KYC - Do you really Know Your Customer? 5 things to consider to help you sell more

Customers are precious and are at the center of every successful business, whether it is B2C (Business-to-Consumer) or B2B (Business-to-Business). There are many strategies, philosophies, and books dedicated to this subject. If in the old days, it was hard to get the accurate information to build knowledge-based customer strategies (KYC), today the technology supports a lot of them. Not all customers are acquired equally and follow the same journey, so it’s necessary to know them really well. And if we can’t physically be at every point of sale, we sure can collect all the valuable data that give us the information to better accomplish their specific needs and challenges.

The digital era is here and Know Your Customer (KYC) solutions are the new best friend of any sales team and organization. They allow to be side by side with the customers, knowing every step they make, their pains and doubts, guaranteeing a better and tailored service, and consequently more sales, loyalty, cross and upsell. Of course, data integrity plays a critical role. To assure it, you must start from the entry point, from data capture, and contemplate personal data protection, compliance, and security.

 

So, KYC solutions allow you to:
  • Exponentially improve customer knowledge base and traceability.
  • Onboard/register customers faster, easily, compliantly and accurately – anywhere, anytime.
  • Discover and take full advantage of cross and upsell opportunities.
  • Quick and secure access to business information.
  • Protect customer personal data.
  • Guarantee regulatory compliance and eliminate costs of penalties.
  • Transparently and automatically integrate information within corporate systems.
  • Improve your business process agility.
  • Mobilize your workforce.
  • Eliminate back office processing by doing it right at the entry point.
  • Enhance customer experience with quick turnaround time.
  • Rethink your business model.

 

With KYC solutions it’s possible to track the tastes, believes and likes of each customer, suggesting them the products and services that better address their needs. It’s important that the customer feels that you care. Know Your Customer solutions provide a full set of optimized tools that leverage the process improvement strategy.  You will also be able to keep better track of your customers, accessing more reliable information about their profile and actions, getting an efficient tool for your mobile-commerce strategy.

 

Knowing the customer inside out is a challenge. KYC solutions help you achieve 5 of the key steps you can’t ignore to accomplish that journey:

 

  1. Customer identification – Considering the huge number of customers and information generated on multiple channels, it’s crucial that you identify who are they and more important make them come back for a new purchase. The traditional paper-based approach of collecting data and documents is no longer the answer – it’s time-consuming, expensive, inaccurate and inefficient. Technology gives a great help in acquiring and knowing the customer, because it tracks all the process, his moves and gives signs about what he wants and when he needs help. This paperless approach allows registration, authentication, capturing and collecting any kind of data to know the customer better and securely send and integrate the data with your existing systems, through mobile devices while ensuring regulatory compliance. Today there are cloud computing and SaaS options for these type of solutions that minimize the investment and make it really affordable.
  1. Accurate information – Insecure and incorrect information or interactions can scare customers and won’t let you really know them. So, it’s essential to ensure data quality, security, compliance, and protection.  To be a trusted seller you must collect accurate data and provide accurate information to your customers. Give them a great experience from the entry point and throughout the whole journey with you.
  1. Personalized sales and experiences – Do you know your customer name and tastes? It’s important that you do. The competition is at the distance of a click and you must be one step forward. Call your customers by their names and ask them how their day is going. Even if your business is conducted over the internet. The tools you have in-house should help your sales team personalize contacts to let your customers know that you care about them. If a customer feels you know him, he is much more likely to show you loyalty and not move on to your competitors. Make your messages timely and relevant. Be near and pay attention to details. With data quality, you can do it. Remember that the better the shopping experience, the better the customer you have, and the better will be the chances of re-selling again in the future.
  1. Treat every customer as your most important one – Happy customers come back. Provide all customers with your best services. Never forget that your customers are the reason for your business existence. An easy way to do this is to put yourself in the place of your customer. The relationships are very important and a strong connection can make a difference. With the right information and interaction with your customer database, you can start a relationship based on knowledge and improve business opportunities.
  1. Be aware of the social networks – With the proliferation of social media, it’s in your interest to be aware of your customer’s feedback. These networks are an important source of information about tendencies, loves, and hates. Every second count. Ensure you stay in touch and aware of every comment about your products or brands. Be proactive on the answers and do not run from the hard ones.

 

KYC solutions guarantee compliance and leverage your business opportunities by:

  • Providing a deeper understanding of your customer needs and profile.
  • Creating new sales channels available anytime/anywhere.
  • Automating processes/workflows and eliminating error-prone manual tasks.

Our KYC approach has everything you need to succeed:

  • Data accuracy.
  • Faster registration process (less than 2 seconds).
  • Improved audit, control, and traceability.
  • Robust, real-time and interactive dashboards.
  • Easy to install/use and integration with any system.
  • M-commerce opportunities.
  • Reduced operational costs (more than 30%).
  • Reduced fraud risks with cross-checking information.
  • Embedded regulatory compliance.
  • Detailed information about the customer (cross-selling).

 

Companies can’t forget that without customers they don’t have a business. Customer service should be high on their list of priorities, and it all started at the entry point: both with the experience provided and the right collected data. The more data they have, the more informed they are about the customers and their database will be valuable, as gold for the business. With the right knowledge, the sales teams can assure the loyalty of customers and efficiently attract new ones. The incomes will also come as planned as the referrals and leads for the future.

 

What are you waiting for?  Give a step forward on knowing your customer!


To-dos:

– If you think your business could benefit from a fully automated, secure, accurate, and compliant KYC solution, get in touch with us.
– If you are already efficiently working with a KYC solution, what have been the main pains and gains? Share with us in the comments.
– Subscribe to our blog to receive valuable insights about document management and paper-free processes.
– Download the eBook “How to become a data-driven company? Start from the entry point.” and learn how to move beyond having data to being data-driven and ensure long-term business growth and profit.

ebook How to become a data-driven company? Start from the entry point.