Know Your Customers

Do you know your customers as well as you should?

Probably not, unless you can say you have so much business, your challenge is how to keep up with the growth.

All business owners appreciate customers are a top priority. When your customers are happy, you’re so glad and so too your bank manager. A healthy bottom line allows for further expansion with new products, services and regions. So how well do you know your customers? We all expect a more personalized service, where email communication is targeted to our exact likes and requirements. Therefore to acquire this intel, you need a data capture strategy and a seamless system of storage, and access between areas of the business from marketing to sales to accounts.

Capturing customer data is an ongoing process, and once you know what they want and the kind of service they need, you can match it and secure their business.

Market analysis with your customer base will let your team know what your customers think about the prices and how you compare with your competition.

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.

Price is just one consideration to nab a repeat customer, you need to know their must-haves and wants. Preferably, you should know what they want even before they do.

Remember market research to test their thresholds, i.e. how long can they hold off purchasing a new product when the price is just right?

Dedicate time to your social media profiles and followers seeking to understand their likes and dislikes. Share your thoughts and ideas, and you’ll get instant feedback which you and your team can put to good use when conceptualizing product enhancements or new versions. A lot of the content you will create for your blog and share with your followers will not seem that useful in customer engagement, but what it does is keep them connected to your business. Then when you have something important to announce they will be interested.

Also, as part of ‘knowing your customer’ in business, there are a host of legal requirements set in place, one of which is actually titled the Know Your Customer (KYC) requirement.

This is a step towards preventing identity theft, fraud and money laundering. Scanning and verifying IDs and other credentials of your customers confirm their true identity.

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