As a small business owner, you may know who your customers are. This point seems elementary as you can raise your hand and point to your customer and say “That’s Sue. She’s my best customer.” However, understanding who is buying your brand (part of a demographic profile) is only the first step in answering the more important question: why are they buying your brand? This is part of psychographics. First hand understanding of why your customers buy is the most valuable knowledge you can have.
3 tips to help you understand your customer:
1. Ask your customers how they heard about your brand. You will be surprised. Their answer may have nothing to do with your marketing strategy or where you spend your advertising dollars.
2. Ask your customers why they choose your brand over a competitor. They may say “price” or “location” or “I think you have nice eyes.” Their response is important. Write down their answers and consider which responses come up most frequently (or first) when you ask.
3. Act on what you have learned. Then, re-do your psychographic customer market research (sounds neat, huh?) every 2 months. See how the results change over time.