CUSTOMERS IN 2030
The etymology of the word client comes from incline, or to bow, as a shop assistant will serve a customer, and from cliere, to esteem. These two meanings correspond with the two traditional and opposing definitions: somebody who serves and somebody who exploits.
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Within the online shopping experience, the value of the relationship with customers is vastly increased. The customer is no longer simply somebody who is buying a product, but also somebody who can take on the role of adviser, like customer service, or even co-creator.
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Whenever I hear the phrase customer-centric strategy, I ask myself, is there any other type of strategy? Then I look for some and find that very few shops actually apply the theory.
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Shops are so oriented to attracting new customers that they forget to worry about keeping the ones they already have. Although research shows that it costs more to gain new customers than to encourage loyalty from existing ones, shops give more importance to short-term results, and to the tactics of an immediate vision instead of a long-term strategy.
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A close relationship with customers creates a problem of scale. When a company builds this relationship it standardises it and tends to convert the customer into just another piece in the production line. Large businesses need to find the way to convert this art into a science.
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A long-tail distribution characterised by some niche markets favours a close relationship with the customer on the basis of shared values and a vision of the world. A customer who is treated like a friend will be more loyal, but will also be more demanding and difficult to manipulate.
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In an increasingly complex world, expert assessment will become more valuable when it comes to making a purchase decision. But companies such as the largest banks will need this value to come only from a trustworthy and reliable source.
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Companies need to stop being obsessed with their competitors and start focussing on their customers.
From our book: 2030: 30 ideas for 2030
