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Customer-centricity

Customer-centricity training presentation

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Customer-centricity

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  1. CUSTOMER-CENTRICITY Where Customers Shape Our Tomorrow © Operational Excellence Consulting. All rights reserved.

  2. NOTE: This is a PARTIAL PREVIEW. To download the complete presentation, please visit: https://www.oeconsulting.com.sg LEARNING OBJECTIVES Evaluate and improve customer-centric initiatives in your organization. Understand the fundamental principles and importance of customer-centricity. Adopt customer-centric mindsets to drive business success. Apply various methods and tools to implement customer-centric strategies. 2 © Operational Excellence Consulting

  3. CONTENTS 02 03 04 05 01 INTRODUCTION & KEY CONCEPTS OF CUSTOMER- CENTRICITY MINDSETS OF CUSTOMER- CENTRICITY METHODS & TOOLS FOR CUSTOMER- CENTRICITY DESIGN THINKING FOR CUSTOMER- CENTRICITY EVAUATING & IMPROVING CUSTOMER- CENTRICITY INITIATIVES 3 © Operational Excellence Consulting

  4. WHAT BROUGHT US HERE TODAY: ISSUES AND CHALLENGES THE ORGANIZATION THE EXTERNAL ENVIRONMENT § Internal silos § Evolving customer expectations § Lack of cultural alignment § Market disruption § Resistance to change § Data privacy and regulations § Insufficient employee training § Digital transformation § Inconsistent customer insights § Globalization 4 © Operational Excellence Consulting

  5. IGNORING THE TIDE OF CUSTOMER-CENTRICITY: RISKING YOUR BUSINESS TO THE IMPENDING TSUNAMI CUSTOMER- CENTRICITY TSUNAMI Traditional business 5 © Operational Excellence Consulting

  6. LEADERSHIP ALIGNMENT: FUELING CUSTOMER-CENTRICITY FOR SUCCESS OR IGNITING THE CONSEQUENCES OF INACTION If leadership does not take action to embrace customer- centricity, the organization faces the imminent risk of losing its competitive edge, eroding customer loyalty, hindering innovation, and ultimately stagnating in a rapidly evolving business landscape. 6 © Operational Excellence Consulting

  7. SOME STATISTICS ABOUT CUSTOMER-CENTRICITY 86% 70% 74% Of buyers are willing to pay more for a great customer experience (PwC) Of buying experiences are based on how the customer feels they are being treated (McKinsey) Of consumers have spent more due to good customer service (Zendesk) 80% 62% 73% Of customers are more likely to make a purchase when brands offer personalized experiences (Epsilon) Of customers say that valuing their time is the most important thing a company can do to provide them with good service (Forrester) Of companies view customer experience delivered by contact centers as a competitive differentiator (Deloitte) 7 Source: Various © Operational Excellence Consulting

  8. IMPORTANCE OF CUSTOMER-CENTRICITY IN TODAY’S COMPETITIVE BUSINESS LANDSCAPE Enhanced Customer Satisfaction Differentiation in a Crowded Market Long-Term Customer Loyalty Refined Product and Service Development Positive Brand Perception Repeat Business and Increased Revenue Reduced Customer Churn Agility in a Dynamic Market Sustainable Growth 8 © Operational Excellence Consulting

  9. WHAT IS CUSTOMER-CENTRICITY? ? Customer Advocacy? Customer Service? ? Customer Experience (CX)? Customer-centered Culture? Personalization? Empathy? Customer Satisfaction? Market-Centric? User-Centered Design? Data-Driven Decisions? 9 © Operational Excellence Consulting

  10. DEFINITION OF CUSTOMER-CENTRICITY Customer-centricity is a strategic approach where a business designs its operations, processes, and offerings around the needs and preferences of its customers. 10 © Operational Excellence Consulting

  11. BENEFITS OF CUSTOMER-CENTRICITY Positive Brand Reputation Enhanced Customer Satisfaction Improved Customer Loyalty Reduced Customer Churn Higher Financial Performance Competitive Differentiation Innovation & Adaptability Increased Customer Lifetime Value (CLV) 11 © Operational Excellence Consulting

  12. COMPANIES THAT ARE RECOGNIZED FOR THEIR STRONG COMMITMENT TO CUSTOMER-CENTRICITY The Ritz-Carlton luxury hotel chain is committed to delivering exceptional guest experiences through attentive service, anticipating guest needs, and personalization. Apple’s user-centered design philosophy prioritizes intuitive products and exceptional customer experiences, fostering brand loyalty and advocacy. Renowned for its customer obsession, Amazon has set a high standard for seamless online shopping experiences, personalized recommendations, and efficient customer service. By offering tailored content recommendations, intuitive user interfaces, and responsive customer support, Netflix exemplifies a customer-centric approach in the entertainment industry. This online retailer is famous for its extraordinary customer service, going above and beyond to exceed customer expectations and create strong emotional connections. 12 © Operational Excellence Consulting

  13. THE EIGHT PRINCIPLES OF CUSTOMER-CENTRICITY Empathy Customer Obsession Personalization Continuous Feedback Employee Engagement Cross-Functional Collaboration Data-Driven Insights Continuous Improvement 13 © Operational Excellence Consulting

  14. “ them to behave.” We must design for the way people behave, not for how we would wish DON NORMAN 14 © Operational Excellence Consulting

  15. THE MINDSET OF A TRADITIONAL THINKER “Our products speak for themselves; customization isn’t necessary.” “Sales matter, not building relationships.” “Why change? My old ways have always worked.” “Our processes come first; customer preferences can wait.” 15 © Operational Excellence Consulting

  16. INFUSING A CUSTOMER-CENTRIC MINDSET INTO ORGANIZATIONAL CULTURE Culture Attitude The way we think Behavior The way we act Work Systems & Processes Customer-centric practices 16 © Operational Excellence Consulting

  17. THE EIGHT MINDSETS FOR CUSTOMER-CENTRICITY Continuous Curiosity Empathy Customer Advocacy Adaptive Agility Data-driven Thinking Ownership of Experience Collaborative Approach Long-Term Relationship Building 17 © Operational Excellence Consulting

  18. METHODS AND TOOLS FOR CUSTOMER-CENTRICITY Social Media Listening and Sentiment Analysis Surveys and Questionnaires Interviews and Focus Groups Data Analytics for Customer Insights Customer Profiling and Segmentation Customer Feedback Management Systems Journey Mapping Net Promoter Score (NPS) Ethnographic Studies Usability Testing © Operational Excellence Consulting 18

  19. UNLEASH INNOVATION THROUGH DESIGN THINKING FOR CUSTOMER- CENTRICITY Design thinking is a problem-solving approach that emphasizes empathy, collaboration, and user-centered solutions ● Integrating design thinking with customer-centricity aligns strategies with real customer needs ● Learn how this dynamic approach fosters innovation and customer-focused solutions ● 19 © Operational Excellence Consulting

  20. THE FRAMEWORK OF DESIGN THINKING Empathize Ideate Define Prototype Empathize with your users Test Ideate by challenging assumptions and creating ideas for innovative solutions Prototype to start creating solutions Define your users’ needs, their problem, and your insights Test solutions 20 Source: Adapted from Stanford d.school © Operational Excellence Consulting

  21. BREAKING DOWN SILOS: DESIGN THINKING’S PATHWAY TO CUSTOMER-CENTRIC EXCELLENCE Sorry, that’s not my field… Sorry, we have other goals… I would like to help but… I need help with this CX project! Line Region Product group 21 Source: Adapted from Lewrick et al. © Operational Excellence Consulting

  22. UNLOCKING CUSTOMER-CENTRIC VALUE STREAMS: DELIVERING MAXIMUM VALUE FROM END TO END The vertical arrows represent a clear and direct reporting structure that connects every aspect of the organization to the CEO. CUSTOMERS The horizontal arrows symbolize the flow of value from one stage of the customer journey to another. Together, the vertical and horizontal arrows exemplify a holistic approach to customer-centricity, creating a unified and powerful strategy that places customers at the heart of the organization’s goals and operations. 22 © Operational Excellence Consulting

  23. INTRODUCTION TO EVALUATING AND IMPROVING CUSTOMER- CENTRICITY Enhancing Customer-Centricity: Approaches for Evaluation and Improvement Effective evaluation ensures alignment with customer needs. Continuous improvement sustains customer-centric culture. Adaptability to changing customer preferences enhances competitiveness. Regular assessment prevents stagnation and drives innovation. 23 © Operational Excellence Consulting

  24. CUSTOMER LIFETIME VALUE (CLV) Long-Term Value: Assessing Customer Lifetime Value Evaluate the potential value of long-term relationships. Allocate resources effectively based on CLV. Identify factors that contribute to high CLV customers. Focus on strategies to increase CLV through retention and loyalty. 24 © Operational Excellence Consulting

  25. COMMON CHALLENGES IN IMPLEMENTING CUSTOMER-CENTRICITY Resistance to Change Silos and Lack of Collaboration Lack of Employee Engagement Inadequate Leadership Support Short-term Focus Employees may resist shifting from traditional practices to customer- centric approaches. Disengaged employees may not prioritize delivering exceptional customer experiences. Without leadership buy- in, efforts to foster a customer-centric culture may stall. Overemphasis on immediate profits can overshadow long-term customer relationships. Departments operating independently hinder seamless customer experiences. 25 © Operational Excellence Consulting

  26. BEST PRACTICES FOR IMPLEMENTING CUSTOMER-CENTRICITY Employee Empowerment Cross-Functional Collaboration Leadership Commitment Customer Understanding Train and empower employees to make customer-focused decisions. Foster collaboration between departments for seamless experiences. Secure leadership support for customer- centric initiatives. Deeply understand customer behaviors and needs through research. Personalization Continuous Improvement Data-Driven Insights Customer Journey Mapping Tailor experiences to individual customer preferences. Utilize data analytics to gain actionable insights into customer behaviors. Embrace a culture of constant enhancement based on customer insights. Identify touchpoints, pain points, and opportunities for improvement. 26 © Operational Excellence Consulting

  27. “ Your most unhappy customers are your greatest source of learning.” BILL GATES 27 © Operational Excellence Consulting

  28. ABOUT OPERATIONAL EXCELLENCE CONSULTING Operational Excellence Consulting is a management training and consulting firm that assists organizations in improving business performance and effectiveness. Based in Singapore, the firm’s mission is to create business value for organizations through innovative design and operational excellence management training and consulting solutions. For more information, please visit www.oeconsulting.com.sg © Operational Excellence Consulting

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