To reduce marketing costs – engage with customers, not competitors. Research in the United States in 2018 found that businesses satisfying an accepted criterion for being considered ‘customer focused’ were on average 60% more profitable than business not considered customer focused. Further, 58% of marketers believe being customer-centric aids profitability. Another study found that 90% of marketers in the […]

To reduce marketing costs – engage with customers, not competitors. Research in the United States in 2018 found that businesses satisfying an accepted criterion for being considered ‘customer focused’ were on average 60% more profitable than business not considered customer focused. Further, 58% of marketers believe being customer-centric aids profitability.Another study found that 90% of marketers in the United States were developing or implementing strategies that would enable them to offer a more customer-focused and’ individualised’ product.Jeff Bezos, CEO of Amazon, contends that ‘the most important single thing is to focus on the customer. Our goal is to be the world’s most customer-centric company. Over recent years, much has been written about the FAANG group of businesses – Facebook, Amazon, Apple, Netflix and Google. These are arguably the most successful businesses in the world. Each has in place sophisticated technology designed to provide high-quality data on every aspect of the customer experience, customer needs and…