Know Your Customer – being customer-centric

You may have heard the term KYC, which stands for Know Your Customer. Most would have heard this term when setting up accounts with crypto exchanges. However, KYC was first implemented in 1989 as an effort to prevent fraud, tax evasion and other criminal activity.

Know Your Customer also applies to businesses as it forms the basis and pillars of their operations. The term “customer-centric” comes to mind.

To be customer-centric and to know your customer requires a business to collect crucial information about you as their ideal customer. Analysts and decision-makers of this information are not necessarily interested in private or personal information collected about you, rather the personal data is used to ensure that there is accurate information and only one response per respondent.

Decision makers are more interested in your experience with them as a customer. This information enables businesses to improve on products and services and also develop products and services that would enhance your life, whether it be by saving you time because that is what’s important to you, or assisting you on your path to starting and maintaining a business.

Information is essential for improving a company’s understanding of its clients across all business sectors. Event organisers and fundraisers can offer better services by supplying information that would be helpful to decision-makers, sponsors and exhibitors which is important in the sponsorship and support of local companies for events and fundraising data they can analyze.

This information which in the tech world is referred to as data, gives businesses, sponsors and exhibitors information that contributes to decision-making.

The information you supply helps businesses make more informed decisions around product development, pricing and marketing strategies. This information can also help businesses establish gaps in the market, identify trends and opportunities to differentiate themselves from businesses in the same business.

Your feedback and input help a business to streamline operations, reduce costs and increase efficiency by identifying patterns in customer behavior and automating processes.

This information is also helpful to gain a better understanding of a particular audience, (the target market) This is how event organisers and fundraisers can add value to their customer being the sponsor, doner or an exhibitor. Resulting in delivering a better customer experience.

Social media and sites such as Facebook are often targeted for selling information (data) to interested buyers. In many ways, I’m an interested buyer because I use Facebook ads to reach an intended audience.  Personal information, such as your name and contact information is anonymised.  What I see is information on area location, your interests,  and so on which helps me to share with you what is on offer as a seller. Collecting information comes at a cost, as you require the tools to collect and store information.  Instead of us punishing social media sites like Facebook, you should view these sites as tools in your own business that you can use to help you research useful information on your ideal customer so that you too can offer a great customer experience.

How often have you bought into something that did not meet your expectations, or perhaps a shop stopped supplying your favourite product? This is where completing feedback forms and completing surveys as a customer can help not only the business deliver better services but turn you into a happy customer because none of us like wasting money on things that are not useful to us.

With the advantage of having online tools that can assist business owners to collect data, would it not be beneficial for you as a customer to assist decision-makers in their decision-making plans?

As a business owner, the value in collecting information about your customers and obtaining their consent in the usage of that information helps you to stay in touch with your customers so that you can offer value to your customers, which results in a memorable experience.

Romany Thresher

Romany Thresher is a strategic thinker and natural connector with a talent for identifying opportunities for your business or venture.

Organising, and overseeing your online digital systems and processes for your webinars and virtual events.  Website set up, email communications,  social media marketing and set up registration and feedback processes.  Ensuring that you collect the necessary information to help you obtain a better understanding of your customer’s expectations.

Romany adds value to your business always being on the lookout for new opportunities to connect like-minded individuals who can add value to each other for a mutual benefit. Assisting you in online networking, lead generation, and giving you ideas and strategies to develop relationships with key stakeholders, sponsors, partners, and suppliers in your industry.  Working in the background so you don’t have to. 

What do you need to implement and upgrade in your life and in your business and who do you need to align yourself with so that you and those you work with and collaborate with can make a positive impact in your collective environments and communities? 

Let’s find out!

romanythresher.com