Game Changing Approaches To Target Your REAL High Value Customers

Lauren Cooper (EMBA) Strategic Consultant

You’ve already got your high value customer list, but when is the last time you revised this list in respect to changes in customer buying behaviour, your market, your products and innovation?

Battleships is a game of customer segments (ships).  Each ship was a different size which could be set horizontally or vertically on the board.  As the player, you would have to guess where the target was and start homing in on that target when you got your first hit.  You’d often have a lot of misses before your get a hit.

As an organisation, are you missing some key valuable target?  Are you experience marketing waste?

Customer needs change, competitor offers change, and your products/services grow – Are you still serving the right customer? Are there other high value customers that you haven’t spotted before?

Organisations don’t operate in a vacuum. ‘Actors and forces’ influence the relationships between your organisation and your customers/stakeholders.  You can define and identify your true high value customers and market environment through research and analysis.

The navy uses satellites and other guiding information to identify their targets. Similarly, marketing research creates insight and knowledge that reduces your risk in the decision-making process. 

Additionally, Intelligence data gathers information about your marketing environment (e.g., competitors and ecosystems), combines this data, analyses data and translates it into reports that also help you with decision-making.

Now why should you invest in research and analysis?

• Are you stuck in a rut?  – Identify new market opportunities and/or problems
• Are your products and pricing relevant? -Generate, refine and evaluate potential marketing actions
• Have you experienced churn or reduced spend in your current clients? – Analyse your data to Identify untapped customer value
• Has NPS or brand value dropped? – Monitor marketing performance
• Is your marketing mix balanced and does it support your customer lifetime value? – Improve marketing as a process

All of these points seek to generate revenue for your company, so the research and analysis has long term ROI.

To target your high value customers, there are many indicators that could reflect high value …beyond the obvious revenue spend.  This opens up new hunting potential for your sales and client services teams to mine your current accounts that have untapped potential.

• Who are the significant customer segments?
• What is their level of demand and how is this likely to change?
• What are the needs and wants of each customer segment?
• What are the motivations for making a purchase?
• How loyal are they?
• What are their levels of awareness and their perceptions of each industry player?

Here’s the thing …

To succeed in the long term, your organisation needs to understand and respond to changes in your market environment. Proactively gathering and analysing puts you in the driver’s seat to take control of your long-term goals.

Let’s chat

If you’d like to discuss some ideas on intelligence data and high value customers, drop me a message or book a complimentary no-obligation meeting and find out how I can help your business.

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Lauren Cooper (EMBA) Strategic Consultant