“They don’t know that we know that they know we know!” – Phoebe Buffay
What do you know? About your customers that is.
Most likely you have assumptions and these assumptions are often backed by data. Perhaps a survey that was conducted a few years ago, or through your experience with your clients first hand. Regardless of how you have acquired this intel, what you think you know about your customers is what should drive your business. But does it?
Effective Market Analysis to Target Your Ideal Customer
Who is your ideal customer? Your absolutely worst customer? Who would you be lucky to nab this quarter? Who could be your Lighthouse Customer?
These questions swim around every Marketer’s, Sale’s and Product Manager’s brain when building new marketing campaigns or planning new sales initiatives. The reality is, we think we have a good idea but may not have enough data to back it up.
Try googling “Ideal Customer”. A lot of businesses think they know the secret formula, but it should be you who determines who is ideal for your business.
Ask yourself these questions:
- Who do I want to be partnered with?
- Will I take any customer? Or do I want to portray a branded image?
- Do I want to grow my business from the outside-in?
- Does my database contain updated and accurate information about my customers?
Once you have begun to identify who your target customer should be, let the data tell you otherwise. From our experience at DMTI Spatial™ the data often surprises our clients. Most are unaware their database contains inaccurate and outdated data. Often times CRM’s are not kept up to date when employee attrition or customer churn takes place. Your data is what drives your business, not the other way around.
Using the Right Technology for Customer Insights
Need help cleaning this mess up? Start with the basics. Cleanse your address database. Then, ensure your customer records are up to date. Are you customers current? If not, when did they leave?
Once you’ve done this, enrich the data with as much information as possible. What campaigns went out to these customers? When did we reach out to them last? Start with the basics and build a rich repository of data.
Your data is what makes your business unique. Leverage and exploit this well of information to determine who your actual ideal customer is.
Need help? That is where Location Hub® Analytics comes in.
To learn more about how location analytics can help your business, shoot us an email or give us a call at 1.877.477.3684 .