For any business, it's key to know who your customers are. Successful businesses understand what their customers want and the best way to make their product or service available. It's also important to know more than just their names, ages and incomes. Knowing your customer's hobbies, tastes and interests along with what they watch, listen to and read can give you a profitable advantage.

It's also very important to understand your customer's buying behavior. As a business, you need to comprehend what type of person is most likely to need or want the product or service you provide. Successful businesses ask themselves these questions every day:

1. Why do they want to buy your product or use your service?

2. How often will they need to buy it or use it? If you can reach out to them before they need it again, they're less likely to go somewhere else.

3. Who are they buying it for? Your messaging and promotion depends on whether they're buying it for themselves or for someone else.

4. Where are they most likely to buy it?

Companies that know what their clients want and expect can customise the customer experience to create loyalty and repeat business. Smaller and more quick-to-respond entrepreneurs and small-business owners already have the upper hand in achieving this competitive advantage.

As a business, it is crucial to understand and build upon your customer knowledge and relationships. This will put you ahead of the game.