Do you face trouble in closing sale with your customers? Do you lose your customer just at the brink of order closure? Do you lose customers after your first sale? Do you struggle convincing your customer that your product is right for them?
These are all indications of the fact that you lack knowledge about your customer and their needs. In ten years, my experience as sales and business coach, I have trained multiple SME owners the essentials, basics and tips for understanding what your customer needs.
“There is only one boss. THE CUSTOMER. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” –Sam Walton (Travis Biggert, CIC, CRM, Chief Sales Officer, HUB International Mid-America)
While it seems simple, the conceptual basis of how or what to know about your customer remains unclear for most business owners. It is not just about knowing the name or address or telephone number or even the birth date of your customer. It is about knowing the reason for which this individual is expected to want or rather need your product. It is about understanding them well so you can suggest a valid and much needed upgrade of your service and they are able to realize that it is much needed. However, sadly KYC to most businesses just means knowing the above-mentioned specifics about the customer.
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This bothers me, when I see business owners repeatedly not bothering to understand what their customer needs. But it really is not their fault. Their concepts are not clear and that is why it is my duty, to share my knowledge and clarify your concepts, regarding what knowing your customer really means!
You need to know your customers from two angles – first, who they are? and second why they buy from
you. So, you can characterize your customer into broadly two aspects:
1) Customer Demographic Analysis:
Demographics of customers tell us are what most people understand as things to know about a
customer. What most business owners fail to realize is that demographics only tell you who your
customer is. This includes answers to questions like-
· Their name
· Their geographical location
· Their contact details
· Their age
· Marital status
· Their profession
· Their place of work
· Their income
Basically all things professional, this also helps you to predict to a limited extent, if they will have the financial capability to take
your services/buy your product. But it is limited to that.
2) Customer Psychographic Analysis:
Psychographics, yes you guessed it right, it is about trying to understand customer’s
psychology. This is where you will get the answers to why your customer is likely to buy from you. Understanding the “WHY” brings you more
customers in future. This includes finding answers to questions like-
· Their values
· Their spending habits
· Their hobbies and likings
· Their cultural and spiritual beliefs
· Their thoughts around spending money
· Their materialistic aspirations
· Are they picky about brands
This includes your understanding of several aspects of
their personality that they do not directly speak. You will need to understand
things that might not be factually evident. I suggest following Jess Harrison’s
advice for knowing their psychographics so you can anticipate their needs.
“Put yourself in their shoes.”-Jesse Harrison (CEO, Employee Justice Legal Team)
Ways Of Getting To Know Your Customers
Let me share with you six new age methods of getting to know the demographics and equally important psychographics of your customer-
1) Take Advantage Of Social Media
In today’s day and age everyone’s life is open and accessible, a great understanding of both the aspects of Know your Customer as I have described above. Taking a simple example, if a person likes to travel a lot, which is distinctly understandable from their social media account, and they are posting pictures about it, it is highly likely that they will be interested in purchasing your HD digital camera with brilliant panorama, zoom and night vision features. See how simple!
2) Asking/ Interaction With Customers
Nothing works better than having a coffee date with your customer. Talking to them not only about their likes/dislikes, their family, their upbringing, their values and views of the world. Make it a customized buying experience for them. Not only will you be able to understand them better, but it will also directly show the customer that you care and you genuinely want to serve them better!
3) Taking Comprehensive Surveys With Offers And Discounts
72{2facf265810d5c64deca339a00197305ceb917dadef902f2426694cb75f36e2b} of people are motivated to take a survey if it brings along a free gift. Taking a survey or feedback from the customer is one of the oldest tricks in the book. But I suggest you to jazz it up a little with small goodies or discounts. Once the customer is given a gift he is also obligated to give you an honest opinion. And that always helps!
4) Holding Interaction Events
You must have heard that a lot of companies hold parties before launch of any new product in the market. Ever wondered why? Is it really just to celebrate the launch?
Not at all! In-fact, celebrating the launch is the smallest reason for that party. The reason behind that party is to leave an impression on the potential buyers. At these parties, or outdoor events or even hikes, interacting with potential buyers becomes easier. This is where you leave an everlasting impression. Find out if your values resonate with those of your potential buyer. Building a family with your regular clients is one of the best tips I can give you!
“The key is when a customer walks away, thinking ‘Wow, I love doing business with them, and I want to tell others about the experience.” -Shep Hyken (Connor J. Wilson, Director of Growth, Nicejob)
5) Tracking Customer Lives
Okay, let me give the disclaimer here, I am not advising anyone to become a stalker here! But keeping in touch with your past and potential customers, will allow you to be on their mind constantly. And keep you informed of the opportunity when they are in need of your product. It will also let you know if they are taking another trip to Finland and that is when you tell them about this amazing new feature of the camera your sell, which will be “essential” for them to capture Aurora Borealis!
6) Tracking Key Word Search
With technological advancements now you can take pay Google to track the search words of your potential customers and based on their search your ads then appear more often on their screen. This is a brilliant method to track customer needs and know who is interested in being your probable customer. Technology is out there, use it!
As a sales and business coach, I spend individual sessions coaching my pupil about each of these concepts! I present here a concise description of it all for you to refer. But remember, if you need any further guidance I am just a message away!
As always I am happy to give my two cents in your progress. Keep Blooming!
About the Author –
Author Rakesh Sharma is one of the best business coach in India and Business growth consultant. He runs his own Sales Training in NCR. His company is rated one among the best sales training companies in the country by the clients. He is a sales coach in India. he has coached hundreds of clients. As Sales Trainer in India he has trained coached and trained thousands of trainees across country. He a one among the best business coach in NCR and Sales Consultant in NCR.
