5 Top Tips for identifying your best customers

Identifying your best customers is crucial for any business looking to increase revenue and maximise profits. In today’s competitive marketplace, it’s important to focus on cultivating relationships with the people who are most likely to spend more and generate the greatest return on investment. In his book, “Buying Customers,” founder of ActionCOACH Brad Sugars provides a wealth of insights into this subject…

• Look for customers who are profitable
  This means focusing on those who not only make frequent purchases, but also generate high revenue and a positive return on investment. To do this, businesses can analyse their sales data to determine which customers are spending the most money, and then compare this to the costs associated with serving them. This will give you a clear picture of who generating the greatest return on investment, and who ones is draining your resources.

• Focus on customers who are loyal
  Loyal customers are those who keep coming back to your business time and time again, and who are likely to recommend your products or services to others. To determine who is loyal, you can look at metrics such as repeat purchase rates and customer lifetime value. You can also survey them to get their feedback on your products or services, and to understand why they continue to do business with you.
• Identify customers who are easy to serve
  Customers who are easy to serve are those who are straightforward to work with, who understand your products and services, and who don’t require a lot of time and resources to serve. To determine who is easy to serve, you can look at metrics such as customer satisfaction scores, response times, and the number of support tickets. You can also ask your customer service team for feedback on who is easiest to work with, and why.

• Look for customers who have the potential to grow
  These are customers who have the potential to increase their spending over time, and who are likely to generate more revenue for your business in the future. To determine who has the potential to grow, you can look at factors such as the size of their business, their industry, and their level of engagement with your products or services. You can also use predictive analytics to identify who are most likely to increase their spending in the future.
• Focus on customers who are a good fit for your business
  These are customers who align with your values and mission, who are a good match for your products or services, and who are likely to become loyal customers over time. To determine who is a good fit for your business, you can look at factors such as their behaviour patterns, their values and beliefs, and the type of products or services they are interested in. You can also use customer segmentation to group customers based on common characteristics, and then focus on those segments that are a good fit for your business.

Who is ActionCOACH’s Business Coach Mark Dilks?

Mark Dilks is an accomplished business leader, experienced coach, mentor and business builder. He supports business owners, executives and teams across Milton Keynes, Bedford, Northampton, Luton & Dunstable in all aspects of building profitable high growth businesses; from start-up phase all the way through to maturity and divestment. No matter what challenges you are facing, Mark will invariably have encountered a similar situation previously and will be able to support you to quickly and efficiently overcome your business hurdles by sharing examples of how other business have solved similar problems that you are experiencing. He is motivated, driven, tenacious and is able to get the very best out of all the resources available to his clients and to ensure that the maximum results possible are achieved.