Identifying Your Core Customer Base
The mark of a successful business or company is one which is fully acquainted with who their core customer base is, even in the case of the many businesses that aren’t aware of the fact that this is the driving force behind their success. It’s much like asking a footballer who depicts raw talent just exactly what it is that makes them so good. They won’t be able to tell you themselves, although they may have a few reasons they’re convinced are what makes them as good as they are, but in truth that’s why coaches and managers exist.
So anyway, it is indeed a core customer base which drives the success of any business and those businesses whose products and services are developed in line with what this core customer base wants and needs are the ones which firstly develop staying power and secondly, they pave the way to real success.
The ability to be able to identify your core customer base becomes even more important when you consider the very real possibility of your business falling on lean times. I mean it’s all good and well shaping your products-and-services offering to the liking of your peripheral customers and clients, but those are the first to go when the leaner times come around, as is part of every business’ cycle. You need to be strong in your resistance to getting pulled in the opposite direction of your core client-base, which admittedly can be quite tricky because there are times during the lifecycle and development of a business when the true core of customers only really comes later on along the path.
It’s also not a straight forward matter of just looking at the numbers, whatever demographic indicator you elect to use to gauge those numbers. It’s a matter of looking at repeat business – that’s how you identify your core customer base.
To explore this measurement tool in action I’d like to turn your attention to an example of the payment and withdrawal methods various online casinos use. I happen to have in my possession some privileged information about the effects of one particular online payment processor, which is PayPal. What has emerged is that any online casino PayPal supports as an account funding and winnings withdrawal mechanism seems to retain a lot more customers than one which isn’t supported by this pioneering online payment processor.
That creates a knock-on effect which can be spotted across different types of businesses, but with regards to the online gambling market it’s a simple matter of customer retention making for the perfect platform for customer-base expansion. The fundamentals of it are that if you spend more of your time betting at a casino that has a bigger customer base and has more players who play regularly, your chances of winning are vastly improved because there is more money flowing into the casino, which then subsequently means there is more of it for the casino to give back to its players by way of winnings, signup bonuses, special promotions and through other means like loyalty rewards, etc.
So it’s important to be able to identify and retain your core customer base, whatever business you’re in.