It's also true - as every marketing student learns in their first week - that selling more to existing customers is a great deal cheaper than going out and drumming up business from scratch. And what better way of maximising your chances of cross-selling than by putting yourself in your customers' shoes, and taking the time to really understand what it is that they want from you - the particular blend of price, service, quality and offering that will really unlock their wallets and their loyalty...
Easy to say, hard to do. Customers don?t like to be pigeonholed, after all, and can be an exasperatingly heterogenous lot. Most firms these days have more raw data on their customers than they know what to do with, but precious little in the way of structured analysis. Too often, what looks like a great insight turns out to be a misleading dead-end. So, what does knowing your customer really mean? How do you spot the real gold nuggets amongst the pile of glittering fakes? And how do you turn customer data into customer insight, and insight into growth?
Today's video looks at the value of customer knowledge and how to understand the crucial difference between what you think you know and what you actually do know. Over the course of this week, our panel of experts - including Simon Hay, CEO of Tesco Clubcard pioneer Dunnhumby, and Google's Laura Chaibi - will show you how you can use that knowledge to boost your long-term prospects and effect lasting change in your business. Oh, and make more money too, of course.
For archived videos from this and other series, please visit http://www.microsoft.managementtoday.com/Index.aspx