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Are you maximizing each customer’s profit potential for your firm? Do you know how your customers stack up in terms of sales and profitability? If you’re not sure of the answers to these questions, there’s a good chance that you’re not maximizing the effectiveness of your marketing resources because you’re not spending enough on your best customers and wasting money on unprofitable ones. Once you’ve segmented your customer base in terms of profitability, apply these seven tactics to ensure you’re making the most of your customer investment.
If you’re like many marketers, you know how to determine your sales forecasts and whether your promotions are profitable, but not which customers are. Therefore it’s important to segment your customer base to determine its distribution in terms of: best shoppers, high potential shoppers, occasional shoppers (although it’s often only sale items), past shoppers who no longer buy, and prospects who’ve never bought anything. The rule of thumb is that the best 20 percent of customers generate 80 percent of revenue. In my experience, actual results tend to be even more skewed. To help you determine where you should focus your marketing efforts, here are four steps to assess your customer file.
Do you find that you work hard to create great marketing collateral but your results fall flat? If so, you’re not alone. Many marketers wonder why their efforts don’t yield better results. Here are seven suggestions to get prospects to take the next step.
In honor of Valentine’s Day show your customers some love. The goal is to delight them in an unexpected way and we have a list of 100 options to help you. [BTW, here’s our #BloggerLove Contest to celebrate our readers. Enter a blog post with one of these 125 free blog titles by February 28th, 2011 to win.]
This Thanksgiving, I am thankful for my family, friends and colleagues which makes me think about how we as marketers treat our customers.