The Business Roundtable surprised many this week by issuing an updated “Statement on the Purpose of a Corporation,” the first point of which is a promise to deliver value to customers.
Of course, we’ve known for a long time how important it is for companies—especially B2B companies—to prioritize customers. It’s a constant refrain from our 60 years in B2B client support, channel management, and customer engagement across digital and value-added services.
And our recent research backs up just how much B2B companies stand to gain by increasing their levels of customer centricity—high-performing customer-centric companies can lower their customer attrition by 63%.
Pratima’s research on customer centricity emerged from conversations with our B2B clients. When we started talking to clients about customer intelligence, it became clear that the voice of the customers themselves either was missing or didn’t reflect customers in local markets. At the same time, customer intelligence connected to many other challenges that companies were facing, including competition and channel management.
Understanding the customer became a focal point. Clients wanted to know—we’ve got the customer insights, but how do we use them? Pratima set out to answer that question. She decided to take customer insights beyond R&D and product development, where they are often sequestered, and look at how companies can implement larger transformations to embed customer centricity across the entire organization.
The result is the report Building a Customer-Centric B2B Company. Download the executive summary to learn more about what customer centricity could mean for your business.
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