Why customer data is important for your SME business?

Gone are the days where SME can group all their customers into one common basket and send one common sales messages or promotions to all of them. Welcome to the world of personalization; world of “I’m not them. I’m special”.

Ever heard the phrase “Customer is King”? I believe this is truer today than it had ever been in the past. With so many options available to customers, businesses are facing an uphill battle for a slice of their wallet share. So, naturally the control of power has shifted from the business owners to the customers. But, what surprised me is the SME attitude towards collecting customer data.

I have seen many SME businesses spend a lot of time and money to stand out from their competition and grab potential customers attention. I have no problem at all with that; in fact I applaud their creativity and effort. What worries me is the fact that most of them do not realize they are continuously flushing down the drain all that time and money spent on getting those customers to walk through their doors by not capturing the customer data.

I just don’t get it. When a customer visit your business (offline or online), they are indicating their willingness to do business with you if you can satisfy their need. They want satisfaction from doing business with you. The best way of instilling customer satisfaction is making them feel that he/she matters to the business. And to be able to do that you must understand each and all of your customers. Information like who they are, how to reach them, where are they from, what they want, are they happy or not and many more. This is precisely why customer data is very important for any businesses.

Gone are the days where SME can group all their customers into one common basket and send one common sales messages or promotions to all of them. Welcome to the world of personalization; world of “I’m not them. I’m special”. To thrive in this new world, we as SME business owners must value each customer data, embrace a more data-driven relationship with our customers and strive to convert every transaction into a relationship!

Would love to hear your opinion on whether it is important for you to collect customer data in your business and how are you going about doing it?

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