The Crypto ATM business, as well as many others, envisages working with large customer portfolios. And in this business, many players treat the size of their customer portfolio as one of the pivotal and bedrock indicators of growth. In the parlance of finance - it's about the core business counterparties.
But the tricky point here is that the growing volume of customers does not necessarily mean or guarantee the ramp up of sales. And needless to say - the profitability. This brings me to the point that the customer portfolio size itself does not suffice for ensuring stable and secure business growth. And that there are other ingredients of impact that should be carefully considered.
That might be quality of service or service fees, UI/UX matters or brand perception, etc. But what makes them converge if you delve down deeper - are the customers themselves. Their specific needs, expectations, preferences and so on.
Knowing such nuanced details about them is essentially the key to boosting sales and growth. Let me briefly explain why:
1. First of all - customers in the portfolio are heterogeneous (though might be segmented into more or less homogeneous groups) which means that one size won't fit all - namely your marketing and engagement efforts, loyalty programs, bespoke offerings (if any), etc. In other words - it impacts almost every single way you interact with them.
2. Next point is that leveraging your customers' data can help you derive valuable ulterior insights that can help to make them stay with you longer, interact more frequently and with higher size transactions. It means you can uncover the hidden customer potential and gain more from what you have. Even if the portfolio growth pace starts to slow down or the headcount in the portfolio decreases.
3. And guess what? All this data can be easily gathered (i.a.: through proper UI/UX in ATMs, tailored surveys, feedbacks, etc.) and used both to satisfy the demand and to create it. Thus, bringing in the potential to raise up your sales and profitability on higher gears.
All this is about changing the focal points from the ATM network itself, locations, operational performance and efficiency, sales and marketing functions and so on towards listening and better understanding of one of the most valuable assets that you have in business - your customers. And that's what real customer centricity is about. Just take a pause to think it over.
I strongly believe that shifting focus and efforts towards better knowing what your customers want, when and how is the source of tremendous distinction and competitive advantage. The one that can help to dramatically break the odds and boost sustainable and robust growth.
That's exactly what I and my analysts' team do in ThinkTech to help crypto ATM operators in the US. And I'm open and happy to share more insight around. Feel free to connect and reach out.