Top Ten Tips of Customer Acquisition and Retention (3 of 5)

Onwards and upwards!

5.  Tailored.  “Mass customization” was the hot buzz word in the 1990’s yet now there is a general shift towards “Mass Customerization”.  Every touch that you have with the customer is a chance to create a custom tailored customer experience.  Remember your invoice – how can you tailor your invoice so that it leads to a better customer experience?  What would your customer like to see?  I’ll give you a hint – if you don’t know for sure – ask your customer!

6.  Trenching. Trenching is a term I use to refer to the process of finding actionable information in customer data and using that to grow your business.  Some people would call this data mining, but don’t really dig for it and remove it.  Instead, you move along a trench looking at the satisfaction, like a geologist.  When trenching, you are trying to find answers to the the following key questions:

  • What king of customers should we serve?
  • What kind of customers do we currently serve?
  • How can we describe our best types of customers?
  • What patterns can we find in our customers that predict future lifetime value, potential offers, or potential actions?

Some people will find this information of great value.  Others will say, “Hey, Scot, I just own an ice cream shop.  How is trenching going to help me grow my business?”  That’s a legitimate questions and here’s your answer.  How difficult would it be to gather customer’s emails in exchange for a free sample?  Maybe you can even ask for their favority flavor, too, and get the entire family’s birthdays.  Every birthday you sendout a coupon.  If you ever want to send out a survey, you’ve got your list.

You’ve got the gist of the idea, now go apply it to your business!

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