Here's a checklist for evaluating and prioritizing relationship-driven clients. A smart rating law applies to every company database, revealing only the marketing campaigns that matter. It's tempting to jump to conclusions in building your Client Personality Profile. Keep in mind a few "myth busters" on Loyalty Marketing:
Your Best Clients ...
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Your best clients are not all the time your biggest spenders
Clients are most vital not because they are your cash cows (though a profitable side of beef is all the time nice) rather because they're with you for the long haul, they help you in tooling your best message, and most importantly, they help corral new company to growth profits.
Your best clients might never have purchased whatever from you.
That's right. Some of your biggest customer assets might just be prospects. Remember, the value of a client is calculated not only on the income they create, but also on revenues from referrals. It's an exponentially marvelous formula.
Your best clients don't like to be "sold to."
You never earn the "right to sell" to a customer. When they sense you're selling to them, they'll feel like a scheme or statistic (even the most loyal of them). If you want a loyal client, throw the customary sales tactics out the window and stay genuine.
Your best clients aren't all the time the first to answer to offers.
Don't tag your best customers based upon quickest response times. This approach is fundamentally flawed because it mocks the brain of a wholesome client who makes informed, methodical decisions. Consider yourself as a client-are you the quickest to make a decision or a purchase?
Your best clients aren't easy to find in your Web stats.
Test it yourself. Are your best customers showing up at the top of your Web stats? Is Web page "duration" an indicator of piqued interest? Or just as admittedly an indication of "being lost on the page" or "breaking to nuke a frosty burrito?" Stats have their place in any sound marketing campaign, but they're not the strongest indicator.
Your best clients aren't compelled by pricepoints.
This should come as a relief, since nobody wins at the commoditization game (somebody's all the time cheaper). In addition, bottomless pricepoints attract flighty commodity-driven customers. Value-driven customers are accustomed to paying what something is worth-your job is to show them the value of that something.
Your best clients can't be found in a predictible demographic.
This fact sometimes creates resistance, because "demographic profiling" is easy to measure. Keep it in the cards, but use it in a supporting role to much more potent "behavior profiling" strategies.
Your best clients differ from each other in their sales cycles.
It should come as no surprise that your customers (even your best customers) are all at a separate point in their buy decisions. Additionally, sales cycles differ greatly in length. All of this amounts to an rehearsal in "good listening." Don't pitch the "closer" to your elite list all at once, instead offer multiple offers for multiple points of engagement. To restate, "loyal customer" doesn't mean "please take my money."
Your best clients must feel like they're admittedly understood.
The value of a good client list boils down to the "truth" you can get from them in a mutual-respect environment. Associates are permanently adapting to changes, trends, supply, demand, economic factors, and more. As soon as you've lost a good client's respect, you've lost a reserved supply for roadmapping profitable campaigns.
Your best clients want shortcuts, not "logins."
If you're seeing for a customer who will "jump straight through hoops" then you'll likely be short-changed. In transfer for their loyal business, your best clients want no-strings-attached value in return. We're not talking about dumbing down customer privacy, rather avoiding the points of conflict that will frustrate your clients or make them feel monitored. Web cookies can be a great upsell/resell tool, but be sure they're functioning as they should.
Your best clients want benefits, not features.
Self-explanatory. Nobody wants features.
Your best clients will all the time champion good referral programs.
We often think that habitancy who like our products know intuitively how to point others straight through the right doors at the right time. Just as we train our sales staff on best elevator pitches, customers and prospects need similar tools. Make it easy for best clients to "sneeze" your products. Great yet, offer them a concrete incentive for doing so. Not even the best clients will do something for nothing. Give them something of value for being contagious.
Your best clients should help engineer your goods offerings.
If you're strategizing about your next best marketing campaign in staff meeting, you're going about it all wrong. The whole basis for refining your customer base is to glean a marvelous mouthpiece for your goods offering. If your best customers aren't sharing their ideas with you, maybe you haven't invited them to a staff meeting lately.
Your best clients are innately loyal, and are not "turned into" loyal.
I like to save the best for last. I've seen a lot of dollars in research, technology, and "marketing speak" revolve nearby the idea of "converting" customers into loyal customers. This mentality defeats the whole process of growing the right customer segment, and letting the rest drop off the radar. The danger with the "no client left behind" approach is there's no clear-cut process for filtering your database, since all would wear the same number of stars on their foreheads.
Every customer gets respected, but it's vital to focus on the right customers-your "evangelists." When you craft a message that speaks to your hand-picked crowd, that message will sift out your profitable clients from your loss leaders. Although I might concur that any person can come to be a "loyal customer" if you work hard sufficient on them, but Consider the costs: You'd be expending gigantic resources and neglecting the clients who need you most-whom You need most.
Just a note, American Express took this idea to the ultimate when they admittedly "paid" their riskier customer base to leave. How did that turn out? Google "AmEx pays customers to close accounts" to see some of the negative publicity.
Getting Started
To Great expound what can be done with most vital clients in your industry, I've located a self-running demo for promoting your high-value clients straight through the sales cycle:
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