Who will your customer be in the future, if current trends continue? Who could your customer be if you were to change your product or service offering? Who should your customer be if you want to rise to the top of your field? How could you upgrade your knowledge, your skills and your ability to satisfy that customer?
Are there any customers in your business, who, knowing what you now know, you wouldn’t start working with again today – i.e. those who should not be your customers? Many companies today are analyzing and identifying the qualities & characteristics of their very best customers. They are sorting their customers into HIGH VALUE and LOW VALUE customer segments.
By doing this these Business Owners can focus more of their time, effort and attention on their HIGHEST VALUE customers, provide stronger service, solutions, etc.as well as acquiring MORE of them. Simultaneously, these owners then spend less time on their LOWER VALUE customers and in many cases, encourage their LOWER VALUE customers to move into HIGH VALUE or in some cases move on to someone else. Do not misunderstand here. I am not saying do not sell to LOW VALUE customers, What I am saying is know they are LOW VALUE and spend the correct amount of time, cost and effort acquiring them, servicing them and supporting them.
What strategy are you doing to determine who are your most VALUEABLE customers? What are the criteria that determines your HIGH VALUE customers? How many HIGH VALUE customers do you have? How many LOW VALUE do you have? What marketing, selling and closing messages, activities are in place to obtain MORE HIGH VALUE Customers?
You see very successful Business Owners seek this knowledge / information about their customers, then develop Strategies, Plans and Actions to address their goal of obtaining more HIGH VALUE and determine how to address the LOW VALUE.
A very successful client of mine attacked this situation and within one year the owner’s Business revenue increased 60%, Profit margin increased 4% and their business worth increased significantly Are you ready to do the same?