Aligning Market Insights & Trends to Customer Strategies & Priorities
Does Your Company Ever Grapple with how to answer the Following Questions related to the market you operate in and your customers?:
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What is the size of the potential pool of new customers and which are the best customers to acquire?
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Which customers are your most profitable and how do you get other customers to grow and become part of your top ( and most profitable) customer segment group?
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What is your current customer share of wallet (SOW) as compared to your competitors and what does driving small incremental increases in your customer SOW do to your overall revenue?
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What are the shifting attitudinal and behavior patterns of your customer market and how do you develop a strategy that ‘gets in front of’ these trends?
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What are the shifting customer demographics of your marketplace as well as the underlying shift in spending habits
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What are the changes in customer preferred marketing channels as well as trends that might impact customer loyalty strategy
Market Insights and Trends Drive Customer Strategy, Programs
The above charts illustrate why it is critically important to have clear and accurate insights into your new customer market potential/pool as well as the current customer base and their share of wallet.
The chart above (left side) details the trends for new customers by segment as compared to current customers.
The chart above (right side) illustrates which customers drive the current percentage of revenue in order to understand how customer priorities and strategy should be defined.
Critical Insights: Top Customer, Top Profitable Customers and Customer Share of Wallet vs. Competitors
Market Spend Insights Can Be Transformational in term of goal setting
The above graphic illustrates how share of wallet changes drive bottom line revenue as well as converting customers into more loyal top customers.
Customer Attitudinal Trends Insights Are Critical to Customer Strategy
Understanding your market & customer behavior insights is crucial to your company’s survival
The above graphic demonstrates a deep understanding in the shifting attitudinal and behavior patterns of the customer market
Customer Market Buying Power Insights are Crucial For Developing a Coherent Customer Strategy
The above chart illustrates a company capability to understand shifting demographics as well as the underlining shift in spending habits per demographic group
Understanding Key Customer Behavior & Preferences is a Customer Strategy Imperrative
The above chart illustrates a company capability to understand the changes in marketing channels as well as trends that might impact customer loyalty strategy
Customer Strategy: An Alignment of All Customer & Market Insights to Maximize Market Dominance & Profitability
Once Customer and Market Insights are fully embraced, an Effective Customer Strategy can be developed that includes optimizing market channel selection, as well as contact and loyalty strategy program components
Blog Summary: In order to achieve the above insights, your company must develop and deploy the following strategic capabilities and delivery programs:
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Market sizing & trend insights
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Customer revenue and profitability insights analysis
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Customer share of wallet and competitor spend insights delivery capability
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Market trend & consumer attitudinal and behavior change longitudinal analysis
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360° customer needs and preference cultivation that enables a personalized customer experience strategy and delivery (i.e. preference portal customer selection of preferred channels, content types, offer types, frequency of content delivery by content type.)
Below is a list of companies where I have helped develop these programs and are considered world-class in these practices:
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Johnson & Johnson
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Capital One
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Amazon
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American Express
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Kelloggs
Related
Filed under CRM, Customer Profitability, Marketing
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About StevenJeffes
About Steve Jeffes:
Steven Jeffes is a thought leader in developing world-class marketing, digital marketing, e-commerce, corporate innovation, CRM, social media, loyalty, customer loyalty/retention and customer service excellence programs.
The recipient of many awards (http://www.stevenjeffes.com/stevenjeffes_awards.html), Steve is expert marketing strategy design & optimization: design, development and launch of world-class and best practice marketing and social media programs; change management organizational design and process excellence in marketing, sales, customer service, engineering, product management; and development of successful sales and sales management programs for Fortune 100 companies and government entities. He holds dual B.B.A. degrees in Computer Science and Finance from Temple University and a Master’s in Organizational Design and Excellence from the University of Pennsylvania/Wharton.
Steve can be e-mailed at stevenjeffes@gmail.com or contacted via phone at 518-339-5857.
