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Are You Cultivating Your Top Customers for Greater Profits?

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If you're not growing your customers then your competitors will. Learn segmentation strategies to increase your per customer profit and identify your best customers.

Materials

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  1. Have a clear strategy for your business development efforts. Develop guidelines for successful business development from your best sales practices. Creating new business is a sequential process you can measure.
  2. Slice and segment your market to maximum client value. Use market segmentation strategies that best fit the objectives of a particular campaign. Looking at the same customers in different ways often reveals new profit opportunities.
  3. Seek your most profitable customers no matter who your competitors are pursuing. It is possible you can reach niche markets that aren't available to your competitors -- but you'll never see them if you're a follower.
  4. Know what your message mean to customers. Each segment of customers will see your message slightly different. Your objective is to present your message in the frame of their prospective, that's how you get the best results.
  5. To increase profits, you've got to be a friend to your customers. Friends don't take advantage of friends. To build friendships in business through great customers service, you must:
  6. Sell or educate at every customer interaction point as it's appropriate for the customer. Improving interaction points can increase sales without increasing customer service costs. You could be missing 82% of the available sales opportunities, if you're not taking cultivating existing customer relationships.

Resources

  1. Report: How to Cultivate Your "Top Ten Percent" Customers for Greater Profits. Learn customer segmentation strategies that reduce costs while increasing revenue from profitable customers.
  2. Customer Segmentation: Get Profitable or Get Lost (Marketing Wonk, Comments) While some practitioners recommend tossing unprofitable customers to the curve, some customers are more valuable than you think. Justin Hitt shares his views on the topic.

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