Segment your customers to boost profits

Generally speaking, businesses are able to meet the needs of their customers. In other words, customers are broadly happy. Ironically, it appears that companies achieve this without really understanding their customers' needs This suggests a general understanding of the needs of the market place, but a relative failure to understand the varying needs of individual customers.

However, when we research the companies that we have assessed that achieved our three star award, we find that, not only do they tend to segment their customers, but they also provide differentiated service propositions by segment.

Therefore, if companies were able to segment their customers in an effective way, they would develop an enhanced understanding at segment level which we believe would then allow them to understand the needs of customers in those segments better, provide appropriate service backup and, in that way, they will open up more profitable opportunities.

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