Building a Customer Centric Business Model Begins with Trust

A lot of companies say that they are customer centric… but saying that you build your services and products for customers doesn’t happen by accident. First thing’s first… it all starts with developing trust. Today’s customers have more data at their fingertips then ever before. Knowing what customers value allows you to be a brand voice that stands out and connects you to them. That connection can keep them not only engaged, but highly loyal.

Building a Customer Centric Business Model

A 2019 study by Deloitte Digital found that 76% of consumers who consider themselves “brand loyal” reported they’ve used the brand in question for more than four years because of the trust they have in it. And that loyalty adds up. Acquiring new customers is complex, has lower degrees of success for conversion, and is much more expensive. Customer acquisition can cost up to 7 times more than selling to existing customers — while the probability of selling to a new customer hovers around a mere 5 to 20 percent. Meanwhile, the likelihood of selling to an existing customer is between 60 to 70 percent. That’s quite the jump.

Three things to keep in mind when building a loyal customer base:

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Start with authenticity 

Consumers don’t want polished perfect content. They want to know who you are in a crowded marketplace. 88 percent of consumers say that authenticity is a key factor when deciding what brands they like and support (Stackla, 2021). Companies can be more authentic by being transparent and consistent in their branding and messaging.

Know your numbers

Customer-centric companies are 60% more profitable than companies that don’t focus on customers. Data matters. By paying attention to customer behavior in financial terms and corroborating that with real-time feedback you can get a well-rounded view of what the customer is currently buying and what they need to buy again (and again).

Build your business network

As the influencer marketing industry has grown, so has the number of companies and service providers that support the industry.  Influencer marketing related companies grew by 26% in 2021 to 18,900 worldwide. In an age where influencers, brand ambassadors, and affiliated marketing thrive, find voices that have the same values that you do and audiences that you want to reach. Those folks already have the trust and buy-in of an audience. Become part of that network and part of their story. 

Embrace a culture of transparency

With trust comes transparency, and vice versa. According to a survey by Accenture, 66 percent of consumers think transparency is one of the most attractive qualities in a brand. (Accenture Strategy, 2020). In an era where people tweet, comment, leave reviews, and share all their thoughts… with a click of a button, people can find out everything they want to know about a brand. This puts companies in an increasingly important position to embrace brand transparency. Getting caught in a lie is costly. 31% of American consumers would switch brands if they caught their favorite company lying about product performance or efficiency.

Create the ideal customer experience and live it company wide and in every channel where you exist

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Listen and learn from your customers.96% of customers say customer service is important in their choice of loyalty to a brand. Good customer service makes consumers feel heard and appreciated. Excellent customer keeps them engaged for the long term. If your brand can customize the experience for individual customers, you’ll have a higher chance of winning and keeping customers. If you operate in multiple digital channels, make sure that experience and messaging mimics what a customer would hear from you in person.

Get emotional

Strong branding provokes emotions, and no one is immune to this effect. Interest, trust, and optimism are the top three feelings people experience in relation to the brands they prefer. If you stir up such feelings with the products or services you offer, you have a shot at gaining loyal customers. Customers with an emotional relationship with a brand have a 306% higher lifetime value and will recommend the company at a rate of 71%, rather than the average rate of 45%. (Motista).

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Make it easy for the customer to transact with you

Mobile Solutions are the leading customer loyalty tech investment for global brands.52% of global brands are investing in mobile technologies like digital wallets as part of their customer loyalty strategy.

Customers have more options than ever before. Standing out is more than just clever campaigns and slick, integrated systems (though you need those too). Loyalty takes effort and insight. It takes consistency in your practices and convenient solutions for your customers.