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How Well Do You Really Know Your Customers?

December 20, 2018 Business News No Comments Email Email

In a world where technology has taken over many of the things we do, it’s incredibly important that all businesses start to think more about their customers. 

Sometimes, this means learning more about their habits so you can take advantage of the data and sell more products, and sometimes it means targeting your business to reach certain audiences that it previously couldn’t.

Even something as plain and simple as a transportation business could transform into a more profitable company if they understand their customers and know how to tailor products and services to their audience, hence why it’s vital nowadays to process all of the information that we have access to.

Processing the right data and making it useful

If your business is online then you probably get a tonne of information flowing through your business. Whether it’s the latest trends, your most popular products or the services that your customers enjoy the most from you, it’s vital that you start looking at all of the data and analytics that you have access to so that you can make better use of it.

Every business that operates online likely uses some kind of cloud service that collects data. Analytics are incredibly important at helping to shape future decisions in your company, so make sure you take a look at this data and process it into reports that can help you make important decisions in the future.

Source: Pexels

Avoiding the possibility of fraud

Another reason to get to know your customers is to prevent fraud. Although hackers breaking into an account and purchasing items is, at least nowadays, very unlikely, it doesn’t mean that your customers will be completely immune to the consequences of fraud. Luckily, there are many solutions to counteract this.

Know Your Customer (KYC) is a process of verifying the identity of a customer either before or during the time they start doing business with you. You can achieve KYC compliance with Jumio which is a cloud-based service that will help ensure that your customers are real people and not people that are committing identity fraud. This will help bolster the security in your company and also give your reputation a boost in terms of safety and encouraging more people to choose you over competitors.

Getting to know your customers with social media and events

One of the best ways to learn more about your customers is to actually get more personal with them. This means interacting with them on social media platforms such as Facebook and Twitter or even meeting them in person at events and industry trade shows. These are both incredibly important components for developing a strategy to boost your presence, but you can also learn valuable insight by simply interacting with your consumers.

Whether it’s their favourite products, what they want to see in the future or even the services that need to be improved, you’ll gain valuable insight by interacting directly with your audience and learning more about their habits and preferences.

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