Do You REALLY Know What Your Customers Buy From You?

Part of running a business is knowing what your customers buy from you and why they do so, after all, no business can grow without any proper feedback from its customers! But the thing is some companies go to the expense and trouble of determining their customers’ buying habits without properly scrutinising the data that is returned!

Believe it or not, firms of all shapes and sizes around the world have access to all kinds of buyer trend information, even at a low level (such as selling products on a market stall, for example).

If you run a business, do you REALLY know what your customers buy from you, and why they do so? Should the answer be “not sure”, here are some of the reasons why you need to make it a priority to find out!

Do You Really Know What Your Customers Buy From You

Suitability

When you offer a new product or service to your chosen demographic, you might think that what you are selling is the best thing since sliced bread, however, this does not mean that your potential customers will agree with you!

Let’s say that you have started out in business selling your own custom-built PCs and laptops aimed at the general consumer. You might have a number of different specs on offer to satisfy whom you believe are everyday users, gamers, office workers and those with a need for portable yet powerful computing power.

Once you have started selling those desktop computers and laptops, you start to notice that some models seem to ‘fly out the door’ while others are just gathering dust in your firm’s warehouse.

Do you know how many of each model you sell and when you have sold them? Do you know why your customers opt for one model over the other?

For all businesses, especially firms like the example above, it is vital that they perform some significant data analysis on their sales figures and results of any customer feedback surveys, so they know where to direct their efforts in addressing any problems in order to not waste money on selling unsuitable products and services.

Data analysis?

This phrase sends shivers down the spines of many a person that is uninitiated in the world of multivariate analysis.

In case you weren’t aware, multivariate analysis refers to the practice of scrutinising multiple “variables”; in layman’s terms, taking various facts, applying certain criteria to them and seeing what the outcome is.

For example, you could use multivariate analysis to get answers based on three criteria, such as what time of day (1) do your male customers (2) buy from you every Tuesday (3).

I think what causes so many people to shy away from such analyses is because they feel they have to spend days, weeks or even months pouring through reams of results or pages of spreadsheets.

Those days have been gone for a very long time, as there is a plethora of software that will do the job for you and present the results to you in a human-readable format.

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