Business Chops Tip #67: How Well Do You Know Your Customers?
As your firm sends holiday greetings to thank customers for their business, ask yourself, "How well do we really know them?" Certainly your staff has varying degrees of contact and client relationships on an individual basis, but a big part of knowing your market (read "target customers") requires clear understanding of their commonalities.
Demographics describe who they are, including their buying power. Psychographics characterizes how they make decisions, including what drives their purchase decisions, and who you're competing with for their business. Profiling your customers is essential to understanding your market. Can you use customer information to know your market?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.