Know Your Customer (KYC) is a process or policy often used by banks, regulated companies and other financial institutions, but which needs to be employed in a much different way by every company or business. You see the policy in question is one that has been designed to prevent crimes relating to financial fraud, identity theft among others. But regarding this new use, it is one that businesses need to employ in understanding their clientele. In other words, companies should take note of the critical role brand experience plays in the scheme of things since through such engagement authentic customer insight concerning their experience with your brand is gotten.

The power of knowledge 

You see knowledge indeed is power and this is very true regarding what you know about your customers as this will give your brand or business its competitive edge. This is because as your customers interact with your business or brand they will have their own expectations and will communicate this in online commentary through feedback and what have you. Now the thing that business people or marketers need to understand is that such online communication offers them a robust source of unsolicited insight.

Yes, even though the task of poring through endless feedback can be very daunting at times realize their potential and focus on same to get the much needed information. That is information about your brand or business that will improve customer experience and eventually lead to customer loyalty. This goes beyond the typical “star rating” or “like” as it provides a richer or fuller insight into the different aspects of your customers’ experience.      

There are different examples of this that you may have come across or made yourself in the course of doing business. Below are some possible examples:

• My experience at XYZ restaurant and bar was simply the best from the door attendant to the last person I dealt with it was just fantastic.

• The time my kids spent here in this school afforded me the opportunity of knowing how important it is for parents and indeed other care providers in connecting with their children.

• I would definitely pay your hotel another visit whenever am in town as the service you guys provide especially regarding your check in and check out policy is just  too good to be true. 

Taking it a step further

The truth is that not all customer feedback will be positive and companies will need to learn as much from their negative feedback as much as their positive feedback. However, taking it a step further will mean that brands or businesses will need to leverage on customer data that they are getting. As the intelligence inherent in such data afford them the opportunity of detecting early enough certain trends in customer attitudes and behavior.

This as you might expect will help them take advantage of new opportunities, avoid problems just before they happen, and, so lead to a better engagement with their customers. Therefore, monitoring and taking necessary steps resulting from such observation will only help a company or its product do better with customers. Now in spite of this wonderful resource many companies still haven’t done much regarding this.

In conclusion

Lastly, if you take a very good look at the examples given above you will find out there is much that can be learnt from the feedback or if you like comments made by customers. This is because each example to some degree mentioned one aspect of their experience that they enjoyed. And, so provides companies with useful information regarding what they are doing that is right.  

Author Bio: 
This guest post was written by Jason Phillips. He is a freelance writer and blogger who is sharing her knowledge about business and financial matters. His latest articles on customer intelligence helped him a lot in gaining popularity as a good blogger.