Know Your Customer is a concept based around the idea that the more information you have about a client, the better. So, basically, everything sales has known and applied since the beginning of time, right? Well, kind of. When talking about really Knowing Your Customer we mean analyzing their behavior, comparing data and making the right decisions based on solid-proof information that is usually part of a Business Intelligence program.
Objective information is more important than you might think! Sometimes we get overconfident about our knowledge of customer trends like who purchases the most or even which client has received the most credits but you’d be surprised. When the information is scattered around, our perception gets jaded by a one-time big sale, or frequent calls from a customer and these things may not necessarily mean anything.
When you understand the likes and dislikes of a client, it helps you offer more products, at the right time and under the right conditions delivering the right features and support to create positive buying experiences. But also, it helps you analyze their behavior, periods of time in which they purchase more or less, which items are mostly bought, etc and this, in turn, will benefit your long-term decisions about your customers.
Here are a few key benefits to Really Knowing Your Customer:
Exceed Your Customers’ Expectations.
Identifying your customer’s purchasing trends helps you anticipate their needs and opens up a whole world of possibilities, from offering substitutes they are willing to accept to cross-selling. By employing this, you may exceed your customer’s expectations and gain loyalty from them.
Give Better Customer Support.
When you truly understand the interactions you’ve had with customers in the past, you are able to provide them with better support as you know what their overall challenges may be, help solve their problems, and direct them towards the correct resources needed.
Improve Customer Relationship.
Who doesn’t want to be understood? Everyone! The more you know someone, the better relationship you are able to have with them. As you begin implementing KYC strategically, you will begin to see how your customers come back to even if it’s just because they feel like you really care.