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Knowing your Customers - Introduction

Image: Without customers, no business will survive so it makes sense to make sure you know who your customers are! Copyright: Tom Lane

Business is very simple:

1. Find a good or service that you can offer to people.
2. Make sure that there are enough people out there who want to buy your product or service.
3. Make sure that you can offer your good or service at a price that people are prepared to pay but which allows you to make a profit.

There you go - simple as that!

If you look a bit closer at each of the three points above you will notice a common link - people. People represent a business's customers.

Without customers, no business will survive. So, it is very important to ensure you know who your customers are.

This task is important for everyone in the business. For small firms, this task might be something that the owner and their staff might have to be mindful of at all times. For larger firms it is likely to be the responsibility of the marketing function.

Remember that marketing is not just about advertising. It is about finding out:

• Who the potential customers are,
• What their needs are,
• How the business can meet their needs, and
• Whether this can be done at a price that allows the firm to make a profit.

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