How well do you know your customers?
Everyone talks about the importance of defining your target audience….your ideal client…..yet very few businesses actually know anything about their best customers.
Here's a list of 5 things you can/should know about your customers:
- What does your best customer look like in terms of demographics/firmographics?
- How do your customers vary according to the product/service you supply them?
- Which market segments do you penetrate with the greatest success?
- Who is most likely to be interested in your product/service?
- What additional products/services would your customers most likely be interested in?
You might think you know the answers to some of these but may be surprised by the actual results when you really dig in and analyze your data. Once you start segmenting customers according to specific products/services they have purchased, you can identify the audience most likely to respond to future direct marketing campaigns, helping you to increase ROI.
Know More, Target Better
By appending valuable demographic and psychographic data to your customer list, you will learn more about them and be able to break them up into segments and market to them more effectively.
In addition, the more information you can derive from your own customer list, the better you can identify prospects and target those with the highest propensity to become a customer. This, in turn, will reduce your communication costs, improve response rates and maximize the effectiveness of your marketing campaigns.