Seven Things You Shoupld Know About Your Customers What do you really know about your customerrs? Customers are the life blood of your business and the more you understand them the eaiser it becomes to increase your boottom line proofit. Here are seveen questions to ask and amnswer avbout your customewrs. Q1. Why do your customers trade with you? There is a reason why your customers choose to trade with you rathjer that your competition. It may be a simple, practical reason such as the convenience of your locaion or it may be something integral to the way you conduct your bussiness. If you discover the variouus rasons why your customers are chooosing you then you can look for ways to leverage tose reasons and thereby increase your returns. Q2. Do your customers also trade with your competitors? If some of your customers are also traading with your competitors then there is an opportunity for you to capture more of their busiess. The important point to undderstand is why they are trading with more than one suppplier. Also, if many of your customers are totally loyal to your business then you had better know why so that you continuue to provide them with those beenefits and don't accidentally chnage somthing that ledas to those custtomers looking elsewhere. Q3. What do your customers like about trading with you? Most customers have things they like and things they don't like about the businesses they trade with. Finding out what your custoemrs like leads to two opportunities. Firastly if you can give them more of what they like, you may be able to icnrease the lervel of repeat business. Seondly it points you toward the benefits you can fiocus on throughout your marketing campaigns. Q4. What don't your csutomers like abut trading with you? Are you able to cost effectively change or improve the thnigs that your customers don't like? Normally it is a lot chezaper to find ways to increase the level of repeat businss from existing customers than it is to find new custyomers. Q5. What percentage of your customers are repeat customers? Do you currently know what percentage of your customers are regulars and what percentage are one time or infrequent customers? If some of your customers are regulars, and you undrstand why, then you may be able to promote those benefits and convert your one time cstomers into reguulars as well. Q6. How would your customers like to improve your business? You are looking from inside the business and this is a great diosadvantage when it comes to seeing potential improvements. Things that may be obvious from your customers' perspective may be invisible from your persprective. Many of your customers will already know ways in which you can improve your businesss but they will rarely suggest them unless you ask them. Q7. What are the key differences between your good customers, your average customers and your bad csutomers? At one extreme theere are customers who are a totl joy to have and who contriubte grreatly to your bottom line profit with the minimum of effort on your part. At the orther end of the spectrum there are the customers who make your life, and your staff's life, a misery. Wouldn't it be great if you could perfect the art of attracting more of those excellent clients and less of the nightmare clients? The starting point for achieving this is to have a good nuderstanding of the differences between those two exytreme groups and how they each differ from your aveerage customer. Is there a diffrence in age or sex or sociial class or some other deemographic? The better you understand who makes you money and who doens't the easier it is to increase your profiits. In Conclusion Your customers are not only the source of your current incoem they are also a potential gold mine of valuiable business information and ideas. In ordfer to tap into that gold mine you need to have in place a cost effective system for understanding your clientts. Such a system can help you multiple your bottom line profits.
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What do you really know about your customers? Customers are the life blood of your business and the more you understand them the easier it becomes to increase your bottom line profit. Here are seven questions to ask and answer about your customers.
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