Pushing through economic challenges with a customer focus

Leading a company and building a business is challenging enough, but doing so in uncertain economic times only adds to the difficulties. As companies face economic challenges, one of the best ways to weather the storm and achieve success is to go back to basics and focus on customers.

That was the case forKazuki Ohta, co-founder and CEO of Treasure Data. With a customer-centric approach, the company has grown to 700 employees worldwide and more than $100 million in annual revenue. Kazuki credits the company’s success to focusing on customers and listening to what they want.

“We listened to what the customers wanted. They guided and navigated us in the market, and we built our product and business for them. It wasn’t like we were building it for ourselves and then letting them use it,” he said. “The customer obsession mattered for the last 10 years and will for the next 10 years too.”

Leaders often get distracted by new ideas or trends to chase, especially when the market is uncertain. But Kazuki’s advice is simple: “Focus on what matters: bringing customer value. The stronger companies solving core problems will only survive in this incoming economic uncertainty and impossible recession.”

A customer focus means talking to customers, listening to their questions and concerns, and keeping them central to all your business decisions. Instead of focusing on revenue or stakeholder needs, customer-centric companies do what will bring the most value to customers.

How can focusing on customers boost your business? Here are three key impact areas:

• Increased revenue. Customers buy things that they need or that interest them. When businesses are connected to customers and create strong relationships, they get to know their customers and can create products and services that resonate with them. When customers limit their spending on other purchases, they are more likely to stick with a company that understands them. Companies with a customer focus see increased revenue of 4–8% over the competition because they understand their customers and can tailor their products and marketing to meet their needs.
• Strong reputation. Focusing on customers builds goodwill and creates a solid reputation. When your company has a reputation for putting people first and providing consistently great experiences, customer loyalty and referrals increase. One study found that72% of customers will share a positive experience with six or more people. Prioritizing customers creates a ripple effect as more people are drawn to your business.
• Engaged employees. Happy customers lead to happy employees. Workers want to see the impact of their work, especially when it relates to customers. Instead of just going through the motions, they can find a true connection to their customers. A customer focus also usually requires investing in employees because engaged employees naturally want to provide a better customer experience. Research shows that companies that prioritize customers have 1.5 times more engaged employees than other companies. It’s simple: Employees are engaged and excited to do their best work when companies put people first.

A customer focus keeps people central to all your business decisions, even in uncertain times. By putting customers first in your strategy and building strong relationships, you’ll build a strong foundation for your company to thrive.