Business Banking

More Than Just Better Customer Service

There is a growing body of evidence that customer-centric firms are more successful. For example, research by Deloitte and Touche found that customer-centric companies were 60% more profitable compared to companies that were not focused on the customer. *

But what does it mean to be customer-centric? Tim Cook, the CEO of Apple, outlined his organization’s mission as follows: “Our whole role in life is to give you something you didn’t know you wanted. And then once you get it, you can’t imagine your life without it.” We believe this statement captures the essence of a customer-centric company as one that starts by anticipating what customers want, and follows up by designing its policies, products, processes, and culture to satisfy those wants.

Customer-centricity is much more than a new marketing strategy or an improved client service platform. It requires a holistic re-organization of a company, guided by a culture and value set that puts the customer at the center. Building such an organization typically requires the following elements:

  • A common agenda among all employees, from the CEO down, to improve the customer experience journey. Common commitment to such an agenda begins with HR and practices that prioritize hires committed to the firm’s customer-centric ethos
  • Continuous upgrades and improvements in products and services to anticipate shifts in clients’ wants
  • Thorough customer service training for all employees at regular intervals
  • Ongoing initiatives for boosting customer engagement at every touchpoint
  • Mechanisms to collect, analyze, and socialize customer feedback across the organization, not just among marketing and customer service personnel
  • A dedicated customer support team manned by empathetic and empowered support agents

If your organization is considering a move to a more client-centric posture to drive growth and build long-lasting, deeper, and more mutually profitable customer relationships, we at Washington Trust are here to help you access the resources you need to realize your strategic goals.

* Customer-Focused Companies are 60% More Profitable. How Do Your Strategies Line Up? Bedgood, Larisa, Business 2 Community, February 3, 2021.

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