Descriptions:
People say know your customer. What exactly is knowing your customer means? I will explain you in seven simple steps.
1. Know the company and the person
Knowing about the company is pretty simple. Every company has a website. You can just go into the website and understand when they have started this company and who are their customers, what is the mission and vision of this company and who are the founders of the company and who are currently managing that company right now.
To know about the person, use LinkedIn. Know about them and understand them.
2. Know the turnover of the company
If it is a public company, then all the financials will be easily downloaded from their website itself. If it is a private limited or a proprietorship concern, you can easily download their financials using the other portals.
3. Decision making process
When you are going to meet a person, you need to be sure whether he is a decision maker. If not, who is the decision maker? In case if he resigns, who will be the next person in the hierarchy who will be making this buying decision? Make sure you are connected to each and every person in this hierarchy.
4. Buying power
You should know whether the company will be investing in a premium product or a cost-effective solution. Accordingly, you can plan your pitch.
5. Prior projects
Before meeting the customer, you should know is this the first time they are using or are they using the same product already? In case if they are using this product already, what is the problem they are facing with the existing vendor and why they are switching?
6. Timeline
Get a reference about this company’s project timelines. Accordingly, you can plan a firm commitment and I will give you an extra tip for this. Never give a false commitment to your customer.
7. Communication style
Get to know whether your customer would need a detailed data or a simple straightforward answer. Accordingly, you can plan your communication style.
This is what knowing your customer means. When you meet the customer next time, know your customer.
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