This notion is based on a fundamental principle that every customer is unique and so are his/her needs. In order to ensure customer loyalty, enterprises should recognise this uniqueness, and customize their services and products to serve these needs. You should bridge the customer value gap by delivering customer-centric value offerings. Instead of marketing your product to everyone, if you could find out who’s your target audience is your can build your business around them by analysing and understanding their needs and incorporating them into your product. Since businesses are primarily about profit-making, then your goal must be to maximize customer value and satisfaction (both current and future) for your enterprise’s benefits.
In a customer-centric approach, you compete for retaining your loyal and long-term customers, hence maintaining your good brand name in the market which in turn returns you with a healthy set of new customer inflow and boosts revenue. Generally selling to old customers generates more profit than acquiring new customers and selling to them likely costs 14% more. This also goes a long way in building your business reputation and increasing the worthiness of the company in the market and attracting new customers.
Not to the surprise of many CRM are so much more than that, they are purposely designed to nurture Client Relationships with the company as to provide the best class service over time and turn them into loyal customers. They are totally focused on Customer centricity as they gather information about every customer and uniquely learn their behaviour and purchasing patterns and then statically put through this crucial information to the employees to customise or plan a unique service for them as per their needs and this is the key.