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Who are your best customers?

Next, you can determine who your best customers are. “Best customers” are typically defined as the most profitable customers or the ones that spend the most money with your organization. To obtain the most accurate picture of customer lifetime value, we rely on recency, frequency and monetary value (RFM) analysis.

How do you differentiate customers?

10 ways to differentiate your customer service

  1. Hire right.
  2. Recognise the serious side to fun.
  3. Warm up your customers.
  4. Let your customers see you.
  5. Create a solutions team – not a complaints team.
  6. Rendezvous with your customers when it suits them.
  7. Extend your coverage.
  8. Make your customers feel secure.

How do you differentiate a service?

14 Examples of Service Differentiation

  1. Customer Service. Fast, friendly and diligent customer service.
  2. Brand Identity. Establishing a brand for services including elements such as visual identity and brand promise.
  3. Reputation.
  4. Reliability.
  5. Convenience.
  6. Usability.
  7. Self Service.
  8. Price.

What is the formula for determining customer value?

Calculate customer value: Calculate this number by multiplying the average purchase value by the average purchase frequency rate. Calculate average customer lifespan: Calculate this number by averaging the number of years a customer continues purchasing from your company.

What is a loyal customer?

Customer loyalty is the act of choosing one company’s products and services consistently over their competitors. When a customer is loyal to one company, they aren’t easily swayed by price or availability. They would rather pay more and ensure the same quality service and product they know and love.

How do you create brand loyalty?

How to build brand loyalty

  1. Deliver on quality and value (more than what is expected)
  2. Talk to your clients/customers regularly.
  3. Be consistent with everything.
  4. Become known in your community or vertical.
  5. Focus on customer experience and service, not on sales.
  6. Provide (unexpected) incentives.
  7. Stay on your toes.