels. Find the best channels that customers prefer and create customer experiences that are consistent across those channels, whether it is online, face to face or via a retail outlet or call centre.
We at Futurecurve are experts in customer value and customer-centric innovation. What sets us apart is our blend of psychology practise and business experience. This combination allows us to design and implement solutions that drive significantly better business for all.