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Business owners should understand who their customers are, their needs and how to reach them.
Customer knowledge (CK) is the combination of experience, value and insight information which is needed, created and absorbed during the transaction and exchange between the customers and enterprise. [1] Campbell (2003) defines customer knowledge as: "organized and structured information about the customer as a result of systematic processing". [2]
Know your customer places a costly burden on businesses operating in the financial industry, especially smaller financial companies, where compliance costs are disproportionately heavy. [21] Customers may feel the information requested to be intrusive and burdensome, and may choose not to enter the business relationship as a result.
Through thousands of pages of "Know-Your Customer" (KYC) rules promulgated under the Anti-Money Laundering Act (AML), banks are required to verify the identity of their customer and collect ...
Customer intelligence (CI) as part of business intelligence is the process of gathering information regarding customers, and their details and activities, to build deeper and more effective customer relationships and improve decision-making by vendors.
The three basic methods of customer profiling are the psychographic approach, the consumer typology approach, and the consumer characteristics approach. These customer profiling methods help you design your business around who your customers are and help you make better customer-centered decisions.
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