Many businesses say they know their customers but the question is; do they? When was the last time you analyze your target market to understand their pains or challenges? Are you able to identify the voice of your customers and listen to them?
The success and growth of your business is highly dependent on your ability to acquire, engage, satisfy and retain your customers effectively. This cannot be ignored. Successful businesses are those who have made this part of the culture of their businesses. Even with great products and services that are offering real value to customers, many businesses are struggling in growth and this is because they are not listening to their customers. Many of these businesses do not understand what matters most to their customers and what is driving their purchasing behavior. It is important to gain insights about their “hidden needs” as this is essential in driving and impacting your marketing and product development efforts.
Having insights of your customers’ behavior will enable you to know the where, what, how and why of your customer. You will be able to know what your customers do before and after every purchase. Customer insight will allow you to pay critical attention to your customers’ activity and analyze their behaviors. You will know where your customers are located, how they engage with your products and that of your competitors. The process first start by gaining analytical data through customer intelligence and then proceed to take the insights and apply them to your segments, to build and redefine your buyer persona. An extensive use of customer analytics will enable you to outperform your competitors on key performance metrics like sales, profits and growth.
Get your customers involved. Ask them what they need and what problems they are facing and are looking to solve. With an existing customer base, this is easier to acquire through email for feedback on products and services.
Why customer insights?
Aligning customer behavior with your business will create these 3 impacts in your business;
1. Get a clearer picture
Many businesses are stake with the what and the success of your business will require you to move a step forward to the why. Transactional data will give you the what (what the customer purchased) but you need to find out the why. The why will enable you know your customers and understand their preferences to anticipate trends that will enable you to serve them well to make them loyal customers.
2. Win over the toughest customers
Customer insights enables you to serve the customer with what they need and avoid serving them with what you assume they need. This will enable you to provide customized and personalized services. You will be able to tailor your products to their exact needs. Customers want businesses that care about them and are able to show that by solving their problems. Taking this step will get you closer to your customers and build brand loyalists.
3. Become a market leader
Customers do change. Customers preference and behavior changes over time. With customer insights, you will be able to revise and develop new segments that did not even exist earlier. Discovering new segments, will put you in a lead in that market.
Customers are business. Customer insights is a key business component. Businesses that have ignored this are experiencing stagnant growth. Don’t be one.