Know Your Customer- The First And The Foremost Priority
Customer for an organisation is like an engine for a car without which it can’t function.
For every product it is very crucial to differentiate between the dispensable and indispensable customers. Sometimes getting a wrong customer can lower down your overall revenue.
DISPENSABLE CUSTOMERS
The customers who are not modelled for your product and there is zero or even negative ROI can be defined as Dispensable Customers. Consider a situation where you built the product for a client/customers after spending a lot of resources, time and money but due to vague reasons they declined the product. You might think about the faults in your product, but that is not the case every time. Maybe that customer was not meant for your product. ROI is not always about the money, sometimes it is about the satisfaction and your ability to believe in yourself too.
INDISPENSABLE CUSTOMERS
The customers who define your brand as well as generate a superior %age of ROI can be defined as Indispensable Customers. Sometimes you don’t recognise your right customers early but with market research, knowing and getting the right customer for you should be one of the factors to be taken care of while performing market research.
The one example I can think of to explain is Facebook Marketing where it asks for the target region and the marketer selects the region with a deficient economy to sell iPhone. We can very well imagine the impact, which generates a negative Return on Investment.
JIO- “The Market Ruler”
One more voguish news that was all around the country was “appearance of JIO”. JIO very well taught the competitors about how to delight and satisfy the customers. Unlimited data and talk time plans not only attracted the customers but also enhanced the range in rural areas where other competitors are still struggling. Introduction of JIO phone providing all the basic required facilities increased the revenue market share by over 10% that very well explains the need of healthy customers.
The graph below shows you how customer satisfaction can increase the overall revenue.
There is one general perception in people’s mind:
“Choose the best salesperson to sell your product and you will be rich.”
If you think the same way I feel disheartened because you are not on the right track. You cannot market your product to the community which is not perfect for you. Try targeting the people who can define your brand. There are many organisations performing the same business considering the examples of Amazon, Flipkart, Snapdeal, Myntra in e-commerce, Zomato and Swiggy in food, and Uber and Ola in cab service but one is above the other not just because of the best marketing people but also the ability to select the right customer.
What it takes to carry a customer forever
Understand their needs: Study you customers and try to understand what they want and what is trending among them.
Surprise them with new features: Everyone loves surprises. It is important to delight customers with new and exciting features. Perfect example for this can be “Flipkart big billion day”.
In the end, I just want to conclude with the simple statement-
“Retain your customers and they will retain your business.”
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