Post-recession Customer Management
It’s been an “interesting” two or three years – remembering that curse of “may you live in interesting times”. As we emerge slowly and haltingly from the recession, with the threat of “two steps forwards, one step back”, we need to see what has changed in our markets, and what hasn’t.
To help you do this, we’ve devised some short check lists of questions for checking out how things are going between you and your customers. Of course, you need to adjust it to allow for the kind of product or service you market, and the channels you use. We hope you find it helpful.
- Who are (now) my “best” customers? Has their profile changed? Where are they?
- Have they changed in respect of how they like their loyalty to be recognised?
- If some customers have bought from a different course or channel, what did they buy and where did they get it from? In particular, did they get it “off the web”?
- If customers can or need to borrow to buy, how has their financing behaviour changed, and for which products?
- Which of my existing customers am I ‘expecting’ to rebuy in the next year, and do I need to change my offer to them?
- If my product has an after-market of any kind (additional products, consumables, service), how has customer behaviour changed? Are consumers deferring service or buying cheaper consumables?
- Who are (now) my “best” prospects? Has their profile changed? Where are they?
- Have they changed in terms of their responsiveness to acquisition propositions?
- Which of my competitors have been the winners and losers in this market, for which products? Where did I come in the race?
- What’s my net customer attrition? Have customers stopped buying in my category, deferred purchases, downsized, switched to another brand, or bought second hand?
- If they’re buying nothing or much less in my category, is it because they have reduced income or profits or even gone out of business?
- Of the customers I have lost, how do I identify the priority ones to win back and how do I go about doing it?
Sales & Marketing:
- Is my approach to market analysis and segmentation still valid? Do I need a new segmentation model?
- How does all the above affect my customer engagement and marketing planning?
- How can I get an appropriate, empathetic and relevant message to each segment of customers and prospects?
- How does all of the above affect my market modelling, sales forecasting and order scheduling?
If you want to talk to us about any of these questions please contact Peter Lavers
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