For every marketer, the decision to buy needs a number of people to approve the product, or the service, not all customers being equal. Marketers need a strategy in place to evaluate which customers are most valuable to pursue and retain.
In order to determine as to which customers are “most valuable,” it is critical to know what’s important to the business. And while most business leaders will tell you that all three types of customers are “most valuable,” in reality organizations have limited sales, marketing, service, support and product development money and resources that they can invest in their customers. So in order to get the most out of business and customers, organizations need to start by identifying what’s “most important” to the business so that they can prioritize who is “most valuable.”
To identify what’s important to business, an organization first needs to understand their customers and evaluate their value in key areas:
- Sales & Revenue
- Customer Service
- Add on services and Value added services
- Retention
- Reference
- Feedback
- Continuous improvement.
The approach towards customer growth needs to be different for every customer. Strategies should be tailored specifically to what your company knows about the individual account. Qualitative feedback and data are the foundational elements here. Capturing customer engagement data is important. Marketers should be looking at gathering detailed customer demographics.
Organizations need to apply their customer and product insights gained from reports and logs, to identify and further predict the most valuable ones.
