Posts Tagged ‘principle’
Offering the Best to Your Best Customers
Understanding the consumer is more important now than ever. So why not focus on our most profitable patrons?
The classic 80/20 principle claims 20 percent of all customers generate 80 percent of the demand. For example, heavy users make more than 60 percent of fast-food visits, but they only account for one of five fast-food patrons. If we can understand what these super-consumers want and then offer it to them, it will be mutually beneficial.
Tap into Your Super-Consumers reinforces this philosophy. Some of the examples provided by author Eddie Yoon boast a 20% increase in sales and a migration to the top spot within the respective industry. If companies keep brand-loyal customers happy, they will continue to come back for more.
Research can help us make informed decisions. Interviews, focus groups, surveys, questionnaires, and observation can all be useful tools. However, knowing the right questions to ask is equally important. It’s important to ask your best customers what matters most to them.
Are your star patrons looking for additional features, distinctiveness, better quality, improved service? Most consumers will pay a premium for their ideal product. It’s up to us to give them what they want.
