Boost revenue and retention by creating customer-centric products

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 18, 2022, 11:00 AM GMT+0

Product innovation that is based on non-obvious customer concerns and insights can provide a competitive edge. 

Companies that prioritise customer-centricity and employee engagement tend to see more revenue growth than those that do not. The larger a company grows, the more it is in danger of losing sight of customer needs as internal complexities mount. 
Customer-centricity can create an empathetic work environment for workers, which in turn helps identify non-obvious customer insights. Products that are then developed around non-obvious issues allow brands to address core customer concerns. This dynamic may contribute to higher retention rates, innovation, and a strong brand-customer relationship. 
Businesses can operationalise customer-centricity by setting aside time to conduct in-depth research. Team meetings should also be conducted with customer service calls to gain insight and feedback. Additionally, companies can invite customers to quarterly business reviews to share feedback on products or services. 

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