Look at your customer segments, can you see the value?
Look at your customer segments, can you see the value?
Where is the growth? Who are the top spenders? How do you classify them?
How do you get them to spend more?
This is what customer value segmentation is all about, and the value you get from it.
What is Customer Value Segmentation?
Most sales and customer management people intuitively know who their ‘best’ customers are – but sometimes these aren’t the most ‘valuable’. Trading and buying patterns can change quickly as well, so a more analytical approach is required to understand and track customer value across the whole base – not just the ‘key’ accounts but also the ‘rising stars’ and ‘at risk’ clients.
Customer Value Segmentation constantly evaluates each client/account and places them into practical segments that you can treat accordingly. Who should you give VIP treatment to? How often should they be contacted, and by whom? Who should be invited over for a private tour? Who should be introduced designers/engineers to engage in co-creation or joint product development? Who can we make feel special with some form of recognition? Who needs intensive care to recover the relationship? Who just needs leaving alone?
Your customer data is where you hold the answers to these and other questions – and ultimately the success of your company. But it is surprising how many companies are not using the data to their advantage in this way.
Why you should get into practice of segmenting your customers
Extracting the data in the right way, revealing who your top customer value segments are is where the money is. Knowing how segments are tailored to individual companies. Treating them with care and attention, showing them the value that they get out of the transaction, which in turn gives you more value in every transaction they make with you. And if you increased that rate? Well, herein lies the treasure.
Over the next few weeks we will unravel different aspects of customer value segmentation and how it will benefit your company.
Knowing your segments is healthy business practice – just like a Tangerine reveals it’s juiciest segments when unpeeled.
Learn more about Tangerine – Customer Value Segmenter
