Do You Know Your High Value Customers?
Who are your high value customers? How do you define high value? What is in it for your organization and what should be in it for the customer?
Frequent Buyer
The staff at your favorite restaurant may know the high value customer. It is the person, couple, or family that comes in often, doesn’t push a lot of buttons or make much noise, and they leave great tips. It doesn’t take a spreadsheet, Salesforce CRM, or your frugal mother-in-law to figure it out.
If a simple mom and pop roadside diner can do it, why can’t big business?
Measuring Length
We find it often. It is the take a number in the deli line, it is being the twelfth caller in the queue, or it may happen after checking in at your local retail cellular telephone store. It is the FIFO (first in, first out) system at its best.
There is little regard for length of time you’ve been a customer, how much you spend, or how much profit you are providing back to the organization. If they don’t have this figured out they certainly don’t know anything about your digital footprint, your spending potential, or who your friends are.
Artificial Intelligence or AI, is going to rapidly evolve and change the face of all of this. You need to start thinking about AI and acting on it now. As this starts to unfold you might start thinking about how you can know more about your customer.
What key performance indicators (KPI) will you track and monitor? What metrics and measurements will you use?
High Value Customers
One thing is certain. When I go to a restaurant that I visit frequently, spend a lot of money, and tip very well, I expect a booth, not a table. I expect the staff to know my favorite drink (N.A. Iced Tea) and I expect my food order to get prepared timely and with the greatest care.
These are my expectations. Not because I am pushy, full of myself, or because I’m trying to impress a friend. It is because I believe I should be treated differently based on my commitment to their business.
Your customers probably expect the same thing. They dream of airlines that really work, they dream of appointments that are running on schedule, and they want their shopper’s club card to actually provide some real value.
All of this or none of this matters if you don’t know your high value customers.
It may be time to start figuring it out, and while you are at it, make some changes that applaud them more.
– DEG
Dennis E. Gilbert is a business consultant, speaker (CSPTM), and corporate trainer that specializes in helping businesses and individuals accelerate their leadership, their team, and their success. He is a five-time author and some of his work includes, #CustServ The Customer Service Culture, and Forgotten Respect, Navigating A Multigenerational Workforce. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.
Originally published on March 28, 2018, last updated on April 7, 2018
