Identifying top customer performers is an essential ability for businesses looking to spend their time and marketing budgets cost-efficiently.
Denver, Colorado (PRWEB) July 28, 2014
Customer Communications Group, (CCG) the full-service loyalty and marketing agency, has published “Have You Scored Your Customers Today?” a free white paper that shows marketers how to develop and benefit from a strategic customer value scoring system.
“Identifying top customer performers is an essential ability for businesses looking to spend their time and marketing budgets cost-efficiently,” said Sandra Gudat, president & CEO of Customer Communications Group. “It is not uncommon for the top 20 percent of a retailer’s customers to account for 67 percent of their sales. In this white paper, we share our experience and successful techniques so that financial service and retail marketers can valuate the overall importance of customers to guide their customer relationships investment.”
Key points include:
1. Laying the groundwork:
- Establish a time period for tracking purchases.
- Assign points based on transactional details.
- Develop a weighting scheme.
2. A Detailed Example
- Provides an exact snapshot of a customer’s overall value represented as a Customer
- Repeating the process for all customers to allow ranking from the highest to the lowest scores.
3. Spotting the Trends
- Tracking the customer performance score of two hypothetical customers over the most
recent 10 weeks.
- Comparing them to determine performance, then with respect to the average customer performance score for all customers.
4. Questions & Answers
- Score customers only on the basis of recency and total spend?
- Other factors to consider?
- Determining what factors fit
- Gain consensus within an organization when deciding what data attributes to include in the scoring algorithm
“Six out of every 10 companies treat their best customers differently from their regular customers, for good reason,” continued Gudat. “From designing messages to modify future customer behavior to tracking customer progress along a value continuum, all businesses can follow these best practices to make smart ROI decisions based on their customers’ performance.”
Find out how to score customers by their value to your business, read CCG’s “Have You Scored Your Customers Today? at http://www.customer.com/resource-center/white-papers/.
Customer Communications Group (CCG) is a full-service customer relationship marketing (CRM) agency that helps Fortune 2000 retailers and financial institutions improve their bottom lines by improving their customer relationships, loyalty and retention. Founded in 1977, CCG is a pioneer in the field of relationship marketing, offering expertise in strategic consulting, data-driven customer research, custom content, design and multi-media solutions ranging from print production to e-newsletters, social media and website development. http://www.customer.com