ANALYSE YOUR CUSTOMERS
The right information will let you build up a useful profile of your customers. This typically includes the following:
- who they are – the age and gender of individual consumers, what they think and believe, what interests them and their opinion of you and your product
- their purchasing behaviour – which products they buy, where they buy them, when, and how they pay
Profiling your customers in this way helps you group them into different segments, each of which can be approached separately. For example, you might produce customised products or services for different segments. You can also focus the way you market to different groups of customers.
Analysing your customers allows you to identify those who best fit your business priorities. These will depend on your strategy – for example, if you are launching a new product your aim might be to build sales as quickly as possible, whereas if you have cash flow problems you might value customers who pay quickly.
Understanding your customers lets you tailor your marketing to different segments. You can ensure that each customer gets the right marketing messages, at the right time. Advertising and other promotions can be more effective if they are targeted
CALL TO ACTION:
Carry out an analysis of your customers and group them into segments that would enable you do a tailored marketing both for existing products and the launch of new income streams into your business. This information should be archived in your business directory