Do You Actually Know Who Your Customer Is?

A successful business needs to establish good working environments with customers. It does not matter if the company is following a B2B (business-to-business) or a B2C (business-to-consumer) model. Customers are always the foundation of a successful business. The problem is that not all customers are legit in the sense that they might have hidden reasons for using the services you offer.

KYC (Know Your Customer) appeared as a necessity. Any business should seriously consider using anti money laundering KYC in order to:

• Improve the customer knowledge base in an exponential way.
• Improve traceability.
• Easily, accurately and compliantly register new customers.
• Secure business information access.
• Take advantage of upsell opportunities.
• Protect data of customers.
• Mobile the workforce.
• Improve business process agility.
• Eliminate penalty costs.
• Rethink the business model.
• Enhance the customer experience.

The big problem for many businesses is knowing who the customer is. This is done through KYC solutions that help you to gain the following.

Customer Identification

When you use multiple channels, there is a lot of information generate and many customers that have to be processed. It is vital to identify who the customers are and then make them want to make a purchase. When you use the traditional approach, which is paper-based, as you collect documents and data, the process can fail. This is because it is expensive, inefficient, inaccurate and time-consuming.

Technology helps a lot to know the customer and even to acquire new customers. This is because the customer’s processes and moves are tracked. Signs about needs are presented. A paperless approach gives you the opportunity to deal with registration, data collecting, and authentication.

Accurate Information

Incorrect and insecure interactions or information can easily scare customers. You will not know who the customer is so you have to ensure proper data security, protection, compliance, and quality. If your goal is to become a fully trusted seller, accurate data has to be collected. Also, accurate information has to be provided to the customers. When they have a really great experience as soon as they interact with your business, they will be interested in continuing business relationships with you.

A Personalized Sales Process

It is very important that you understand the customer’s tastes, name and more. You always have competition and other companies will be more than willing to step in to get a customer from you.

As a very simple example, by simply calling the customers by name you gain a huge advantage in future interactions. This is true even if you do business through the internet. All the tools that you have in-house need to help the sales team to personalize contacts. This makes the customer feel that the company actually cares about him/her. Details are very important and it is data quality that makes a true difference.

Properly Treating Customers

Happy customers are the ones that keep coming back. This is why all customers need to be provided with the best possible services. It is the customers why the business exists.

A very easy way to accomplish such a goal is to think like the customer. Relationships are always important and you want to make a difference through establishing a really strong connection. If you have the right information and you properly interact with the database of customers you have, the relationship can be started based on knowledge. Business opportunities are always improved with such an approach.

Social Network Interaction

Social media is very popular so you want to be active on the main networks, those that customers use. KYC can actually help you to monitor customer feedback offered through social networks. You learn what people love and hate so you can make smart interaction choices.