In a recent conversation, a customer of mine was telling me about some bold moves she was considering in her business. “These moves would better serve my profitable customers,” she stated. “They would also give my staff the opportunity to give their full attention to my customers.”
“You know your customers,” I agreed. “You also know what you and your staff need to do to give them your best efforts.”
“Remember that conference I recently attended?” she asked.
“I do. How did that go?” I wondered.
“We had one session where we shared what we were doing that was working well,” she responded. “When I told them about the changes I had already made in my business, they were shocked. None of them could believe that those changes wouldn’t hurt my bottom line. When I told them that since making the changes I have consistently had double-digit increases in sales and a stronger bottom line, they didn‘t know what to say.”
“I’m not surprised,” I offered. “Most businesspeople have not identified their target market. They take the customers who come in the door and don’t seek out the profitable ones. They haven’t pinpointed their profitable customers, either. They’ve never created a marketing plan and, thus, do not use their marketing efforts to cultivate more business with customers who will bring them profitable revenue.”
“That certainly was true with them,” she said.
We operate our businesses in such a dynamic environment today that if you are conducting your business as you always have done without stopping to take a look at what’s happening with your profitable customers, your business is likely headed for trouble. To find out how your business fares, answer these questions:
Who are your profitable customers?
What percentage of your customers are profitable?
What do your profitable customers want?
What can you do to transact more business with them?
Today knowing and catering to your profitable customers makes the difference in a business’s profit. If you are not tailoring your business activity to your profitable customers, your business will lose profit. Your being out of touch with your profitable customers will negatively affect your revenue and may be the demise of your enterprise.
It’s not business as usual, anymore.
This week's marketing trivia challenge is Who are your profitable customers? E-mail me your answer.
“You know your customers,” I agreed. “You also know what you and your staff need to do to give them your best efforts.”
“Remember that conference I recently attended?” she asked.
“I do. How did that go?” I wondered.
“We had one session where we shared what we were doing that was working well,” she responded. “When I told them about the changes I had already made in my business, they were shocked. None of them could believe that those changes wouldn’t hurt my bottom line. When I told them that since making the changes I have consistently had double-digit increases in sales and a stronger bottom line, they didn‘t know what to say.”
“I’m not surprised,” I offered. “Most businesspeople have not identified their target market. They take the customers who come in the door and don’t seek out the profitable ones. They haven’t pinpointed their profitable customers, either. They’ve never created a marketing plan and, thus, do not use their marketing efforts to cultivate more business with customers who will bring them profitable revenue.”
“That certainly was true with them,” she said.
We operate our businesses in such a dynamic environment today that if you are conducting your business as you always have done without stopping to take a look at what’s happening with your profitable customers, your business is likely headed for trouble. To find out how your business fares, answer these questions:
Who are your profitable customers?
What percentage of your customers are profitable?
What do your profitable customers want?
What can you do to transact more business with them?
Today knowing and catering to your profitable customers makes the difference in a business’s profit. If you are not tailoring your business activity to your profitable customers, your business will lose profit. Your being out of touch with your profitable customers will negatively affect your revenue and may be the demise of your enterprise.
It’s not business as usual, anymore.
This week's marketing trivia challenge is Who are your profitable customers? E-mail me your answer.
No comments:
Post a Comment