Naturally, customer relationship management increasingly plays a vital role in amassing profits.
To increase your profit margins with CRM, consider leveraging the principles of behavioral segmentation. Behavioral segmentation can increase loyalty by segmenting your marketplace audience.
How? If you segment your audience, it provides a personalized experience.
Therefore, you attract more loyal customers because it harnesses the 80/20 rule of “territory management.”
If you think about your top 10 customers, do you know who they are? Do you know from where they come? Are you up-to-date on their purchases – what they buy and when they do?
Naturally, you’ll identify the characteristics that groups of your customers share.
Some examples:
- The customers might be in the same locale.
- They might buy from you in the same time frames.
- They might show certain characteristics such as when they buy from you, their levels of loyalty or their purchase preferences.
This means you’ll understand their demographic, geographic and psychographic characteristics.
“How you gather, manage and use information will determine whether you win or lose.”
-Bill Gates
So, your top 10 customers can help you extrapolate or deduce your entire customer base.
This, by grouping your customer base into segments in order to better understanding your data to enhance your communications, loyalty and sales.
What does behavioral segmentation look like? It’s explained by this Salesforce graphic further explains it:
From the Coach’s Corner, here are more tips on e-commerce and marketing:
8 Tips to Make Your Social Media Boost Your E-commerce — Are you just starting out using social media? Well, if used well, social media is an excellent tool to accomplish two goals – connecting with your existing customers and attracting fans for new business.
Checklist: 14 strategies to rock on Google — Periodic changes in Google’s search criteria and algorithms have indeed hurt many Web sites. But it’s possible to bullet-proof your site’s prominence on Google by taking 14 precautions, which is worth your time and energy.
Checklist: Black Friday, Cyber Monday Sales Success — In order to celebrate your Cyber sales, you must first create a happy buying environment. That means reviewing your store and Web site to attract prospects and to create happy customers. If you’ve prepared your merchandise and cleaned your store, you’re half done in creating happy customers.
How Small Businesses Can Capitalize on Cyber Strategies for Profit — Yes, it’s become important for small businesses to capitalize on cyber strategies for profit. Small and even regional retailers should be cognizant of three realities.
5 Tips to Rock with Your E-commerce ‘About Us Page’ — Your “About Us” page plays a crucial role in whether people will buy from you. It’s always an emotional decision. Here’s how to capitalize on it.
“How you gather, manage and use information will determine whether you win or lose.”
-Bill Gates
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