Customer base
As a CEO of a company, understanding your current customer base is vital for the achievement of business goals such as increasing customer base and improving the quality and availability of the product. I would apply various techniques to understand my customer base better. They include;
Creation of compelling buyer persona- I would create buyer personas that would provide information on age, gender, location, and profession of my customers. The data would help me match my customers to specific products.
- Use of social media- I would obtain data about my customers from different social media platforms such as Facebook and Instagram. Research indicates ‘only 38% of marketersrely on data from social media’(Thought Leadership, n.d) which should not be the case as social media platforms can help dispense information on who is what products and for what purpose as they provide consumers with the opportunity to write or post about products.
- Use of surveys – I would use personal surveys to understand who my customers are and reasons for the purchase of certain products. I would use software tools such as ‘Foresee’ and ‘Qualaroo’ to help conduct surveys on my company’s website.
- Use of customer reviews- I would use channels such as suggestion boxes and testimonials on our website and different social media platforms. To encourage customers to issue honest reviews, I would use incentives like free products or discounts on the products.
- Host an event- Research shows thatMillennialsvalue experiences over material possessions. (Morgan,2019) hosting a brand event will, therefore, enable my employees to interact with my customers. We can use this opportunity to further understand our consumers in terms of their needs, their preferences on different products, reasons for purchases, amongst others.
Comprehending customers and their product needs are essential for the success of any business. With the implementation of the above strategies, I will be able to understand who my customers are, what products they buy, and their reasons for purchasing.
Work Cited
Blake, Morgan. ( 2019, January 2). Nownership, No problem: An Updated Look At Why Millenials Value Experiences Over Owning Things. Forbes. https://www.forbes.com/sites/blakemorgan/2019/01/02/nownership-no-problem-an-updated-look-at-why-millennials-value-experiences-over-owning-things/#44795d79522f
Customer Lifecycle Engagement: Imperatives for Midsize to Large Companies(n.d) Thought Leadership. retrieved from https://www.yesmarketing.com/resources/whitepaper/customer-lifecycle-engagement-imperatives-midsize-large-companies