Customer centricity presentation

Presentation: Understanding Customer Centricity
Have you ever wondered why some organizations fail while some achieve stunning success? What is the secret behind successful organizations? To survive and thrive in this competitive world organizations are moving from product first approach to something else.
Presented to: Women in Agile Houston Group
Presented on: 7/15/2020

1. Understanding Customer Centricity

2. About Me Zehra Mehdi Product Manager LinkedIn@ http://www.linkedin.com/in/zehra-mehdi-077051a

3. Agenda 1 Failed Products & why products fail? 2 Customer centricity & why it is important 3 Agile & customer centricity 4 How to achieve customer centricity 5 Success Story 6 Q&A

4. Failed Products Studies show that 60-80% of products fail.

5. Year 2012 A device of the future Priced at $1500 A hands-free smart phone letting users access web, camera, maps and other apps through voice commands A wearable technology that just didn’t fit well with the consumer.

6. Google Glass

7. Year 2016 Raised $120 million in funding A juicer with a price tag of $700! Wifi enabled and equipped with a special camera to scan QR codes to check expiration dates on the juice packs Provided fresh squeezed fruits and vegetables sourced directly from the farms Zero cleanup for a usually messy process After launch, consumers realized that the juice pouches could be squeezed by hand, so why bother paying so much for the machine?

8. Juicero Press by Juicero

9. So, what was the problem? Sometimes consumers are not ready for a product yet or sometimes they can't find a use for it. #1 reason products fail is because of a failure to understand customer needs and wants. Such products failed to create value Organizations failed to put the customers first.

10. Customer Centricity Putting customers at the center of everything you do as a business. Knowing your customer. Listening to customers and understanding their needs or pains - Practicing Empathy! Deeply understanding the effects of your organizations decisions on the customers. Creating a delightful experience at every stage of the product usage or creating that wow moment. Getting constant feedback

11. Why is customer centricity important? Back then, customers had fewer choices so organizations could get away with mediocre services. Today, every industry has competition. So customers have a lot of options. Power have shifted to the customers. They have sky high expectations - They are tech-savvy, expect 24/7 availability, personalized services, short wait times, quick resolution to inquiries. Everything is shared on social media - the good, the bad, the ugly! Famous Quote - Customers are always “beautifully, wonderfully dissatisfied,” and if you focus on always trying to make them happier, it’s hard to go wrong. 11

12. Some Statistics Type text Out of the 100 most empathetic companies, the top 10 “increased in value more than twice as much as the bottom 10, and generated 50% more earning. *According to Harvard Business Review research In the US, the cost of customer switching due to poor customer experience is $1.6 trillion *According to Accenture 84% of customers say the experience a company provides are as important as the products and services *According to State of the Connected Customer report by Salesforce

13. Agile and Customer Centricity First principle based on the Agile Manifesto - “highest priority is to satisfy the customer through early and continuous delivery of valuable software.” Customers are part of the solution from the beginning rather than receiving only progress reports or having meetings at scheduled intervals. User stories are always written from the point of view of the customer. Build, Measure, Learn feedback loops - continuously deliver, get feedback and improve Scaled Agile Inc brought customer centricity at the center of the SAFe® 5.0 model. It defines customer centricity as a mindset: a customer centric organization will deeply consider the effects on its customers every time it makes a decision. *Refer to Scaled Agile

14. Achieving Customer Centricity Listening to customers and thinking from their point of view to understand their needs Creating products that solve those needs Using Design Thinking tools like empathy maps, user personas and customer journey maps** **Refer to Scaled Agile Framework for more info:https://www.scaledagileframework.com/design-thinking/ * * Article written by Antonio Trombetta on LinkedIn - Get to know your customers through empathy maps Investing in technology and collecting data and using it to enhance user experience Investing in AI and machine learning to provide personalized product recommendations Innovating and improving all the time!

15. Success Story - Sephora A beauty lover’s favorite and a powerful beauty chain. Has 1900 stores worldwide. Unique and personalized in-store experience providing a wide range of beauty products and services First one to start the try-before-you-buy for cosmetics Invested heavily in technology and innovation - own innovation lab called Sephora Labs! A large online community for its “Beauty Insiders” and a loyalty and rewards program Educational videos - teach customers how to use different products Online chat - live chat with other Sephora shoppers “Quiz” tools - provide answers to get personalized product recommendations. Stayed ahead of consumers’ adoption of natural and organic beauty - introduced Clean Beauty products

16. Takeaways Organizations have to be customer centric to survive and thrive. Not just the leadership, but each individual should cultivate a customer centric attitude. Be passionate about the customer, show empathy, focus on their needs, and get feedback To stay relevant, invest in technology and leverage data to make smart decisions. Constantly reinvent, innovate and work towards creating unique experiences so customers keep coming back!

17. Questions?