At work we do not have much time to relax and this Spring Break won’t be an exception. So let’s get our sponges and brooms out of the closet because we will be doing some customers cleaning this week!
Boral Branders will share some aspects you should analyze when updating and categorizing your customers database and portfolio. We will try to make this process a little bit less frustrating and time consuming for you with useful information on this matter.
First of all, never forget that your success depends on your customer data. So this week make sure that your customer’s information such as address, e-mail, phone, and contact name are up to date. Also mark those clients who do not carry a postbox at their location as “email only”. That way you save money from those undelivered shipments.
Next, categorize your customers by establishing which of your customers are worth most of your attention. Some clients may require too much attention or might be high-cost maintenance. You need to analyze if those type of customers bring enough profit to your company. If not, maybe you should consider spending less of your resources and start focusing on those customers that actually do. At the end, you need to manage you customers differentially based on the profit potential. This does not mean you need to provide better incentives (volume discounts, promotions, etc.) to only more profitable customers because sometimes may be optimal to offer better incentives to less profitable customers to encourage them to become more profitable. You need to establish your strategies based on your customer’s lifetime value.
Once you have “spring cleaned” your customers’ list make sure you get in touch with those old -but still important- customers that you haven’t heard about in a while. Send them an email or give them a call just as a reminder that you are still available for business.
If you need to learn more on how to manage your customers portfolio, give us a call for a free consultation.
