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Navigating the Future with Customer-Centricity as the Essence of CX

Did you know that improving your customer experience (CX) score by one point can result in over $1 billion in additional revenue? That’s because exceptional CX keeps current customers and attracts new customers. Seventy-five percent of customers would spend more money with a company that provides great CX and 90 percent would be willing to switch companies entirely for better CX. 

But in a world of companies that promise “white-glove customer service,” how can your experience stand out? The answer is simple: understand and embrace customer-centricity.  

What is Customer-Centricity?   

At its core, customer-centricity is a mindset that places customers at the center of all business decisions and strategies. If you are a customer-centric company, your focus is not just on selling services but on building lasting relationships with customers. How? By understanding and fulfilling each customer’s needs, preferences, and expectations. While this may seem like an unattainable goal now, it isn’t. Customer-centricity is the future of CX.  

Thanks to recent technological breakthroughs, you can improve and scale your CX like never before, and your customers know it. Over 63 percent of business buyers say most companies fall short of the kind of CX they know is possible with modern technology. But what are customers expecting? Let’s check on today’s trends and find out. 

Almost 80% of American consumers say convenience, speed, and knowledgeable, friendly service are the pillars of excellent CX. 

3 Major Trends in Customer-Centricity  

The future of CX lies squarely in the hands of your customers – both existing and potential. Here are a few trends they are loving. 

Ultra-Accurate Personalization  

With the amount of data businesses collect, 73 percent of consumers expect better personalization. By leveraging data effectively, you can tailor your products, marketing, communication – everything – to your customer’s individual needs, leading to better customer experiences across the board. For example, personalized billing helps you streamline transactions, leading to easier payments, happier customers, and a positive brand image.  

Omnichannel Approach to Customer Service  

Eighty-five percent of customers expect a seamless, consistent experience whether they interact with your brand online, in-store, or through social media. But 66 percent say they still have to repeat information to different representatives each time they reach out. 

Forward-thinking companies are starting to break down “data silos,” improve communication between departments, and invest in technology that supports an omnichannel approach to CX so they can give their customers the consistency they crave, and it literally pays off. A study by Forrester Research and Adobe found that businesses with a solid omnichannel strategy can expect 10 percent year-over-year growth!  

Purpose-Driven Brands  

Companies that care about and invest in solving social and environmental issues resonate with customers. Eighty-six percent of your current customer base says they want to know how companies give back to their community, the planet, and more. Establishing initiatives that align with your customers’ values shows that you care about what they care about. That has a powerfully positive impact on customer experience, building a sense of shared purpose and encouraging loyalty on a deeper level. 

3 Ways You Can Make Your Company More Customer-Centric    

As you can see, customer-centricity requires a holistic approach involving every area of the organization to build strong, long-lasting customer relationships. Your mindset, as a company, must always be customers first. Superficial change and lip service – without genuine change – won’t get you far. 

Becoming more customer-centric is worth the investment of your time and resources! Research by McKinsey and Company shows that companies that work to become more customer-centric have seen a seven percent increase in sales revenue and a two percent increase in profitability. You can start with these three steps. 

Adapt to Keep Up with Customer Expectations 

Organizations need to be agile and adaptable in a world of constant innovation and change. Be willing to shift strategies based on customer feedback and experiment with new technologies. Encourage your team to embrace continuous improvement and experimentation so you can have a genuinely proactive approach to customer-centricity. Starting with your leadership. 

Drive Customer-Centricity at the Leadership Level  

Strong leadership is instrumental in fostering a customer-centric culture within an organization. Great CEOs are not only leaders of their companies but also champions of positive customer experiences. Their focus on stellar CX trickles down through the organization, fostering a culture that embraces change for the benefit of both customers and the company.  

Recognize of Empathy 

Empathy is more than just recognizing your customers’ emotions. It’s putting oneself in their shoes and responding accordingly, and it’s at the heart of customer-centricity. Train your team to ask themselves questions like: 

  • How would I feel if someone put me on hold for an hour? 
  • How would being transferred to six people for one question impact my thoughts about the company? 
  • How would I feel if I couldn’t reach a human being quickly and easily? 

This will help build their emotional intelligence and help them spot CX shortcomings and suggest improvements. When customers feel heard – and see their feedback put into action – it increases the likelihood that when a competitor comes around, they’ll choose you every time. 

Looking Ahead: The Future of Customer-Centricity  

Customer-centricity is continually evolving, and artificial intelligence (AI) plays a pivotal role. AI technologies enable more personalized interactions, predictive analytics, and enhanced customer support, taking customer-centricity to new heights. Choosing technology with AI support is a great way to prepare for the future of CX. 

Step into the Future of CX with Symphony’s Customer-Centric  

Want to harness the power of AI to make your billing more customer-centric? Check out our comprehensive eBook for in-depth strategies and insights that can turn a necessary part of your CX into a loyalty-building powerhouse