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How to know your Customers ?Inside-Out?? Marketing Articles | December 15, 2001 It is common knowledge that customers are the lifeblood of businesses. Let?s face it, if you don?t have customers, you don?t have a business. Yet, while most businesses say that the customer is an imp...
It is common knowledge that customers are the lifeblood of businesses. Let?s face it, if you don?t have customers Wholesale Sven Andrighetto Jersey , you don?t have a business.
Yet, while most businesses say that the customer is an important part of their business, their actions do not support their words.
Many companies spend most of their marketing dollars trying to attract new customers, leaving their existing, loyal customers fending for themselves. Did you know it is five times more expensive to obtain a new customer than it is to satisfy your existing customer?
Worse still, some do not treat their customer complaints seriously enough.
To run a successful business Wholesale Tyson Barrie Jersey , you must have in-depth knowledge of who your core customers are and their evolving wants and needs.
There are several key areas that need to be evaluated, in order to understand your customers.
What Benefits are your Customers Buying?
Customers do not purchase features or products, they purchase benefits. Consumers don?t buy laundry powder, they purchase goods that make their whites brighter, save them time in the laundry and remove stains. Likewise, they don?t purchase televisions Wholesale Semyon Varlamov Jersey , but home entertainment boxes for family unity.
Similarly, people rarely make purchases based on rational, logical thought. Instead, they purchase products and services based on emotional reasons. Then, they rationalise their emotional desires with logic.
Interpreting buying behaviour can be complex due to the myriad of emotional and rational factors that are used in the purchase decision process. It is important to unravel this complexity in order to profit from it. You need to find out, from the customer?s point of view Wholesale Patrick Roy Jersey , what exactly it is they are buying. This will enable you to sell the emotional benefits to your current and potential customers and produce innovative products desired by your customers.
What Types of People are Buying your ProductsService?
Some crucial factors that affect purchasing behaviour are the personal characteristics of the consumer. These are demographics (eg: age, gender, occupational status) and psychographics (eg: preferred recreational activities, level of spending on clothes).
By combining both your demographics and psychographics, you will be able to accurately define your target market. This can save you money on advertising in the long run, as you will be able to precisely match the media audience characteristics with your core customers