Have you ever stopped and calculated who are your best customers? It sounds simple but how often do you identify and rank the customers who drive the most profit for your business?
Ranking these customers from highest to lowest by Profit or Life Time Value lets you see which individuals or groups drive an outsized portion of your business results. When you can look at a single list and see your main customers you have the power to identify the unique characteristics of your customers and work hard to attract more. Is it who they are, where they live, or what they buy?
Knowing that answer can be more valuable than just making a sale. By focusing your customer service, marketing, promotions and sales offers you can build the long-term value of these customers. You can also find more existing and new customers who share the same characteristics as well as empower these customers to become advocates of your business.
About the author
Richard Milton is founder of e-nexus – a Marketing Consultancy based in Bournemouth specialising in Strategic Marketing Planning and Performance Measurement. He is a career long marketer holding numerous senior marketing positions throughout his 20+ years in the profession.
Describing himself as a marketing strategist, Richard spends his time working with business owners, managers and marketers to help them improve their marketing decisions, investments and impact by connecting data, insight and creativity alongside his strategic experience.