Marketing Strategy from the Masters (Collection)

14. Micro Perspective: Focus on High-Value Customers

The heart of micro research is analysis of your existing customer base. Learning more about your current customers is a critically important step in your growth plan. The outcome of the next exercise has eight benefits:

• Segment customers based upon revenue and profit.

• Segment customers by characteristics to improve target market criteria.

• Create a profile of your best customers to use this to target new customers.

• Create different levels of service for different customer segments.

• Align everyone, especially those in sales, marketing, and customer service, on the definition and criteria of different customer segments.

• Reduce customer defection.

• Create strategies to build customer ...