Research says that more than 65% of business owners think they know their customers. Another 10% surprisingly think it’s not important to know the customers & what only matter to them are revenue, sales volume & profits.
The ‘Push-it-all’ marketing strategy of the early 2000s isn’t as effective now as before. Customers are no more bound to buy whatever’s available on the shelves. There’s simply no shortage of options across all price range. Times have changed drastically, for the good 🙂
In today’s cut-throat world… it’s absolutely necessary to research, analyze your customer profiles or their behavior on the web. This not only gives you key insights into their needs/wants but also what they expect from a service. Only when you know your customers’ expectations, you will be able to work towards the right track or even beyond.
Let’s discuss 4 of the most useful insights you should look into your customers for & work on:
New Customers v/s Returning Ones
It costs at least 5 times more to acquire a new customer than to keep an existing one. Hence, it’s always a wise idea to divide your customers into two categories: new & returning. And then analyze what you’re doing or how you will hold on to your customers. Are you offering enough to your existing customers to keep them stuck to you? If it’s a new customer, are you offering him a better solution to his problems? Any un-resistible discount or freebies? In short, you need to make them feel that you’ve served their purpose & will be there for them in the long run.
Who Brings You the Money
Not everyone has deep pockets. In fact, there’s a famous saying that only 20% of your top customers may account for 80% of your revenue. Try to find out those superstar customers & make sure they’re getting the service they deserve or even more than that. Prioritize their tickets above all, be available for a call anytime they wish… every small thing matters.
Who are Your Loyal Customers
Knowing those fraction of people who are inclined towards your services, keeps you in a good spot to offer them something extra to cement that bond into a long-lasting relationship. Free deliveries, custom-made discount coupons, free vouchers etc. would go a long way towards making your loyal customers delighted. And, always remember… happy customers tend to spend more on your offerings.
What’s Your Average Order Value
Consider your total revenue & divide it with the total number of orders/subscriptions; that’s your average order value (AOV). This particular KPI is very essential in determining what your pricing would be in the coming future & what kind of offerings (cheap or expensive) your target audience is most interested in.
Getting to know your customers in & out, is the key to a successful sales pipeline. Need help? Wakeupsales CRM offers you an easier & more effective way to manage & know your customers. More so, it has lightweight project management & support ticketing built into it too. 🙂