Are You Plugged Into Your Customers’ World in this Connection Economy Era?

In this age of Connection Economy, can you identify…

• WHO your high value customers are?
• WHAT their preferences and characteristics are?
• WHEN the right time is to connect with customers?
• WHERE to find them?
• WHY you need to connect with them strategically?
• HOW do you communicate with this customer group?

Answering these questions is the best way to identify your high value customer group. The returns you aim to get from customers should not be limited to only today, but throughout your customer’s lifetime.

Marketers are very well aware that customer acquisition is a far more expensive affair than retention. In order to retain high value customers, there should be constant reinvention, refinement and evolution in customer service and the experience it creates.

Knowing your customer lifetime value helps in:

• Understanding what your customers want
• Identifying which customer segments to invest in further
• Determining which product and services need to be offered and promoted to specific segments
• Finding new markets and customers to target
• Adjusting pricing strategies to gain maximum value
• Identifying dormant or ‘unprofitable’ customers that you should focus less on
• Establishing investment areas which are not generating growth

Your most valuable customer need not be the one who pays you the most. They are those customers who are loyal and satisfied, who believe in your brand and become brand ambassadors.  Customer loyalty is one the primary ways of increasing value and segmentation is the way you can identify those high value prospects and customers. 

Let’s create value that will last a lifetime

Let’s build a generation of priceless customers!

Increase Revenues by 781% and Conversion Rates by 355%

According to Jupiter Research, companies that use segmented lists can improve conversion rates by 355% and revenues by 781%!

And to think of it, only 11% of marketers segment their lists!

What usually happens is that, databases make you “rich in data and poor in information”.  

The objective of obtaining and utilizing a database should go beyond direct marketing; it also ought to focus on building personalized relationships with customers, in order to develop products and services customized to the market.

With segmentation, you get to know who your customers are, what they prefer, what they want and how you can meet their expectations.

The interesting analogy as stated by Mark McGuiness emphasizes on recognizing those group of customers who not only need your product or service, but also those who want them.

Getting ROI on B2B data begins with obtaining a segmented database.  With access to targeted databases, get to know how Info CheckPoint can help boost your ROMI? Check out this video!

Stop Guessing! Identify Your High Value Customers

Tried and tired of customer segmentation?

Try reverse segmentation!

Marketers find it difficult to find a common ground in customer segmentation. They either have cool sounding segments based attitudinal and behavioral characteristics or demographic based segments that do have distinct attitude or behavior. Targeted messaging to both of these segments individually is not easy. This is where Reverse Segmentation pitches in.

In the Reverse Segmentation approach, you need to:

• First identify market segments based on behavior and attitudes.

• And then find ways to target them through demographic, firmographic, media or channel usage information.

By combining psychographics and buyer-graphics, you can combine basic customer data or facts with new research on customer characteristics, therefore producing valuable information that could be used in better messaging and segmentation. 

What you gain out of reverse segmentation is a deeper understanding of customer segments (segment loyalty and profitability) and a better understanding of how you can relate and communicate with them.

Segmentation, whether reversed or not, invariably works when key stakeholders are involved, objectives are clearly stated, variables are measurable and segments are identifiable, relevant, sizeable, stable and reachable. How you segment will determine how you connect with customers.

A biggest example of a brand with a niche target market is Apple. Steve Jobs beautifully stated, “it’s not the consumers’ job to know what they want.” Businesses have to provide customers with more than what they need or expect. So do you have a product or service that is comparable to the new iPhone 5?

You need to stop guessing and know the ‘who, what, where, when, why and how’ of your high value customers!