The key: Knowing your costumer
Knowing your customer is key for any business endeavor. Successful business owners understand what their customers want and the most effective way of making their product or service available. The depth of knowledge is also crucial – it requires knowing more than their names, ages and incomes. As a business owner, knowing your customer’s hobbies, tastes and interests along with what they watch, listen to and read can be a profitable advantage.
Understanding your customer’s buying behavior is also very important. As a business owner, you need to comprehend what type of person is most likely to need or want the product or service you provide. These are some of the key questions that successful business owners need to ask themselves on a daily basis:
Start with why!
Knowing your customer starts with why
- What is their reason for purchasing your product or service?
- How often are they going to need to buy that product or utilize the service? If you can be proactive with your outreach efforts around the time you know they will purchase, chances are the customer won’t look elsewhere.
- Who are they buying for? Your messaging and promotion is going to be contingent upon if they are purchasing for themselves or for someone else.
- Where are they most likely to purchase? If you are a brick and mortar business and hear from your customers that they would prefer to order online, then it makes sense to change your business model to include an ecommerce or online ordering component.
Knowing your costumer: Identify the different categories of your Customers
Tagging them together in the same group only leads to generic cross-selling campaigns that do not generate any fruitful results. It’s important to understand the different parameters on which you can segregate your customers. Let’s say – the type of products/services they buy, frequency of purchase, geographic location of the customers and so on.
Once the categories are formed and customers are segregated, it becomes easier to frame precise marketing and cross-selling campaigns with targeted messaging. Needless to say, these campaigns drive more value for both your business and your customers.
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