The acronym KYC (Know Your Customer) became quite popular in Nigeria within the last decade when the telecom and financial organizations were required to begin re-registering their customers in order to properly ascertain who is who.
Today, KYC is a familiar acronym to industries and professionals.
Let’s take a closer look at what it means to KYC?
In local understanding, KYC simply refers to knowing the bio-data or personal information of the customer which may include their address, personal details, bio-data, and etcetera.
But is this really what it means to know the customer? To know your customer, you must really know your customer.
- Customers are not just a head count; they are real people, with real problems looking for real solutions.
- Customers are people who desire value and are looking to make an exchange for that desired value.
As a business in an economy like Nigeria, knowing your customer in the real sense can be the difference maker for your business to get to the next level. How? You may ask!
A lot of insights can be gained by merely seeking to understand your customers more.
How? By taking a walk in the shoes of your customer.
In order to get to know who your customer ‘truly’ is, you must be ready to remove your business administrator hat and ‘ride in the daily shoes’ that your customer wears as he tackles daily tasks and decisions before ultimately settling to go with you as a brand or business.
Knowing the roles and tension points of the customer helps you to go beyond innovating products or services for your target audience, rather you are able to innovate ‘value’ that solve those hidden tensions that the customer is not able to identify.
As we plan to develop our strategies for 2018, let us never forget to plan with the perspective of using ‘outward-in’ strategies for developing customer improvements.
Bringing that external perspective into your board room strategies can lead to refreshing and valuable insights. Most times first hand interactions gleaned from customer visits or consumer home visits result in amazing and reality driven dialogue and solutions within the team.
In a nutshell, the key to making the difference is to become more informed and strategic in your decisions and find that meaningful edge that makes you outstanding.
Find that trusted partner to help you glean hidden insights from your customers/consumers.
Never under estimate the power of the little things.
Have a fruitful 2018!