Know your Customers

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Know your Customers

(Adapted from businessblogshub by Dominic Butler)

If you are a business owner it is imperative that you know your customers — in more ways than one. Customers are the single most important aspect of business which is why you and your business should know yours.

You need to know what they want. You need to know what kind of service they want. Importantly, you need to know that a customer is who they claim to be (more on that later).

First of all, you should know what your customers think about the prices you set on your products.

You should seek ways to find out their true perception on the prices you have set.

You can do so by asking those customers you feel comfortable enough with to do so directly or by setting up some form of survey.

Once you know how your customers are perceiving your prices, you can you start to make them more suitable for all the parties involved.

If you discover that cost-based pricing is not working, then you can then switch to the customer oriented value-based pricing.

And, as previously stated, you need to know what your customer wants. Preferably, you should know what they want even before they do.

To stay ahead of the game in regards to knowing how to cater to your customers, you need to look further than your own profit and try to see how your produce could benefit them.

You also need, every now and again, to try to experience your service first hand. If you have an online marketplace, buy something from it. If you have a receptionist that answers the phones, ring the reception up.

But it’s not just about knowing your customer’s likes and dislikes in regards to your business. In business there are a host of legal requirements set in place, one of which is actually titled the Know Your Customer (KYC) requirement.

It is in place as it is a step towards preventing identity theft, fraud and money laundering. Because of this, it is imperative that you make use of services that allow you to scan and verify IDs of your customers.

In doing so, you can be sure it is them that you are doing business with before you enter into a transaction. But you shouldn’t do this just to meet KYC requirements, you should also do it to keep your customers safe.

If your business runs its own online marketplace, then ensuring that it is in fact your customer on the other end of the transaction is a must.

Ultimately, in showing that you are doing all you can to keep your customer safe, you are creating a positive brand for your business.

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Exercise 1

Match the words in bold from the article with their synonymous meanings.

1. Said before
2. Supply
3. A large amount
4. Essential
5. Making sure
6. Look for
7. Be competitive
8. Thinking about

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Exercise 2

Complete the sentences with the words in bold from the article.

• Do you always believe the government, or do you ________ the truth yourself?
• By ________ you have saved some money, you have less to worry about in hard times.
• There are ________ of problems which small businesses can face when newly opened.
• The president’s announcement was very different to what he had ______________.
• This new shop could _________ all of your procurement needs.
• If you want to __________________, you must know your customer.
• It is __________ that you have enough staff to look after all of your customers.
• Some people seem to be ____________ the politician differently recently.

Exercise 3

Match the two sentence halves to make complete phrases:

1. the problem before calling the IT department
2. from unsatisfied customers.
3. keeping your overheads as low as possible.
4. spend more than you will make.
5. to cater to our more remote clients.
6. the most modern technology available.
7. much differently now that I am part of it.
8. I previously stated; my answer is yes.

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