KYC is a term pegged by the banking industry, whereby banks ensure they gather all the relevant information from their customers so that they can correctly identify and address them. Insurance companies and credit institutions are also applying the KYC methodology, some because they are governed to, and others, because it makes good business sense.
The same should be applied to business owners and their clients.
Ask yourself – HOW WELL DO YOU KNOW YOUR CLIENTS?
And, we don’t mean that you need to be house buddies with them – how well do you know their needs, their wants, their desires? By knowing these things, you can then assess how your offering can provide solutions to those wants, needs and desires.
Besides gathering all the obvious information about your customer – name, address, invoice details, company details, type of business, etc. etc. Ask questions that will help you understand just what their pain points are. What do they struggle with the most and why.
Knowledge really is power, so ensure you know all there is to know about your customer. Then formulate a plan where your service or product can take away their pain.
Data is king, and if you are smart, you will use that data to analyse markets you are selling into, or want to sell into.
There will be some information your client won’t be happy to impart, such information that only banks, insurers and financial businesses can get away with asking for. But, the type of info you want doesn’t lie entirely in the numbers.
Here is how you can get to know your client better:
ASK THEM WHAT THEIR PROBLEMS ARE AROUND YOUR INDUSTRY
You may be surprised to hear some of the answers, and it is in the knowing where you can find the solutions.
FIND OUT WHERE THEY SPEND THEIR MONEY
Not an easy find, but an honest conversation can lead you to understand what is important to them and where they are willing to spend their money. This will help you work out what they value most. Knowing what their values are can help you structure your offering differently.
We have said this before, and we will say it again. Listening, really actively listening to your clients will get you closer and in turn in a better position to give them what they want and need.
CORRECT WHAT IS WRONG
A customer survey can help you realise what is not working in your business and what you need to change. A direct conversation can bring those results up even faster. Then, all you have to do is make it right. Often times, clients move away because their needs are not being met or their gripes are not being attended to. Most people will give a supplier a second chance if they know that they genuinely want to make it right.
KNOW YOUR BRAND & SIMILAR MARKET TRENDS
Doing some in-depth homework on what happens during the marketing and buying process with your brand can bring some amazing and useful data to you. Look at the trends of what past clients have done when presented with your product or service. Is there a pattern and can you change anything to make that buying process quicker or flow differently?
In addition, look at what similar markets and competitors are doing. You don’t need to reinvent the wheel. Steal a bit with your eyes, and then roll it out differently to suit your unique brand.
It really can be that simple.
Are you ready to know your client better?
If not, grab a coffee with us and let’s explore how we can help you Know Your Customer better.