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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.
Are you pricing your product to maximize your revenue and profit opportunities? Often, marketers underestimate the strategic importance of pricing and it’s impact on their revenue potential and bottom line. Therefore, assess your offering’s tangible and intangible benefits in fulfilling the consumer’s specific needs. To help you better price your offering, here are seven steps to assess your offering’s true value and price it accordingly.
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.
Afraid of numbers and data but you need some strong analysis and information for your digital marketing? If so, here’s a great resource with a list of 16 digital marketing data analytics references.
Actionable Marketing 101 Budget season means diving into the numbers behind your marketing. For many marketers, tracking financial results is like speaking a foreign language. In reality, the process can be relatively painless with a little translation, a little planning … Continue reading
Social media marketing requires metrics associated with the business goals. 7 major categories of measures are examined and an additional 10 social media marketing metrics questions are included. Please read on …
Until earlier this week, Groupon’s meteoric business growth hasn’t been tarnished with naysayers. Poises Cafe owner Jesse Burke exposed the negative side of a Groupon offer in her Facebook post that quickly garnered online attention. This article examines the assumptions and requirements of a Groupon offer based on Burke’s experience to highlight how to think about your business, especially small ones. Please read on …