Do You Know Your Customers?
May 26, 2015
As I talk to clients and companies of all shapes and sizes, I am continually amazed by their lack of knowledge about their customers. About 10 years ago, all I heard about was “CRM”, customer insights, lifetime value models and one-to-one marketing. Everything was about the customer and I think that is absolutely the best way to think about your products and messaging. Who are you talking to? Who are you creating new products for?
I think we have become too dazzled by all of the delivery channel options we can use at this point and have lost sight of the customer. Everyone is obsessed with social media and Twitter and Instagram and Facebook and YouTube – all great ways to reach and talk to customers. But again, who are you talking to?
Most of us have the data we just don’t take the time to look at it or make sense of it. And I have to admit, in this day and age, it can be somewhat depressing. What is your customer retention rate? Do you know by channel acquired? Do you know the characteristics of your best customers? Do your customers only make a second purchase when they are given a deal? Do your customers even know who YOU are? Have you given up on trying to have a relationship with your customers?
It’s time to go back to basics. There will always be new marketing and selling channels that are perhaps more interesting to focus on than our somewhat fickle customer base. But the companies that will thrive going forward will be the ones that are not constantly chasing down the next new customer because they have a solid existing customer base that desires to make more than one fleeting purchase from them. And they WILL know who they are.
Digital Market Solutions, Inc.