This morning, during my commuting to work, I was absorbed by this Samuel Hulick’s tweet, around the concept of customer centricity and his benefits.
I’ve answered him sharing a study that shows how investing in a customer-centric approach affects positively revenue, retention, profit and other key factors.
Ciao Samuel, not an article but a nice research from @TemkinGroup . This is the impact on different KPIs of a “moderate”— Mauro Ronci (@mauro_ronci) March 21, 2019
improvement in CX divided per market segments. Hard to say what they mean with “moderate”, but the source is still reliable. 🙂https://t.co/W2jCsGM85U pic.twitter.com/0GfQ1FArw3
After that, several hours later, another person, Mike Acler, joined the discussion with a tweet that got me thinking:
This doesn’t apply to low-competition market where retention happens even if the CX is bad.— Mike Acler (@agilek) March 21, 2019
“Damn, he’s right”, I’ve thought. Since I’ve worked only in highly competitive markets, I haven’t considered that low competitiveness can protect a company with a bad CX.
In this case, investing in customer centricity can be a choice. You can decide to spend resources on something else and “who cares about customers”!
But, honestly, I don’t feel comfortable with that mindset. Even if you are in a market with low competition, you can’t forget about who pays your paycheck. It’s simply not fair.
Furthermore, markets change continuously and competitive advantages don’t last forever. So before you increase the brand’s loyalty, the better. Even in a low competitive environment.