Marketers like you and I know that every single sale adds up and counts towards the success of a business. Yes, every drop matters. However, is every drop equally important for the business?
Customers come in various shapes and sizes. Bargain hunters shop only when you have a sale going on. Coupon clippers track every promotion that you release obsessively and combine every possible coupon to maximize their savings. Impulsive shoppers walk by your store, spot something interesting and spend a neat sum on just a whim. Regular customers shop with you as a matter of choice, not driven by the temptation of a sale or a passing fancy.
Which type of customer would you focus on, if you were the business owner?
The regular shoppers would be my long term bet.
How to Identify Your Most Valuable Customers
This is a fundamental question that sets the stage for a successful business. Once you know who your most valuable customers are, you can then focus on providing this segment with an experience that will keep them coming back over and over again.
You may now argue that, as a business owner, you’d want to offer great service to each and every customer who walks through your doors. I beg to disagree.
While it’s important to offer good service and user experiences to all customers, customers who have the potential to become long-term, profitable partners for your business deserve extra special treatment.
Besides, a business would be stretched to its breaking point by trying to offer the ultimate in customer care to every single customer. Even the brands that are leaders in customer care like the Marriott Group of Hotels or Zappos.com offer differentiated service levels to customers based on the segment they belong to.
How to Use Marketing Formulas to Identify High-Value Customers
