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Tell me again: Who Is Your Customer?

Tell me again: Who Is Your Customer?

Tell me again: Who Is Your Customer?

John Holobinko, Managing Director, Business Reimagined, LLC

No business wants to lose a good opportunity for a sale.  The operative word is good. In their zeal to get business, many companies chase prospects which they have little chance of closing.  They spread themselves to thin, and as a result, have less time and resources available to close higher probability, higher value deals.  Often they spend resources trying to extend their reach to beyond where they can realistically execute. In some cases, it is not intentional.  The business simply has not taken the time to analyze the profile(s) of its existing customers and why they were able to win those customers’ business.

It is essential that you know when and why you win customers.  For some businesses, determining the answer to this is not so apparent.  As a business, you must be able to discover the common characteristics of your customers; the when and why you win.  You may find that some of your customers are “outliers”, i.e. they have little in common with your other customers.  This is important information as well as I will explain in a bit.

Let us first address your core customers. If you know who your core customer is, you can better focus your resources to attract more customers that share the same or similar characteristics.  Knowing these customer characteristics can improve your business efficiency immensely.  It can help you determine how you focus your time and money on social media s and social messaging.  It may lead you to change your product mix, offering more complementary products focused on that core group of customers, and fewer products outside of that core customer profile. 

What about your outliers?  You don’t necessarily want to abandon them, but the key  is for you to understand and be able to quantify how much resource it takes to support them relative to your core customers.  You will likely find that it doesn’t make sense to try to find more of them if they are very different than your customer core.  And when an opportunity comes along from one of these outliers, you may actually want to walk away, because you now know that although they represent incremental business, it is not profitable business because it is defocusing.

In summary, by knowing who your customer is, you can determine who your future customers are likely to be.  You can maximize your investments by focusing your resources on duplicating the success you already have.  In essence, you are repeating a proven formula for success.  When an opportunity arises to go outside of your core customer focus, you can make a better informed decision whether to pursue, or decide it is simply defocusing you from your primary business and therefore turn away.

So if you are asked the following question, do you have a clear,concise answer?:

“Who is your customer?”

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