DAY 12: THE BENEFITS OF UNDERSTANDING YOUR CUSTOMERS
Understanding your customers helps you to sell more. The more you know about them and their needs, the easier it is to identify opportunities to sell them new products and target them with appropriate offers.
Profiling existing customers also makes it easier to find new ones. You can look for similar prospects, and sell to them in a similar way.
However, you must make sure that you protect any information gathered for any personal information on existing and potential customers that you collect, keep and use. You can use the information you have on customers to improve efficiency. Keeping a central record of customer details and sales reduces errors and speeds up transactions.
You can also improve customer service. Better access to information helps you deal with customers more quickly. You can tailor product offerings and provide personalised treatment. The right information makes it easier to identify and resolve any problems.
Finally, understanding your customers helps your planning. You can predict what they will buy, and estimate how much stock you need. Linking customer management to purchasing can dramatically improve profitability.
CALL TO ACTION:
Do a profiling of your customers using the template in tip 11 and come up with a marketing thread to bring in more customers to your business and sell more to your existing ones.