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4 key benefits you’re missing by not embracing customer knowledge

Back before the internet, it was easier to get customer knowledge, as products and services required the person coming to buy them physically, so if they were happy or unhappy you would get to know that straight off or at the next encounter.

Nowadays, with the online market, you don't get that opportunity and you may be losing customers without knowing or understanding why. Yet knowing your customers remains essential to be able to keep providing them in the best fitted way. 

Make sure you are fully managing your customer knowledge strategy and not missing out on these four key benefits.

1- Knowing your customers increases Customer Loyalty

A customer-centric organization knows what its customers want and expect, because they asks them. Who better can tell you what they want, than the one that has the need?

Consumers need and want businesses to keep their word, meaning they do the things they promise to do. Therefore, a customer-centric business must be honest and face the facts: How reliable are you in regards to your promises? Do you understand when or how often you are breaking them? Do you always meet customers expectations?

Understanding customer perceptions and aligning your practices with those expectations can dramatically increase customer satisfaction, and therefore your sales and success. 
 

customer knowledge = customer loyalty
 

An organization becomes customer-centric when its customers begin to say, “Hey, they really get me”, words which should make any CEO happy. These are the words of a customer who is likely to remain loyal, a customer who will think twice before jumping ships to a competitor holding out a similar product or service.

After all, today’s market provides the customer with a variety of unique and high-quality shopping experiences. It pays to ask customers what they like and don’t like, and tailor goods and services to meet those tastes.

Read more about how Netflix rose from the ashes by becoming customer-centric.

Consumers buy from people they like, people who listen to them and inspire trust to them, not someone. With this in mind, a customer-centric business can catapult itself above the competition because its customers are likely to remain happy. And happy customers are loyal customers, who's satisfaction can help a business reap benefits for years to come. 

2- Having a deeper sense of customer knowledge will create Growth Opportunities

Consumer-centricity is not only good for the consumer but also the business. Customer-centricity focuses a company, shaping operations that place customers at the heart of every decision
 

growth-opportunities-knowing-customers
 

It dialogues with its customers through smart surveys, in order to gain insights into customer trends and preferences, but also crucial information for building innovation and longevity. 

Smart surveys are particularly effective as they help a business build a relationship with the consumer, providing various insights into who the consumer is. For instance smart surveys can help with:

  • providing a business with information about consumer buying behavior, interests, and engagement.
  • helping a business locate opportunities to initiate new products and services.
  • segmenting customers based on spending patterns.
  • saving at-risk customer relationships and identifying promoters/detractors of your brand.
     

smart surveys myfeelback
 Behavior survey example - MyFeelBack
 

Customers will tell an organization what they want. After all, they want businesses to provide the best possible service in order to meet their needs and desires, so all your business has to do observe, ask and listen

3- Customer-centricity, a business model based on customer knowledge

Customer-centricity makes smart business sense. A recent report published by Deloitte revealed that, customer-centric companies were 60% more profitable than businesses which were not customer-centric. 

Traditional business transformation takes a top-down approach. It begins with business insiders and subject matter experts, making decisions which propel the direction a company will take. There is nothing inherently wrong with this model, as business leaders are typically in the best position to understand the complex inner processes of an organization. 

knowing customers makes smart business

But as effective as this approach may be, leaders are still forced to contend with the difficulties of understanding which issues and objectives should be made priority. This is exactly why a customer-centric business model is helpful, it pushes you to do more and better. 

4- Constant Improvement, thanks to collected data and knowledge management

Asking the right question at the right time will provide invaluable insights which help drive change.

The information gathered in a smart survey can be distilled, providing a business with an overall picture of a customer’s journey.

Discover more on The Basics of Customer Journey Mapping.

This journey can be broken down to provide a clear understanding of the customer experience: what is working and what isn’t, what is easy and what is painful. 

Therefore, a business can begin to solve problems and improve upon existing strengths, both of which provide an immediate benefit to the customer. Collected insights can then be used to drive future goals and objectives. 

Reaching customer knowledge and satisfaction

Using data to inform decisions is at the heart of customer-centricity. That’s why we built MyFeelBack, our powerful smart survey solution helps businesses of all sizes ask customers specific questions based on who they are and what they do. It's all about asking the right question, to the right people, at the right time!

customer feedback = customer knowledge

The final result? Soaring response rates, high-value customer insights, and better action plans to improve efficiency and sales based on authentic declarative data.

Everything you deliver to your customers, will automatically reflect how much knowledge you have on them, and seemingly how much interest and dedication you put into making them happy. Don't be afraid to ask questions, as long as they are appropriate, the customers will not get annoyed as it's in their own interest, so you can make that clear to them.

You are doing this for them before anything, and it's providing customer satisfaction that inevitably will create a virtuous cercle that increases your sales, making it a healthy growing business. So are you ready to become customer-centric ?

 

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