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Know Your Customers

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If you are a business owner is it imperative that you know your customers — in more ways than one. Customers are the single most important aspect of business which is why you and your business should know yours. You need to know what they want. You need to know what kind of service they want. Importantly, you need to know that a customer is who they claim to be (more on that later).

First of all you should know what your customers think about the prices you set on your products. You should seek ways to find out their true perception on the prices you have set. You can do so by asking those customers you feel comfortable enough with to do so directly or by setting up some form of survey. Once you know how your customers are perceiving your prices only then can you take to making them more beneficial for all the parties involved. If you discover that cost-based pricing is not working then you can then switch to the customer oriented value-based pricing. You can find out more about the differences between the two pricing styles here.

And, as previously stated, you need to know what your customer wants. Preferably, you should know what they want even before they do. To stay ahead of the game in regards to knowing how to cater to your customers you need to put yourself in their shoes. You need to look further than your own profit and try to see how your produce could benefit them. You also need to, every now and again, try to experience your service first hand. If you have an online marketplace, buy something from it. If you have a receptionist that answers the phones, ring up. In doing these things you are able to see exactly how your business is being portrayed by your customers.

But it’s not just about knowing your customer’s likes and dislikes in regards to your business. In business there are a host of legal requirements set in place, one of which is actually titled the Know Your Customer (KYC) requirement. It is in place as it is a step towards preventing identity theft, fraud and money laundering. Because of this it is imperative that you make use of services that allow you to scan and verify IDs and other credentials of your customers. In doing so you can be sure it is them that you are doing business with before you enter into a transaction. But you shouldn’t do this just to meet KYC requirements, you should also do it to keep our customers safe. If your business runs its own online marketplace then ensuring that it is in fact your customer on the other end of the transaction is a must. Ultimately, in showing that you are doing all you can to keep your customer safe you are creating a positive brand for your business. In this sense, everybody wins.

Your business can get to the top of the market and stay there by knowing its customers. By knowing of their needs and the ways in which they expect to be treated, as well as doing your best to keep them safe, you are going to build relationships.