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Better Know Your Customers For Survival In The Digital Age

With digital transformation, we are living in direct-to-customer world

13Mar

Consumers don’t want to talk to middlemen or brokers when they need something. They also don’t want to be bombarded with irrelevant ads, nor do they want to be on the receiving end of a blanket, irrelevant marketing campaign.

Customer expectations are high, and growing! To provide a differentiating customer experience, you must exceed, or at least meet their expectations.

Almost anything you read today talks about customer engagement and customer experience. It’s not because those are the latest buzzwords, it’s because they really affect your top line. It is also a compliance matter nowadays to know your customers well.

Any given customer's simple expectations are Know Me, Understand me, Respect me, Listen to me, and Respond to me anytime, anyplace. Modern customers demand intelligence from the organizations they engage with. They demand knowledge, care, and tailored content and campaigns.

Digital technology has turned customers into moving targets. Customers are hopping the channels all day – start with smartphone, to a tablet at breakfast, continuing on mobile while commuting to work, then hopping to laptop/PC in the office, and again moving to other devices when out of office and then TV, tablet, mobile at home before finishing the day. This leaves a huge digital footprint for businesses to further analyze.

Today, customer data, knowledge, and insights are more valuable and of more strategic importance than ever before. Businesses have to adapt to various key elements to engage their customers:

- Involve customers: allow customers to engage and be involved in your business goals

- Anywhere anytime access: give them flexibility to connect to your business from anywhere, on any device, anytime

- Relevant content to engage: provide the content which makes sense to customers

- Hyper-personalize: customize the content to a very personal level meeting specific needs

- Responsiveness: quick and effective response on customer interaction

Businesses can deploy big data analytics to bring in all the advanced customer intelligence while interacting with customers:

Customer journey data: Collecting all the customer data across all the touch points of your business

- Behavioral data: How customers have behaved while interacting with your business

Sentiment analysis: What customers are saying about your products and services – good or bad

This helps in Knowing the customers better than the competition does, not only knowing who they are and what they have purchased, but also understanding what they want at a particular moment in time.

Amazon, Disney, Apple, and Starbucks, for example, go to great lengths to exceed customer expectations by leveraging customer information and insights. 

Finally, knowing the customer helps you in marketing, advertising, customer service, customer retention and loyalty and above all improve the customer experience. Knowing your customer is key to survival. Find out who they are and how you can create products that truly solve their needs

How is your organization putting efforts into knowing your customers in digital age?

Sources

Originally published here.

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