Business Daily Media

Men's Weekly

.

Why It's Become Essential for Businesses to Have a Consumer-Centric Approach



We live in an age where business management is more centered around convenience and accessibility than ever. As a result, it can be especially challenging for new business owners trying to make their mark in the industry, as trying to get the attention of their target audience can be a challenge when they already have companies they trust.

Therefore, it's become crucial for company owners to adopt a more consumer-centric approach in an attempt to market their business better. However, for those still on the fence regarding some of the advantages of a consumer-centric strategy, here are just a few reasons why it’s become so essential in today’s competitive marketplace.

  1. Breaking new ground in marketing and insurance

There was a time when trying to convince people to adopt new insurance policies was problematic due to the reputation of insurance in general. In fact, such a statement still holds these day, at least for the insurers that haven't taken the consumer-centric approach. Many companies have broken new ground in the form of insurance with telematics, where a device is used to track driver behavior and figure out whether the client should pay less or more based on how they drive.

The good news is a driver that understands how to keep the car safe and adopts best-practice methods will not only save money on fuel, but also save costs on insurance policies. Such a thing is unheard of in many other types of insurance. Usage-based insurance is currently most effective with regard to vehicles, but strides are being made to spread UBI across other types of insurance. As a result, it makes marketing insurance so much easier than before.

  1. Increasing demand for flexible pricing

One reason why the consumer-centric approach is so crucial is due to customers becoming more and more aware of what businesses can do for them. So why bother with a company that doesn't cater to their needs when they can go for a service with more flexible pricing? It all started with the rise of the subscription-based model, as the usage-based pricing model helped empower the end users.

These days, potential customers want flexible pricing for just about anything, and they're more than willing to look elsewhere if a company is not meeting its expectations.

  1. Growing competition in the business sector

Without a doubt, the competition is growing in the business sector. More companies are adopting consumer-friendly business models, going so far as to use artificial intelligence to provide effective algorithms that take customer preference to account. When your competition is making so much effort to cater to the customers, you can bet that the target demographic will not bother with a business that doesn't do the same. You might get lucky from time to time and earn a following, but it’s not going to be nearly as effective as your peers.

If you want your company to elevate itself and make its mark in the industry, you must be willing to do the work. Any business worth its salt in the modern sector would do well to focus on its consumers as the number one priority.

Minns Labor Government shutting down the Business Connect program

The NSW Opposition is concerned that the Labor government will shut down a support program that has assisted New South Wales businesses. In a media ...

Samsara Eco appoints Dr. Lars Kissau as General Manager for Asia

Australian biotech innovator Samsara Eco has announced the appointment of Dr Lars Kissau as its first General Manager of Asia. Based in Singapore...

From the first bounce to the final siren - small business lessons from the AFL Grand Final

The AFL Grand Final is one of the most anticipated days on the sporting calendar. This Saturday, the Geelong Cats and Brisbane Lions will battle i...

Australia’s top finance leaders recognised as CFO role expands

Amid surging regulatory demands and rapidly evolving industry, Australia’s most influential Chief Financial Officers will be honoured at the inaug...

Why outdated security leaves small businesses exposed to crime

Small and medium businesses in Australia are under increasing pressure to address security gaps that criminals readily exploit. An unlocked door, an...

Why it’s time telcos rethink location and put customer experience first

Maurice Zicman, Vice President - CX Strategy at TP in Australia unpacks why the telco industry must rethink old assumptions and focus on digital-f...