Not the KYC documentation, but how well do you KNOW YOUR CUSTOMERS?

Have you heard of KYC before? I’m sure you have. But the KYC I’m referring to isn’t the one banks and businesses usually request.

Businesses often ask for customer KYC documents for compliance purposes, as required by government regulations. As customers, we can’t avoid this, and businesses can’t overlook collecting the necessary information.

Have you ever experienced the real KYC?

Perhaps you’ve walked into a grocery store, a salon, or any other local vendor’s shop. Have you been surprised to find them remembering the items you frequently purchase? Or maybe they’ve asked about the whereabouts of your family members who often accompany you but aren’t there at the moment?

Let me share my experience with a vendor who displayed exceptional KYC practices and turned me into a loyal customer.

There’s a standalone medical store near my home, not part of any popular chain. The first time I visited, after purchasing a few medicines, we chatted briefly, and he learned my name. From then on, he always addressed me as “Naveen Sir” and remembered the medicines I usually ordered. His simple act of remembering my name and my preferences made me a loyal customer at his pharmacy.

We often notice similar personalized experiences in certain stores, and they draw us in. After all, humans crave respect and personalized treatment. Small gestures can make a huge difference in the customer experience.

In an era where customer identity and personal details are mandated by government regulations, how well do businesses really know their customers?

If you’re a vendor, how well do you know your customers?

Let me know your thoughts on today’s post.

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Originally published at https://www.linkedin.com.