Customer-centric innovation is a form of innovation where the customer is the heart of any, and every, decision that you make. This kind of process is driven entirely by customer engagement and putting the customer first — no matter what.
Maropost is a great example of a company whose customer-centricity has led to its rapid growth. So rapid, in fact, that according to a podcast with the Kim Barrett Show, the company experienced an over 12,000% growth during a 5-year period!
CEO and founder, Ross Andrew Paquette, credits much of Maropost’s success to their devotion to customer-centric innovation by saying the following: first in an interview, he said, “I saw early on how a lack of innovation can cause a company to stagnate” then, in another interview saying that it has become “…a part of Maropost’s legacy to ensure, for their clients and even their client’s customers, that they are providing the most value possible.”
More below on why customer-centric innovation is important for growing your business, and how Ross Andrew Paquette was able to use it steer Maropost to where it is today.
1. Satisfied customers spend more!
According to Info Quest, satisfied customers contribute at least 2.6x more revenue than customers that are only somewhat satisfied. Meanwhile, that number jumps to 14x more revenue when compared to somewhat dissatisfied customers.
Maropost’s journey builder exemplifies this growth process. It allows businesses to keep an eye on a customer’s entire journey and execute marketing strategies for a better-quality customer experience (CX) that will have them coming back and spending more.
2. Positive CX fosters brand-loyalty!
By innovating based on your customer’s wants and needs, you can expect to build stronger and more meaningful relationships with your customers. This will then foster brand loyalty!
Why is brand loyalty so important to business growth?
Well, according to recent statistics, loyal and highly-engaged customers spend more money and buy 90% more often! To be even more specific, it is said that a 5% increase in customer retention can lead to an over 25% increase, or more, in profit!
3. Word-of-mouth marketing works better than ads!
Ross Andrew Paquette has said, on more than one occasion, that a lot of Maropost’s current clients came to them through word of mouth — something that they have a lot to thank their customer-centricity for. As, simply put, it was Maropost’s loyal customers that brought more business their way and allowed them to grow over the years.
In fact, according to Paquette, during the first few years of Maropost’s growth, they had little to no marketing strategies in motion. Instead, Maropost had focused solely on building up its infrastructure to become a service that their clients could trust enough to recommend to their friends, family, colleagues, etc.
4. Everyone is now competing to provide the best CX!
If you dally too long, you’re going to be left behind as the rest of the global market competes in providing the best possible service for their clients (at least 87% are already competing, according to Pointillist.)
It’s getting harder and harder to stand-out in a crowded market. Especially when relevant advancements in modern technology and marketing strategies are so readily available. The only arena left for you to compete on, then, is customer experience.
Which leads us to our obvious conclusion. Customer-centric innovation is now critical for growing a business.
To compete, you’ll have to make sure that your customers are so satisfied that they would have no reason to go looking to another brand for their desired product/service! That’s the only way you’ll be able to beat out the rest of the competition and grow your business effectively.