Do you know who your best customers are?

Know Your Customer1

Does the 80/20 rule apply to your business? Who are the 20% that generate 80% of your sales or margin? Marketers and business-owners need to know who their best customers are; their defining characteristics; and how to find prospects that fit the profile of a high-profit customer.

However, that's only one piece of the pie. What will it take to generate incremental sales from lower profit or less frequent customers? What value propositions will they respond to? Are they giving someone else, a competitor perhaps, a greater share of their wallet? These are critical questions that must be answered before you can expect to increase market share.

Segmenting your market and profiling these key customer groups on their buying habits, unmet needs, brand preferences, media usage and attitudes toward your product or service are the first steps toward a customer-focused approach to the market. It also represents a step toward marketing efficiency by allowing you to target limited marketing resources to those most likely to adopt your product and develop a profitable relationship with you.

Anova Market Research can help you gain a clear picture of your customer base. Starting with this as a benchmark you can develop programs that resonate with the market and are designed to move the needle.

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About the Author

Greg TimpanySince 1988 Greg has delved into the world of marketing, analytics and strategy. His expertise bridges the space between the structured world of IT and the creative, customer-centric needs of marketing. His thought leadership is sought out by executives in B2B, B2C and the public sector. Currently he directs the research efforts for Cary, NC based Global Knowledge. In addition he is a contributing author to the Cvent Survey blog; an instructor for Meredith College and Research Rockstar. As an entrepreneur he is co-founder of Anova Market Research. Past engagements have included working with The Los Angeles Times, Guitar Center and Wilkin Guge Marketing. He can be followed at: www.anovamarketresearch.com and http://survey.cvent.com/View all posts by Greg Timpany →