Wednesday, 28 September 2016

Diversifying Customers: That’s what business needs

In Today’s world, businesses are booming with the variety of categories and genres of products. Lately only Women were major concern for businesses to target but sooner males too became a priority to focus upon. Now kids and old age persons are priority too. There is no page unturned in terms of getting business from.
Considering pets as another horizon, there emerged businesses which are dedicated to pet care, accessories and even fashion.

This shows the diversity of choices business have opted in order to survive and make world see other horizons of utilities and products.
This diversification has lead to many new startups and businesses in the market. Along with new businesses, job creation and improved living standards, competition began to rise.
For example, an Food on Wheels Vehicle, which sells Tacos and HotDogs. As the demand and trend began to increase, several other Food On Wheel’s started.  With increase in competition, it was hard to attract customers. Regular customers were still regular but the problem was with new customers.

For sorting out this problem, businesses need to add to diversification but to customers. They need to know their audience first. A Customer Identity Platform can help in identifying their customer base. It makes use of customer registration data and progressive data collection techniques to provide customer insights, what type of customers do a business have, their interests, their preferences, likes etc.
Based on these datapoints, business can first define their customers and plan according to them, like their needs, change in trend patterns etc.

Diversifying customers can also help in Research and Product/Service Improvement too.  Customer insights give trends which are carried by customers without getting acknowledged by them. For example a restaurant which serves Regular coke along with snacks, but sooner people start to demand for a diet coke just it was added as an optional beverage to choose from. Now most of the people prefer diet coke and they didn't even know about this change of their taste.

This is how diversification can give a business a new path to explore and get the best out of it.
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