News & Events

How Well Do You Know Your Customers?

October 20 2016 | By Shea Cooney

Everyone knows who their customers are, right? Those “regulars” you know by name and know ahead of time what they will order. Perhaps you even know about their families and careers. But how well do you know your customers as a marketable group and useful set of data?

This kind of knowledge is crucial to making better business decisions. In order to be successful, you have to know your customers inside and out. Only then can you formulate a strategic plan that correctly reaches your target market.

How do you get to know your customers?

Business analytics can offer valuable customer insights that you can use to improve your business. The more you know about your customers’ needs and wants, the more effectively you can reach them with a meaningful, actionable message. When you know who your customers are, what they buy, where, when and how they buy it and most importantly, why they buy it, you can tailor your product or service to reflect exactly what your customers value. 

To create a positive buying experience, you first need to know your customer.

  • Who are they? Think demographics: age, gender, marital status, occupation, interests, etc.
  • Why do they make purchases? It is important to understand the motivations behind your customers’ purchases so you can provide something they truly value.   
  • When and how do they shop?  Online? In the store? Only when you have a promotional sale? Knowing the answers to these questions allows you to offer your product or service in a way that is most convenient for your customer. 
  • What do they expect? You cannot exceed your customers’ expectations if you don’t know what they are. Use this knowledge to create a positive buying experience and keep your customers coming back.
  • What do they think about you and your competitors? Knowing your customers’ perception of you and your competition is critical if you want to stand out in a changing marketplace.

There are many ways to collect this information. You could purchase market data, for example. You could use an integrated Customer Relationship Management, or CRM, system. Another way is through surveys and loyalty programs. You can also glean valuable information from data you already have- your own sales data. Pivotal Payments can help you access, organize and process your merchant data with its proprietary reporting portal, Pivotal360.

Pivotal360 is an online reporting tool that enables you to access your payment information and manage your merchant account data anytime, anywhere. With Pivotal360, you have the critical sales data you need for an in-depth customer analysis at your fingertips.

Pivotal360 is available for all Pivotal Payments clients. Let us help you as you formulate a plan for success. The knowledge you need to make better business decisions is just a click away!

For more information, visit www.pivotalpayments.com

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