Did you know that 35% of business data becomes obsolete every year? (callboxinc.com)
The marketing director you spoke with in a certain company last year may have already left and joined another firm, assumed a new post or got assigned in another location today.
The B2B marketplace is overflowing with data but marketers are still challenged in finding accurate, useful and relevant information on their existing and prospective customers. That’s because people move around, shift courses or change behavior which impact data accuracy.
How can you cope with the challenge?
Do a Customer Profiling or traditionally known as “market segmentation”. This is where you divide your entire market into small groups, demographic and psychographic, to have a broader profile of your target customers. Start by answering the questions below:
Q1: Who are your customers?
Q2: What do they need?
No product or service fits all. You should know who your specific target customers are and what do these customers need in particular. Get to know who your target buyers by building a demographic profile using variables such as age, gender, occupation, education, income levels, geographic location, industry, number of employees, number of years in the business, and products or service offered.
The demographic profile will provide you the idea on where and how to find your customers and their purchase capability, at the same time help you decide what product or service you can offer them, create a sales strategy on how to sell and at what price.
Q3: Why should they buy from you?
Q4: How and When do they purchase?
If the demographics tell you who your target customers are and where and how to find them, the psychographic profile will help you understand your customers. Group them into variables such as values, beliefs, buying patterns, perceptions and lifestyle choices such as recycling, fitness, travel and hobby interests.
These variables will provide insights into how your customers behave and think, and a deeper understanding of their buying patterns. These are important information but definitely quite harder to collect as these must be collected directly from the person in charge.
Take a look at the sample profiling questions below:
In order to accurately profile your customer, you must have the right questions to ask that would enable you to right-fit a business concept for them.
Below are some customer profiling services available in the market.
- Data Cleansing / Data Scrubbing
- Verification of Data
- Database Management
These services may either come as stand alone or packaged with a lead generation program. The latter is usually strongly suggested as most sales and marketing providers today have in-house tools that can do multi-channel marketing using a marketing automation tool that can streamline all the marketing tasks, including customer profiling, efficiently.
Here’s how to nurture leads the right way!
Customer acquisition is a game of strategy. A business must have a tactical plan of finding, knowing and understanding their target customers in order to provide them a tailored-fit product or service that will address their business need.
Customer Profiling is just one fragment of the broad marketing process, but plays the most important role in reaching a much targeted audience.
Check out our latest content:
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Stop aiming for the wrong market! Reach more targeted business prospects in Malaysia today.
Do you have questions with the above? Let us know and we’ll be happy to help you with your customer profiling campaign. Comment below.