Understand your customers always been the secret recipe to success. Since the very beginning, one of the key factors that can make or break your business is how well you understand your customers. No matter how good your product or service is, you really cannot succeed unless you understand your market and know what the customers want. Profiling is hence, very important for a business to understand how their existing customers behave and what sort of people they should target to find new customers. With the advent of the Internet, and automated digital surveys, with the introduction of big data and a host of VOC (Voice of Customer) techniques, customer input is increasingly utilized for ad design and improvement.
Your operational efficiency improves when you by integrate insights of your customer’s behaviour when strategizing. You can speed up transactions and being a creative agency you can also amplify the output of promotional campaigns and reduce errors. Customer service improves vastly as well since you are being able to personalize customer treatment and products and strike the perfect balance.
Understanding customers is important as decisions related to any promotions rely heavily on them. For a new product, for example, you would target and find customers who are more profitable, like those who buy products with a high margin, don’t negotiate discounts, don’t cancel or edit orders, make few large orders compared to many small ones, pay on time and do not expect or require extensive service post-purchase. Once identified, you could sit down with your advertising agencies and make plans on how to target these customers aggressively.
Collecting data is rather easy. You could pull up sales figures and statistics from different stores in different areas and see how the audience behaves, or if your business is relatively smaller, you can even ask for long, personal reviews from customers who care. That way, you are able to tailor your operations and offerings to the best fit. You must identify which customers are the most profitable, and a number of factors determine that; quite often, the largest customers are actually very less profitable. As an entrepreneur, you are expected to learn from each and every decision, success story, and mistake and capitalize on them in the future. Creative agencies also take customer insights very seriously as it shows them how best to market products. Do make sure, however, that in gathering data, you are complying with all the protection and monitoring regulations in place for the data you collect, use and store.
