Businesses fail when they don’t meet customer needs.
Buyer behaviours keep changing. Without a customer-centric approach, you could struggle to achieve growth and adapt to new behaviours.
Creating and maintaining a customer-centric approach plays an essential role in risk management, whether that’s regulatory, reputational or commercial. It also plays an important role in the ethical selling trend, supported by The Association for Professional Sales, consumer groups, watchdogs, regulatory agencies and industry organisations.
How we support the implementation of customer-centricity in selling:
We assess the implications of taking a customer-centric approach to sales performance.
How can the organisation adapt to changing buyer behaviours and needed?
What are the implications?
In the financial sector, “Know Your Customer” needs to go beyond a regulatory requirement. It must be at the heart of the sales function. Download our guide for the Four Levels of Knowing Your Customer.
Reward a customer-centric approach. Consider the impact sales targets and commission structures have on sales teams taking this approach. The problems Wells Fargo have experienced demonstrate how badly this can go wrong.
Review whether your sales processes mirror client buying cycles. Should you take a dynamic approach that meets client needs more closely, instead of sticking to a rigid process that doesn’t align? It can be difficult to balance discipline on the one hand and the need for flexibility on the other.
Buyer behaviours are clearly changing. Here are a few changes we see more often:
Increased formality with very defined processes
Increased number of influencers and decision makers involved
Increased use of business cases
Increased use of buying groups
Increased use of social media in buying
Increased information available to buyers (knowledge synchronicity)
Increased emphasis on whole of life costs and future-proofing