Know­ing your cus­tomers will op­ti­mize your prof­its

Newspapers & Technology Magazine - - Contents - ▶ SPECIAL TO NEWS & TECH FROM RE­SEARCH DIREC­TOR ON DE­MAND Ted Stas­ney Se­nior Con­sul­tant Re­search Direc­tor on De­mand tstas­ney@rdod­ 727-244-2971 Visit our web­site: rdod­

Know­ing who your cus­tomers are has many last­ing benefits. For ex­am­ple, know­ing your cus­tomers will:

Build bet­ter cus­tomer re­la­tions

Pro­vide bet­ter un­der­stand­ing of their needs

Re­tain cus­tomers

En­hance your CRM – Cus­tomer Re­la­tion­ship Man­age­ment Op­ti­mize your rev­enue and prof­its

Know­ing and un­der­stand­ing your cus­tomers is an im­por­tant goal for any busi­ness, in­clud­ing media com­pa­nies.

Suc­cess­ful busi­nesses un­der­stand the needs, wants, and buy­ing be­hav­iors of their cus­tomers. They have an­a­lyzed the size of their mar­ket or the num­ber of po­ten­tial cus­tomers that fit their tar­get pro­file. They also know their cus­tomers’ ages, gen­ders, in­comes, oc­cu­pa­tions, ed­u­ca­tion, mar­i­tal sta­tus, num­ber of chil­dren, their in­ter­ests and their home and email ad­dresses.

They un­der­stand what their cus­tomers lis­ten to, read, and watch. They un­der­stand their likes and dis­likes. Know­ing a cus­tomer, to this depth, is one of the key char­ac­ter­is­tics of a highly suc­cess­ful busi­ness.

Com­pa­nies that pos­sess this knowl­edge use it to their ad­van­tage. Know­ing what buy­ers want helps build com­pa­nies and de­liver so­lu­tions to meet those needs.

Com­pa­nies can of­fer their prod­ucts in the right lo­ca­tions and the right price. They can de­liver the right fea­tures and sup­port to cre­ate pos­i­tive cus­tomer ex­pe­ri­ences.

Con­versely, busi­nesses who don’t fo­cus on their cus­tomers of­ten fail. A re­la­tion­ship with the in­di­vid­u­als who might buy their prod­ucts is es­sen­tial, but for some rea­son, many miss this critical as­pect of their busi­ness. All too of­ten, busi­nesses spend their en­ergy on ev­ery­thing but know­ing their cus­tomers, both cur­rent and po­ten­tial.

Hav­ing a cus­tomer strat­egy also holds true for media com­pa­nies. Whether your cus­tomers are read­ers, view­ers, digital users, or busi­nesses that ad­ver­tise with you, it’s vi­tal to know who they are.

So how can you know who are your cus­tomers? Who are your read­ers or sub­scribers, view­ers, online users and your ad­ver­tis­ers?

If you are al­ready do­ing mar­ket and media re­search that de­fines and gives you a bet­ter un­der­stand­ing of your cus­tomers, you’re one step ahead. But even if you are cur­rently us­ing re­search, and still need a bet­ter way to un­der­stand your cus­tomers, here are some very af­ford­able ways to achieve that goal.

Ac­cord­ing to Re­search Direc­tor On De­mand, here are 5 sug­ges­tions to im­prove your cus­tomers’ ex­pe­ri­ence:

1. Send out an email online sur­vey to ob­tain your cus­tomers’ de­mo­graph­ics, life­styles, and in­ter­ests. Thanks to tech­nol­ogy-driven tools, these sur­veys are very af­ford­able and will pro­vide you with in­sights on your cus­tomers. In ad­di­tion, your cus­tomers will wel­come your sur­vey since it shows you are in­ter­ested in learn­ing more about them and their in­ter­ests and needs.

2. If you’re look­ing to get more in­for­ma­tion about busi­nesses who ad­ver­tise with you, con­duct a cus­tomer ex­pe­ri­ence sur­vey. This will help you get a bet­ter un­der­stand­ing of their busi­ness and see how sat­is­fied they are with your ser­vices. You will be sur­prised to learn that your cus­tomers ap­pre­ci­ate your ask­ing about their busi­ness and how you can help them.

3. Set up cus­tomer ex­pe­ri­ence an­a­lyt­ics. Cap­ture cus­tomer feed­back in real time. Ask your cus­tomers, read­ers, view­ers and online users for their feed­back on new prod­ucts, ser­vices, or new con­tent and in­for­ma­tion you plan to of­fer. Digital ser­vices can be used to track your cus­tomers’ ex­pe­ri­ences and key per­for­mance met­rics can be mea­sured for your an­a­lyt­ics.

4. Act upon reg­u­lar cus­tomer feed­back. Once you get the feed­back from your cus­tomers, make sure you do some­thing about it.

5. Con­duct a Net Pro­moter Score (NPS) sur­vey. This type of sur­vey asks your cus­tomers if they would rec­om­mend you, your prod­uct or media com­pany, etc. The sur­vey is easy to im­ple­ment and can pro­vide a wealth of in­for­ma­tion and in­sight about your cus­tomers.

Know­ing your cus­tomers will op­ti­mize your rev­enue and prof­its. Cus­tomer ex­pec­ta­tions are higher than ever and word of mouth trav­els fast.

Today know­ing your cus­tomers is even more em­pow­er­ing, and it in­creases the im­por­tance of the cus­tomer ex­pe­ri­ence.

Know­ing your cus­tomers is an im­por­tant busi­ness goal. With a greater fo­cus on cus­tomer ex­pe­ri­ence, com­pa­nies will re­al­ize a pos­i­tive im­pact on cus­tomer loy­alty, higher cus­tomer re­ten­tion, and in­creased rev­enues and prof­its.

If you are in­ter­ested in see­ing some ex­am­ples of the many re­search, sales sheets and pre­sen­ta­tions we have done, please con­tact us any­time.

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