When you KNOW YOUR CUSTOMER profiles and you use software such as that from https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer/ can help you to understand much more than the number of people that are using your products and services. It is important for you to know your client avatars for a number of different reasons.
Marketing – when you understand your client avatar or avatars you can build successful marketing strategies that will allow you to market directly to these individuals. You will understand what their pain points are and how your products and services can help overcome these as well as knowing what their buying personality is.
Retention – when you take the time to understand your customers you can ensure that you are providing products and services that are appropriate for them and also finding ways to keep in touch with them. This can then help to improve your client retention levels which helps to increase your sales and your business profits.
Acquisitions – if you look to grow your business through acquisitions you can be sure that you make the decisions based on whether the acquisition will either be beneficial to your current customer base or whether it will help bring in a new customer based on your existing products and services. This way you can be sure that all business acquisition decisions you make will support your overall business growth strategy.