A lot of companies confuse between customer and business strategy. While customer-centric corporate strategy is needed, the two terms mentioned do not always co-exist. This can best be illustrated using the example of the 2008 housing crisis where customer demands led to excessive quoting at the mortgage market, eventually leading to lots of loan defaults. Instead a customer-centric approach must be adopted. A study claims that according to CEOs, it is company cultures that prevent customer-centricity especially the formation of self-serving silos. The focus towards short term gains or company convenience, a lack of engagement with the work or empathy with the customer, the comfort on working on processes rather than for people, not having a Customer Value Management system in place, and even executives considering company requirements more important than customers’ are reasons commonly cited for such failures. Thus systematic changes need to be brought in. This includes a sort of a bill of rights for the customers, continuous service improvement programmes, focus on creating value for all forms of stakeholders, developing customer centric circles and asking executives to spend about a sixth of their total work time interacting directly with the customer.



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