Have you ever come across that one customer who you would do anything to get rid of? Have you ever questioned what to do with the customer that causes more strife than good? Whether they’re a drain or merely a pain, these customers cost you money. So what do you do with unprofitable customers? Business is
Segmenting Customers for Profit Process Market segmentation is the process of dividing up the total market based on identifiable characteristics, which have common needs. You can also apply the concept of market segmentation to your customers. For example, you can segment your customers based on the cost to service, the size of the average sale
I recently read an interesting Business.com article by Art Saxby. Art Saxby is the founding principal of Chief Outsiders. In this article, he talks about how to achieve success by narrowing your customer base. Sounds counter-intuitive… But how many firms tie up valuable resources catering to high-maintenance customers who often don’t stick around in the
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