Every business has customers. It doesn't matter what line of work you're in — whether you provide a product or service; whether your customers are the general public or other businesses — you're trying to sell something to someone. In order to convince them that what you're selling is worth buying, you need to understand their needs and wants. And then, anticipate what they're looking for next. In other words, you need to know your customer!
OK, I'm probably starting to sound like an advice columnist with all this talk of needs and wants. Not exactly what I'm going for! Although, in a way, maybe I am giving relationship advice, just not the romantic kind. That thing I just said about "know your customer?" It's actually jargon for a process to prevent international money laundering, often shortened to KYC (not to be confused with KFC, in case you're feeling hungry right about now!). But of course you already knew that! Since I'm pretty sure money laundering isn't one of your big concerns, the kind of KYC stuff I'm talking about is the kind that will help you understand your customers and ultimately, help your business.
How exactly does one get to "KYC," so to speak? Well, you can find out a lot by simply asking! Conversations during the sales process, plus surveys, follow-up phone calls or emails with specific and open-ended questions can accomplish this. You can also do research on the particular demographic you serve to learn more about their preferences and buying habits. And definitely don't forget about social media! What are your followers liking and commenting on. Use all the tools at your disposal... internet anyone?... to find out as much as you can and use that information to your advantage!
Know Your Customer And Know Thyself!
Owning a business means the work absolutely never ends! (There should be an acronym for that. Does TWANE work? But I digress...) There are always things you can be doing to improve, to catch up, and as I've just reminded you, to know your customer. Knowing what your customers want will help you better define your business. This week, we've got a roundup of quotes from some of my favorite authors (including yours truly!) to help you focus on understanding and learning about your customers. Take a look at Stats & Curiosities from Harvard Business Review. Also, check out 57 Fascinating Business Facts That Will Blow Your Mind from BuzzFeed News.
I'll say it forever...everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus! Set smart goals and your business will benefit!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Know Your Customer – Tip #1:
"Be thankful for the business you have (and double your rate)!"
Know Your Customer – Tip #2:
"Happy customers will be so appreciative that you're the one person who gets them." Taking the time to understand your customers can produce higher sales and repeat business. Seems worth the effort doesn't it?
Know Your Customer – Tip #3:
"When consumers feel special, they buy! ... 3 times more likely to buy!" So make them feel special already! It's not that difficult to do, and can pay off big time for you!
Know Your Customer – Tip #4:
"Define your brand! What do your customers & prospects already think of your company?" Ask your customers for their opinion and they'll usually give it. This can help you figure out where your business stands relative to your competition.
Know Your Customer – Tip #5:
"More people in the world have mobile phones than toilets." It's an odd fact, but one worth knowing. It puts technology use and the ubiquitousness of the cell phone into perspective. Especially good to know if you develop phone apps or want to have your customers use an app to interact with your business.
Do you have a plan? I want YOUR stories on how getting to know your customer improved your business!
So, what do you think? Is this kind of KYC a good idea? I think so! Trying to understand what your customers want will help you figure out if you're delivering it. Which tips above did you find helpful? What are your thoughts on understanding customers? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more small business tips that help you know your customer?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!