What makes them good or bad?
What is their lifetime value to you?
These are questions even some of the biggest and best brands can’t always answer. But we could debate the belief “the customer is always right”, I assure you I can prove they are never created equal (no matter what they think).
And guess what? The customer that spends the most is not always your best client either. Usually people who buy across multiple categories are your best customers, and rarely do they top out at the max at each category.
Confused? Let me simplify.
If you are a bank, you would have customers who had checking, savings, mortgage loans and say CD’s with you. It might not be the person with the highest savings account who counts every nickel and saves every penny who makes the most money for your bank. And while a person who bounces 50 checks a month might not look idea, the bank probably makes a heck of a lot more on that person than the customer with a fat savings account.
All buyers should be placed in their respective quadrant of great, good, average, and bad customers. Stop spending money to make your bad clients better and start spending money on how to make a good customer great if you want to leverage your marketing dollars this year.
Customer segmentation for you brand can be very complicated, but this article from Branding Strategy Insider breaks it down into palatable chunks with case studies to highlight the benefits of segmentation.
At heart, segmentation is about identifying groups of people who respond differently to marketing so that your efforts can be focused on the most attractive prospects. Segmentation first became fashionable in the 70’s just as mass brands were beginning to give way to ‘niche’ markets and brand extensions. At the same time, media fragmentation and new media research techniques were providing more precise targeting options. The question became, ‘Why treat everyone the same?’ It wasn’t long before everyone was doing ‘segmentation research’.
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