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
Filed under CRM, Customer Profitability, Marketing
Tagged with 1:1 marketing, active customers, ad-hoc marketing, affinity marketing, attitudinal data, available customers, baby boomer buying power, best customers, brand affinity, brand affinity programs, brand image, brand perception, cable advertising, changes in spending habits, competitive analysis, Competitive Intelligence, competitor share of wallet, consumer buying power, consumer communication channels, consumer isolation, consumer politics, Consumer trends, content delivery optimization, content management best practices, content management programs, CRM, CRM Blog, current customer base, customer 1-to-1 strategies, customer age insights, customer analytics, customer attitudes, customer attitudinal shift, customer behavior, customer behavior patterns, customer behavior shift, customer behavior trends, customer brand identification, customer brand preferences, customer buying power, customer channel optimization, customer communication channels, customer data warehouse, Customer Deciles, customer demographics, customer disintermediation, customer goal setting, customer growth, customer information database, customer insights, customer insights driven decisions, customer longitudinal analysis, Customer Loyalty, customer loyalty programs, customer loyalty strategy, customer market potential, customer market sizing, customer market trends, customer needs, customer needs and preference cultivation, customer politics, customer pool, customer preference portal, customer preference settings, customer preference trends, customer preferences, customer preferred content, customer preferred marketing channels, customer priorities, Customer Profitability, customer profitability insights, Customer Relationship Management, customer revenue, customer revenue insights, customer segment growth, customer share of wallet, customer social media, customer spend segments, customer spending habit trends, customer spending habits, customer strategy, Customer Strategy Blog, customer strategy components, customer strategy development, Customer Trends, customers drive GDP, demographic group changes, demographic groups, developing customer loyalty, direct marketing, driving customer loyalty, Hispanic buying power, keeping up with the Joneses, lapsed customer analysis, local print, localized events marketing, loyalty credit card, loyalty program best practices, loyalty programs, loyalty strategy components, luxury brands, market goal setting, market insights, market priorities, market sizing, market spend insights, market trend insights, market trends, marketing reach, marketplace trends, micro marketing, minority spending, most profitable customers, new customer acquisition, newspaper inserts, number of US households, opt-in preferences, opt-in strategy, pay gap, personalized customer relationships, personalized marketing, politics and brand image, politics influence on spending, public relations, public relations best practices, purchasing decisions, revenue vs. profitability, rewarding customer behavior, satellite marketing, seniors, shifting demographics, shotgun marketing, spending habits, spending vs. GDP, strategic customer decisions, top brands, top customer brands, top customers, top loyalty programs, tween buying power, wealthy consumers, wealthy customers, women’s pay gap, word of mouth marketing
Turn Customer Insights & Complaints into Market Leadership, Dominance, Max Profitability
Research has shown that customers are willing to donate their time (approx. 5-10 hours per week) to become a company and brand partner to help your company grow and become more successful
Key Customer Questions to Grow Your Market Share, Profitability
If you don’t ask your customers for insights, they will share them with someone else in the form of negative feedback, complaining, etc. which will erode your perception in the marketplace
Golden Questions to Win New Customer, Expand Your Business with New Products & Services
Customers are your best source for insights to help grow and improve your business – if you don’t ask, then you are ignoring valuable feedback that your competitors potentially could exploit to your detriment
Customer Complaints Can Be Turned Into Gold with the Right Approach
Treat Customer Complaints not as annoyances but rather as gifts to the company and brand(s)
Transform Customer Complaints into Company Expansion Plans and Customers into Brand Advocates
A carefully constructed customer-partner system will simultaneously cultivate great customer business expansion ideas as well as customer advocates and partners (Research has shown that, by enabling customers to provide continuous feedback and insights, customer longer-term loyalty has correspondingly increased)
Filed under CRM, Customer Profitability, customer service
Tagged with brand perception, continuous customer improvement, continuous improvement, CRM Blog, Customer Advisory Groups, customer advocate, customer ambassador, customer analytics, customer approach, customer benchmarking, customer benefit, customer brainstorming, customer brand partner, customer brand partners, customer brand perception, customer commitment, Customer Complaints, customer continuous feedback, customer crowd sourcing, customer detriment, customer disdain, customer feedback, Customer focus groups, customer generated ideas, customer goals, customer golden insights, customer golden opportunities, customer golden questions, customer ideas, customer improvement opportunities, customer improvement programs, customer information, customer innovative, customer innovators, customer insights, customer insights sharing groups, customer loyalty groups, customer loyalty increase, customer market share, customer needs, customer negative feedback, customer partner program, customer partner system, customer partners, customer perception, customer pet peeves, customer pilots, customer point of view, customer points of light, customer preferences, customer product previews, Customer Profitability, customer questionnaire, customer remediation, customer service pilots, customer SLAs, Customer Strategy Blog, customer surveys, customer transformation, Customers first, frequent customers, ignoring customer feedback, ignoring customer trends, long-term loyalty, loyal customers, Market Dominance, market erosion, Market Leadership, market trends, Maximized Profitability, Most Valuable Customers, mystery shoppers, new customer products, new customer services, trend spotter, voice of customer
