Fri. Aug 14th, 2020

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Real Simple

How Knowing Your Customer is the Key to Successful Business

How-Knowing-Your-Customer-is-the-Key-to-Successful-Business

In the world of technology, big name brands and companies, international markets, and ecommerce websites employ many marketing techniques just to understand their customers. Take for instance Amazon; the company employs every possible tactic to learn about its customer searches and provide accurate product suggestions via ads. Does this mean that customers mean everything for a successful business? Yes. If a business knows what its customers need and when it can deliver better service. In return, a specific customer won’t go to another vendor for their needs.

Let’s review why knowing your customer is the key to a successful business.

Knowing your customer is as simple as asking them what he or she wants from a vendor. The differences do stand out, but with the least variance. Once companies know it, they will employ several strategies to fulfill their customer’s wishes.

Sam Mizrahi, president and founder of Mizrahi Developments, a Toronto real estate development firm that builds properties for the luxury market, knows this firsthand. Today, Sam Mizrahi is midway through building The One, an 85-story luxury residential tower in downtown Toronto. His knowledge of the high-end market is dictating how the new tower is being built with his target audience in mind.

Most businesses demand intense stats of data from their customers, who have bought or purchased their products earlier. Say you buy a mobile phone cover from a shopping website. They will for once take up your details and provide you with the product. But after that, the business won’t lose the data, rather it will keep it for study and analysis.

Tons of frameworks, AI-infused models, and statistical data configuration experts spend their limitless time analyzing patterns of data to make sure they know what their customers want the most. As for business, where customers are the topmost priority, this data means everything.

Now that we know, why knowing your customer is the key to a successful business, but how businesses obtain it?

There are a lot of strategies to do so. Their own database of data, which stores what products you bought at what time, money spent, these are primary data. Then comes your browser cookie cache, where some search result is stored and when you open the same site, it automatically reads those cookies and provides similar grade products on your recommendations.

Does it work?

Yes.
Business companies may not succeed in knowing their customers to the fullest, but they sure can provide suggestions that help everyone for a small percentage. Once those suggestions are given importance, they are assured it works. And now, it works like pure magic.

For instance, customers look for the best quality of products from any company. Once they get hold of it, there is no turning back to another one unless necessary. This is a by default trick to bring business online, but knowing your customer can do so in less time.