Customer centricity: the magic ingredient for business success?
As brands fight for customers’ share-of-wallet, we explore the importance of customer centricity, and how to achieve it.
On March 11, 2020, the World Health Organisation (WHO) declared the outbreak of a new type of coronavirus a global pandemic. Little did we know how severe the impact of COVID-19 would be at the start of the crisis. More than a year later, our understanding of the changes in consumer behaviour has evolved substantially. But it’s not a rosy picture.
While vaccines will hopefully eliminate the immediate threats to health and safety, financial worries are likely to persist for some time. Kantar’s COVID-19 Barometer (Wave 8) revealed that over 50% of people say the pandemic has affected their household income. Over 60% expect it will take a long time for the economy to recover, and more than half of consumers are worried about the future. As more and more people want to save money and avoid non-essential spend, many businesses are concerned about their customers’ financial hardship and reduced demand.
In this climate of deep economic uncertainty, brands are not only scrutinising investment, but they are also fighting for their customers’ share-of-wallet more than ever before. This fiercely competitive environment has once more elevated the importance of customer experiences, and achieving a customer-centric culture has re-emerged as an important theme.