One of the quickest ways to improve profitability is to identify both your most and least profitable customer segments:
• Build loyalty and satisfaction programs for your most profitable customers.
• Reduce cost or raise revenues for the least profitable.
The Challenge
- Unable to distinguish profitable customers from unprofitable customers.
- Not sure how customers use our services and distribution channels.
- Not sure what characteristics typify target customer groups.
- Previous customer segmentation efforts have not had significant bottom-line results.
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PNT's Solution
- Use purchase/revenue and customer transaction data to develop true profitability picture.
- Capture all customer transactional behavior in all channels.
- Perform cluster analysis on key customer behaviors and correlate to target characteristics.
- Make sure future customer segmentation efforts result in organizational changes to align customer needs with organizational focus and responsibility.
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