However, The Customers Will Always Be The Super Bowls

"People spend money when and where they feel good." — Walt Disney

Many companies fail in the market due to their lack of understanding of their customers. Some basic business questions, which companies neither ask nor share internally, can help them understand their customers and make their business future-proof.

Who is your customer?

Knowing the customer means a research-based understanding of your customer’s age, income, expectations, and beliefs to add them to your customer market strategy. Not having a clear picture of your customer will cause your strategy to fail in the market.

What kind of customers are they?

A segmented strategy can be used to divide the customers into different segments as per their contribution to the profit table. Not knowing the customer can unknowingly push the most valuable customers away and increase the investment in delivering experiences.

Are you spending too much on ineffectual customers?

Every company has a top 20% of high-value customers who deliver a higher share of profit, while the bottom 20% costs you more than the profit.It is important to segregate the spending so that the company can deliver the right experience to the right set of customers at the right cost.

Analysing customer behaviour can help companies to understand what their customers need and why they need it. In order to conduct customer insight research, you need:

• Low-quality data might lead a company to deliver the right experience to the wrong set of customers. Therefore, high data quality is vital to the collection of customer insights.
• The role of a good and dedicated data analytics team is essential to understand how your customer thinks and behaves, or else it’s hard to get what the data is telling you.
• To engage with your customers emotionally, it is essential to acknowledge the results of your customer research, whether you agree or not.
• Test actions on the customer insights are necessary if you want to turn the database insights into facts.

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