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.

As a business, one must be willing to put away the ‘business administrator hat’ and “ride in the daily shoes” of the consumer in order to genuinely understand who he or she is before making a decision to go with your brand or patronize your company.

Remember, that understanding the roles and tension points of the client enables us create “value” that addresses those hidden tensions that the customer is unable to recognize, rather than just making assumed products or services for the target audience.

As we plan to develop our strategies for each new level of growth, let us not forget to plan with the perspective of using ‘outward-in’ strategies for developing customer improvements.

Bringing that external perspective into the board room strategies can lead to refreshing and valuable insights. Often times, the first hand interactions gleaned from customer visits or end-user home visits results 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 decisions being made 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 Year!

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