Knowing your customers is especially useful at times of abrupt and unexpected change
- a recession, for example. Having a strong sense of why people buy from
you as well as what they buy can help you to avoid damaging knee-jerk responses.
Is everyone else in your sector rushing down-market in anticipation of a boom in
demand for cut-price 'value' offerings? If you stick it out at the top of the
market, you might be able to grab for yourself a big chunk of the tasty
high-margin business that remains.
Now, in future you must remember this, engaging your audience is key to your
future success< You should focus on "engagement", "relevance" and
"customization" to make an impact with consumers. Additionally the rise of
new media has ushered in the era of "performance marketing". Businesses
hoping to derive the maximum benefit from digital media must provide customers
with information tailored to their individual needs, be it
on the web, or analogue media. Communications should also take the form of a
two-way conversation, with consumers being able to customise the content they
receive in line with their personal preferences.
This means adopting a truly interactive communication mindset. The age of
push marketing is behind us. What counts now are dialogue, engagement and
relevance, Digital channels that can deliver consumers with established
interests can charge handsomely for that capability.
Customer focus is important, because it can help you to see beyond industry
orthodoxy and understand why people buy from you rather than go somewhere else.
It requires a different mindset and the ability to cast aside those cherished,
but often erroneous, shibboleths about what can and cannot be done, that all
businesses create for themselves.