As businesses battle to win the next customer in a highly contested market across a range of businesses. The party having the best information available on the next prospect is wanted. Customers are neither naive nor oblivious of what they want and are being offered today.
There is no time to directly inquire customers of their requirements, if businesses would have been that clever, they’d be doing it already. The customer of today is smart, otherwise you risk losing it to your competitor. So how can we be on top of the situation? Just Know Your Customer better. You might say, No, we already do KYC. But wait, it’s more than just performing KYC measures, it’s getting to know your customer at a level that provides a strategic advantage. How can we do that? Well let’s find out.
Understanding What is an Ideal Customer is
For companies, an ideal customer is the one that fulfills their requirement or what they want, from what you or the business has to offer. The more the ratio of requirements to service fulfilment matches and even outs. The more likely the customer is an ideal one for the business. Subject to you onboarding them first and successfully completing a relationship cycle.
How You Really Know Your Customer Better
Get a grip of your service and product – before you begin chanting out to potential customers, it’s smarter if individuals or companies have a good understanding of what their product and or service is. Knowing what you have to offer, will clarify things later on when you head out to market and approach customers. This also proves helpful when onboarding individuals. As you clearly know what you will market and be standing for. This includes, how you differ from the competitors, what is the wow factor. Are your KYC services the fastest, fluid, integrated, use-case scalable?
Know where you’re heading – a good direction is a vital road map for startups and businesses to know how they perceive customers and what they intend on achieving through them. Are you satisfied with your current customers, the conversions, how is the feedback? Are you in your target market. What’s falling short of your expectation?
Use what you gained previously – using the knowledge from onboarding previous customers for KYC in the present onboardings can prove excellent. Each customer represents a different use-case, approach tactic, background and potential strategic reach.
Establish your ideal customer profile – once all research and homework is in place from the earlier three elements. This is when you utilise all that data and information to establish a customer profile that fits best to your approach and work accordingly to target.
No business works the same way and is a “one size fits all” solution. While some customers will be pleased with your product, others might not be so fulfilling. Know Your customer should be more than just KYC Implementation, and considered by companies as a strategic importance. To onboard customers today that tomorrow retain for longer, churn less and are less likely to drop out to competition.