Finance and Business Blog

A team of marketing analysts and data people, trawling through reams of numbers and pulling out vital facts, is essential to your business’s success. But there’s another group of people who are equally as forthcoming with insight: your customers. Their actions speak louder than words. Here are three reasons why watching your customers closely tells you things you never knew.

Reviews

Entrepreneur and marketing professional Eyal Gutentag is an advocate for embracing change. A recent change in the digital space is how brands are incorporating reviews into their marketing strategy. Reviews are the fastest way for your customers to let you know what they think of you. Nowadays, it’s challenging to keep on top of all the platforms in which they use to communicate. Get it right, however, and your customers become not only your biggest advocate but also your greatest asset as they spread their love for what you do.

Repeat Business

If someone purchases from you time and again, hold onto them. You don’t have to market to them repeatedly, and they’re more receptive to any communications you do send. While a business isn’t built purely on repeat customers, they should form a significant percentage of your database. Customers who love your brand enough to engage with you regularly are a lens into what you’re doing right. Ask them, and do more of it.

Average Spend

Tracking average spend is an excellent indicator of how you’re doing. Someone who appreciates what you do spends more money with you. They buy more frequently and purchase higher-ticket items, seeing you as someone who adds value to their life. You’ll see different spend levels across different audience segments, but every trend is a nugget to take away and act upon. Understand who your high-spenders are so you can attract more of them.

Customer behavior offers you immediate, real-time insight into not only your own business but also the market as a whole. Use the data they freely give you to continue making their lives better, and they’ll be a customer for life.

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