Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing. It’s Recon Thursday and today we are going to discuss the importance of understanding your customer mix.
Businesses often don’t have a good understanding of their customer mix. They may know who their customers are, but may not know which customers are generating the greatest sales or the most profits, which customers are the easiest to approach or the customers that cost more than it should to bring in as new business. This knowledge is foundational to identifying the easiest path to growth through customers.
Now let’s take a look at those factors. The best way to dive into the subject is for me to share data from my consulting practice, The Idea Group. We have three different types of customers; businesses, municipalities and non-profit organizations. I know the mix between them and, over the 10 year history of my consulting business, the specific businesses, non-profits and municipalities I have been working with.
This information has enabled me to establish the lead time to develop new clients in each of the customer categories, evaluate the cost / benefit associated with each type of client, time required to service each type of customer as well as the fees generated from various types of engagements. Given that knowledge of the customer mix, I am continuously developing new strategies to bring in a specific type of client.
Are you doing the same for your business? Once you understand you customer mix you will be able to develop new strategies, marketing plans and sales tactics to bring on the types of customers you want. As you move forward, continue to monitor the customer mix to ensure you are always on top of your planning.
That concludes Recon Thursday. Be sure to stop by tomorrow for Digital Friday. To discuss an online or face-to-face service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or firstname.lastname@example.org. I’m Jim Glover, That Branding Guy, for Once a Day Marketing and we’ll see you next time.