The power of knowing your customer
Your clients are your biggest asset. Without them, your product or service is deemed virtually useless. With the knowledge of that truth, it is imperative that as a business, great emphasis is placed on getting to know your customer.
It is said that it costs an organisation four to ten times more to attract new business, than it does to retain existing clients. Understanding your clients’ needs and how to best service them will give your business a competitive edge.
Businesses often think it is their responsibility to solve their client’s problems, when in fact it’s not. Your client is looking for you to come alongside them, see what their business needs are, and what you can do to produce an outcome that gets them closer to meeting that need. Whether it be driving sales, driving engagement, or enabling them to get to know their customer.
THE MANY MOVING PARTS
There are so many moving parts within a business strategy, and chances are, you’re not your client’s sole service provider. Understanding your role and the part you play in your customer’s business strategy is the first step to knowing your customer.
Part and parcel of knowing your customers’ needs, is getting to know them, who they are? What drives them – the ‘why behind their what’.
If you are able to, spend some time at your client’s office. You will be exposed to the inner-workings of the organisation and gain insight to the team dynamics that comes along with that. With this understanding, you are able to develop solutions that not only services the business’ need, but at the same time enable the organisation to play to their strengths.
In the B2C arena, ‘data-driven marketing’ has become a fundamental part of the greater marketing strategy. Along with primary data gathered through new accounts and other sign up forms, understanding your customer’s journey through all your brand’s touchpoints, allows you to meet that customer at their point of need.
With the increase in mobile and wearable technology, the vast amount of data available to you may be slightly daunting. An approach we’d encourage is to focus on data sources and insights that are clear indicators of customer value to your business.
It will get you to a point where it doesn’t matter how many touch points you have to reach your customers, but how effectively you use what you know about them to reach them.
From a B2B and B2C point of view, the power of knowing your customer, knowing what they need, and knowing how to service them is the foundation to building a long and fruitful relationship.