The high inflation rates have made a case for customer-centricity, and forward-looking businesses are already doubling down on this value as a key competitive advantage.
According to a Chief Executive article, customer-centric businesses are more likely to weather the inflation storm by shifting focus from growing revenue to holding on to clients.
Here are the five reasons why customer-centricity matters in today’s economic landscape:
– Inflation forces customers to cut costs. If you haven’t driven strong outcomes and great customer experience, you’re going to lose some clients.
– Your ability to raise prices will depend on outcomes delivered and product stickiness.
– Inflation puts more pressure on profitability and customer-led growth, i.e., the stock market wants to see how well you’re holding on to your current customers and how much of your growth is durable.
– Debts depend more on retention.
– Investors will scrutinize customer success before making a move.
