Increasing the Value of Your Best Customers
Before you can increase the value of your Best Customers you need to clearly identify them and understand their differences from other customers. M Squared Group has identified critical customer segments using techniques from basic cross-tabs to more sophisticated cluster analysis. The end goal is the same - identify customers who have behaved similarly in the past and are likely to do so in the future.
Once those customers are identified and grouped, analysis can be conducted that identifies repeat, cross-sell and up-sell opportunities. These opportunities are then consolidated into campaigns designed to motivate the right customers with the right products at the right time.
By identifying specific behaviors, customers can be identified who also exhibit similar behaviors to customers who have attritted in the past. Retention programs can then be targeted specifically to those customers, in order to "keep them in the family" and extend their customer value into the future.
As always, our recommendations result in the development of actionable marketing recommendations designed to change behavior in this critical customer segment.