In his most recent thought leadership article for Business Journals, Jason Kulpa, CEO of Underground Elephant, uncovers three effective strategies to identify your best customers and keep them happy.
Do you know who your most profitable customers are? Odds are they’re your low-profile customers. Great customers often fly under the radar because they quietly make big purchases and drive a substantial portion of your profits.
They aren’t the ones making demands or complaining. They may not even be your most frequent buyers. In fact, frequent customers often cost businesses money because they require discounts or other incentives to buy.
Your most profitable customers will invest in your offerings regardless of incentives. And while they may not buy in bulk or place an order every month, you can depend on them to buy just about everything you have to offer.
Instead of pulling your hair out trying to win over your problem customers, start catering to your most profitable customers — your healthiest partnerships — and work on finding more like them.
Focusing on a segment of delighted customers is becoming an increasingly popular business model. Happy customers are loyal and easy to work with, which boosts your bottom line.
Just look at what Amazon, Apple and Salesforce have achieved by following this approach.
Using outside-in innovation, these companies have seen their share prices skyrocket. At the same time, notoriously ambivalent companies like Walmart and General Electric have found it difficult just to maintain their share prices.