Why it is important to know your customer

May 6, 2022 1:14 pm

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When it comes to getting to Know your Customer, there are a number of things that you need to take into consideration. It is essential that you think about where you are going to store any information that you have about your customers and that this is a GDPR compliant way of storing the information. W2 Global Data, for example, offers software that allows you to store and obtain information about your clients, including their identification, in a secure way.

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Knowing your customer can be incredibly useful for a number of reasons.

Support – it allows you to support your customers fully and to understand any needs that they may have. This is particularly key in financial and legal roles where you may need to have an understanding of a person’s employment status and anything that might classify them as vulnerable.

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Targeting – when you know your customers well, you are able to place them in customer sections that you can then use to draw out their similarities. This is important when it comes to marketing your business as you then make sure that your marketing methods are speaking to those individuals.

Obligations – there are some industries, such as financial, legal and medical, where you must have key information on your customers. This is to provide them with the products and services that they need as well as fulfill obligations that may be imposed on those sectors by regulatory bodies.