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Know Your Customer

Knowing and understanding your customers is the #1 rule of successful companies.

Successful businesses know their customers like they know their own families.

You must know exactly the wants, wishes and buying behaviors of your customers.

You need to know where they are in the buying process. You have to speak to them in their language, and answer the questions they are asking.

This must go beyond the normal demographics of customers’ ages, genders, incomes, professions, education, associations, and marital status, number of children, hobbies, their tastes and interests.

You must understand their likes and dislikes, their wants and needs.

This allows you to offer your product or service at the right locations, at the right price, and at the right time, with the right message.

Knowing a customer to this depth is a key characteristic of highly successful businesses. Companies that possess this knowledge about their customers use it to their profitable advantage and are very successful.

On the other hand, businesses who don’t focus on this key information about their customers usually fail.

Developing a relationship with prospects is essential, but for some reason, many miss this critical aspect of building their business. All too often, businesses spend their energy on everything but having conversations with current and potential customers.

10 THINGS YOU MUST KNOW ABOUT YOUR CUSTOMERS

  1. Who they are
    This would normally be considered “demographics”. If you sell to individuals, find out your customers’ gender, age, marital status,occupation, etc. There are a number of tools available to help you gather this information. If they visit your website, Google Analytics and Facebook Pixel will tell you a lot.

  2. What they do
    If you sell to individuals, it’s worth knowing their occupations and interests. If you work with other businesses, it helps to have an understanding of what they are trying to achieve. The more you know about them, the better you can relate to them.

  3. Why they buy
    If you know what problems customers need to solve, it’s easier to match the solutions your business can offer. What questions are they asking? What problems or pain do they have that you can solve?

  4. When they buy
    If you convert a customer just at the time they want to buy, you will increase your chances of success. Not everyone buys immediately. Most are somewhere on the buyer’s journey. Knowing when they buy allows you to help guide them to you. (Email is a great tool for guiding them on the buying journey)

  5. How they buy
    Some people want to buy from a website, while others like a face-to-face meeting. Knowing this information allows you to deliver the right message in your marketing. Making it easy to buy the way they want gives you the advantage.

  6. What is their budget
    You will be successful if you match what you’re offering to what your customer can afford. Not what they say they want to spend. Most people (including you and me) want a bargain. But we are willing to pay for value.

  7. What makes them feel good about buying
    Knowing what emotions they feel due to the problem(s) and how your solution will make them feel, you can serve them in the way they prefer. Everyone wants their problem solved, tell them how you can.

  8. What they expect of you
    If your customers expect reliable delivery at a reasonable price, or they want to feel respected, and you can provide that, you stand to gain repeat business. A good place to see what they are looking for is online reviews. Yours, and your competitors.

  9. What they think about you
    If your customers like working with you, they’re likely to buy more. Always ask for reviews. You can only address problems that customers have if you know what they are.

  10. What they think about your competitors
    Knowing how customers view your competition, you have a better chance of staying ahead of your rivals. Be sure to read reviews of your competition.

This may sound complicated, but there are some very simple steps you can take. Becoming an Informedbiz Member will walk you through each step in an easy to understand weekly format.

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