Learn the Key Insights of Know Your Customers — Entrepreneurs
Entrepreneurs, Time to Evaluate Your Customer’s Each Move before They Play It!
No longer we are limited just to our online stores, expanding the boundaries with our them has become a norm. Are you offering all the products and services that keep your customers happy and loyal? If not, that’s a huge problem because your competition does. More often than not, it is your customer who is writing the script for the growth story of your brand. So the question is what keeps us going on. In most cases, we wait for motivation and a spark to kick in! Ladies and gentlemen, fasten your seatbelts because we are about to kick it up to fifth gear.
Do you know what the overarching rule of any business is? It’s knowing and understanding the targeted customers to the fullest. Those who have succeeded know their end-customers inside out (including their friends and families). Basically, it’s all about knowing the exact wants, wishes, and buying behaviors of specific individuals. Unfortunately, many marketers are seen neglecting their end customer, especially before and after the sale. After a while, the lack of a deep understanding of your customer is the prime reason.
Which means all you have to do is collect a comprehensive understanding of who your customer is, as this will surely help you in achieving core business goals such as building a better customer experience, creating more engaging content, or even increasing sales. All I would recommend is to know your customers better than even they do and see the magic! Being a businessperson, we all follow our own path. For some reason, the rise to financial success is a long, slow, painful process. For others, things just seem to fall into place magically. I believe that whatever happens later isn’t a result of magic or something, however, but is the sure sign of an entrepreneur who understands the importance of learning from, adapting to, and growing with their business.
Now let’s say you are designing a new type of phone that takes around three to five years to get to market or even more. Do you ask customers what they want, not knowing what is going on in the world? Do they even know what they want vs what they need? According to Steve Jobs, “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” Do you know what the exact problem is? Entrepreneurs assume they know what a customer wants or needs for their product or service even when the entrepreneur themselves do not fit the target segment profile. Also, if you do meet the target segment profile, don’t assume you are the customer or know more than them.
You don’t. Know why? You are not the customer. And yet you want to hedge your bets and get some customer insight. Why? Delighting customers is the holy grail of your business. Today’s customers, especially millennials and Gen Z, are no longer brand loyal even if you meet their expectations or delight them. As a result, they believe there are other brands that can suit them, especially competitors. These are specific pointers to take into account when it comes to knowing your customers better than they do.
#1 Precise buyer persona
Generally, businesses tend to take only the basic information into considerations such as age, gender, and location. For accurate results, it is very crucial to make a precise buyer persona because modern customers are self-aware and less loyal than earlier. And here’s when micro-segmentation comes into play!
With the rise in new and disruptive technologies, companies all across the globe are able to receive enough data to dig deeper into the preferences of their common buyers. For instance, Google Analytics is a tool that allows you to see the structure of your website traffic; be it in regards to search engines or through referrals or campaigns. At the same time, you can also discover the average visit duration, bounce rates, the most visited pages, and topics. Every piece of information will enable you to understand the mindset of the consumer.
#2 Keep an eye on your customer’s lifecycle
As a business person, you definitely want to play sure shot move; i.e., to make a successful sales strategy. So how about trying to walk in the shoes of your customers for a while? Analyze the entire customer journey, their touch points and decide which parts of your marketing and sales processes need to be improved. Role-playing techniques can help you discover even the smallest imperfections of your business.
For example, there are several private clinics who end up hiring fake patients and representatives of telecommunication companies to have a word with their own call service staff, mystery shoppers, the list goes on and on.
All in all, receiving valuable feedback works wonders when you aim to improve the consumer experience from social networks all the way to face-to-face communications.
#3 Any Referral Source
I am talking about everything from the moment when people call to return products or get more information. It is the perfect opportunity to ask them a few questions regarding what they like or dislike, or the way they found you and how they are using their product or service. There are times when you are on a sales call; you might busy in tracking all the information regarding the client which is relevant to them closing a sale but we often forget to track the referral source of the lead. Or else you might face several hardships while understanding different ways to better reach your customers. After, all you won’t have any precise data about them without the referral source, where your existing customers are coming from or going to.
#4 Ask them directly
With so many channels of communication available, anyone would act foolishly to not take advantage of them. Yes, in today’s era, it is pretty easy to ask your customers directly regarding their experience. All you have to do is create an online survey via the company website or your company’s social media accounts or even better, go for real-time conversations and look around for opinions through phone calls or instant messages. Live chat services are the best possible chance to find out more about their personal affinities without delay. Here you can directly ask them what they think about the brand, if they find the service to be adequate, or even better, if they have any remarks about their consumer journey in general. Just bear in mind to stay objective and don’t be biased when asking questions.
#5 Anticipate, Predict, and Plan for the Future
The journey of a successful entrepreneur isn’t limited to staying up to date with the latest developments in customer relations, but it includes predicting forthcoming trends in the field. Only the smartest and the most intuitive players have the chance to go one step ahead of their competitors. Fortunately, there is a whole bunch of relevant data coming from online traffic. So, make the most of it!
Here is the takeaway. You need to know your customer.
- Research the marketplace and trends which affect your customers
- Base your decisions on the customers
- Surround yourself with those who have customer insight
- Relentlessly visit and observe the customer environment yourself
- Study the competition and note what they are doing well and not so well
Tap the opportunity, focusing on such little things plays a crucial role in providing an excellent customer experience. Go for it!
Stephanie Donahole is working as a Business Analyst at Tatvasoft.com.au, a web development company in Melbourne, Australia. She loves to write about technology innovation and emergence. Follow her on Twitter at @SDonahole.