Focus efforts and promotions on store’s highest-value prospects and customers
The Challenge :
7-Eleven located in Rockdale NSW wants to focus its efforts and promotions on its highest-value prospects and customers but struggled to identify who those customers were with the data available to them.
The Solution :
Learn more about your high-value customers so you can keep them, increase their lifetime value by selling them more services, and look for similar prospects to buy.
Brands Visited -: 7-Eleven
Period -: Most visited within last 3 months More than 3 times
Location -: 293 West Botany Street (Cnr Bestic Street) Rockdale NSW 2216
What is a High-value customer?
Every customer matters when you’re running a business. The new customers who recently made a purchase, the devoted customers who have supported your company for years, and even the fair-weather customers who occasionally push the boundaries of your customer service team. Someone whose business will have a big effect on your bottom line is a high-value customer. They use your product or service more than other customers and/or bring you more business in the long run.
Why is it important to find customers who are worth a lot?
The obvious answer is that they make your company more money. If the numbers above aren’t enough to convince you that you should go after high-value customers, you should also think about the following:
- Find the small fraction of buyers contributing an outsize amount of revenue.
Ex: Most business get 80% of profit from their 20% of HVC customers.
- Identify patterns of churn rates and pinpoint the situation the customer value declines.
Ex: Customers more likely to change the product usage and choose another product
- When you know who your most important customers are, you can plan ahead and make better decisions about projects to come.
- To make more money, you can upsell, cross-sell, and customize your goods and services.
- You can get the most out of them and build relationships that last longer.
- Using lookalike audiences, you can focus your marketing and customer acquisition on customers who are like the ones you already have.
- By making these customers happy, you can create a positive feedback loop in which they bring you more business.
AFFIXCON has developed proven techniques to retrieve results on the above-mentioned audience insight identification concepts. We are looking forward to collaborating with you as channel partners to share our techniques with the community. Are you interested in learning more about how we can more efficiently identify your client’s audience insights?