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What do you understand about your customers? 10 things you NEED to know!
What do you need to know about your customers?
You are doing your market research and you need to know something about your customers, but where do you start. Here is a list of the 10 most important and useful pieces of information about your current or prospective customers.
10 things to know about your customers
These things can differ dependent upon whether you are selling to customers directly or you are b2b.
- Who are they- Individuals, you need age, gender, occupation as a bare minimum. Businesses, you need to know what industry in which they operate, theirsize and the kind of business type. e.g, are they a small sole trader ora large multinational? This can help you identify future customers.
- What they do- Individuals, it;s useful to know their occupation and interests but not vital. Businesses, it is useful to know what they as a business are tryingto achieve to help you fit in with their ethos and goals.
- Why do they buy - understanding why means you understand the customers needs, this means you can tailor the benefits of buying with your company to fit with your customers needs.
- When they buy -Understanding when a customer is going to buy means that you can approach a customer at the right moment to maximise the chance of a sale, e.g. say you use live support on a website to aid sales. Your research shows that most people buy between 7.5-10 minutes on your site, so instead of pestering them as soon as they enter your site with offers of help till they leave, you wait until a customer has already shown an interest, this will maximise sales and conversion rates on websites.
- How they buy - Is it face to face, over the phone, in a store, through a catalogue, over the web or a combination of them all?
- How much money they have - You'll be more successful if you can match what you're offering to what you know your customer can afford. Premium, higher priced products are unlikely to be successful if most of your customers are on a limited budget - unless you can identify new customers with the spending power to match.
- What makes them feel good about buying -It is well known that people emotionally buy and if you understand the emotions people are in when they are purchasing your product then you can cater to that and advertise and present your products and service in a manner which compliments these emotions.
- What they expect of you - Understanding customers expectations means you can manage their expectations, this means that you are disappointing the customer less often and encouraging a positive customer experience and maximising the chance of repeat business.
- What they think about you - If your customers enjoy dealing with you, they're likely to buy more. And you can only tackle problems that customers have if you know what they are.
- What they think about your competitors - If you know how your customers view your competition, you stand a much better chance of staying ahead of your rivals.