"There 's got to be more to life than fighting for fishheads." Jonathan Livingston Seagull
Sunday, October 2, 2011
6 things to KNOW about YOUR CUSTOMER (KYC)
KYC = Know Your Customer - What a powerful business success phrase lost in its abbreviation. Yes, KYC has remained just identity and residential proof collection activities in Banks and in all other industries if at all they are implementing it.
Knowing customer is the MOST important success key for any business.
Do we know our customers?? If yes then we will know what are his needs,what is he doing to fulfill it, whether our offerings are matching his need and behavior, whether he can afford it, whether he likes it , whether he recommends the same?? Yes knowing CUSTOMER is one of d most critical activities of any business.
Today when we are celebrating birthday of one of the greatest leaders of world's MK Gandhi, his view of the customer is worth knowing.
"A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider of our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us the opportunity to do so.”
What one need to know about our CUSTOMERS:
1) Why he selects us to do business with?
2) Whether we fulfills his need as per his expectations?
3) Whether are there any sacrifices he has to do to avail our services? (i.e. expectations minus actual experience with our offerings)
4) Whether can we do something which can exceed his expectations when he visits next?
What & How it could be?
5) Whether & HOW can we pleasantly surprise him in the next encounter with our brand?
6) How can we make his life easier , more pleasant and less painful?
KYC is not equal to address proof and photo ID. Its MUSH MUCH more & deeper than that. However we only stop at stage 1. What a powerful business management phrase, missed its target completely!!!!