Building a customer strategy based on value

This solution is a great fit for a business’s based upon an ongoing customer relationship with ongoing sales. The solution provides a customer portal that drives engagement and supports a custom experience for each customer.    The benefits are this strategy are:

1. Improved client engagement and retention.
2. Sales opportunities targeted to specific needs.

There are many elements of a customer strategy. This article is focused on the following elements that best pertain to CRM systems:

• Customer personas and acquisition – chasing the right target
• Customer success
• Customer experience and differentiation
• Value creation for both the firm and the customer perspective.

Client personas and acquisition

A persona is the profile of your target client and is a great place to start.  You can create more than one persona and the definition will change over time. Having a clear starting point is important.  The following are a few elements to consider:

• The customers problem and its components that you are solving.
• The pain points caused by that problem.
• Demographics: age, gender, location…
• Psycho-graphics: personality, emotions, lifestyle, opinions…
• Customer goals and expected outcomes regarding your solution.

A customer strategy must create value for both parties

value in the eyes of the customer

Customers are interested in products and services that solve a problem or pain point.  Both the fit with a “pain point” and the ability of your product to fit this need are critical.  Value is also seen by the ease of working with both your product and your company.  When was the last time you felt delight in buying a product? Did you feel that their service was designed with you in mind?

value in the eyes of the company

Company objectives are to find customers that provide long term value creation for their firm.  By adopting value as our goal, we are forced to consider strategies that are longer in term and focused on ongoing profitable sales.  The higher a firm’s client acquisition costs, the more critical maintaining a focus ongoing products sales and customer lifetime value strategies becomes.

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To read the full article, please click the following link:

Building a customer strategy

Or check out the following video walks you through the process: