Insights
5 Strategies for Improved Customer Targeting
Posted September 30th, 2022 in Articles
Who are your company’s ideal customers? What do they want? How can you offer it? While these are basic questions that all companies should be able to answer, in our experience only a select few truly have a clear and comprehensive understanding of how to target their customers effectively.
If your company is struggling to effectively target its ideal customers, what can you do to create more engagement, make more sales and drive your company forward? Here are five key strategies for improved customer targeting:
1. Identify Your Company’s Top-Selling Products and Services
One of the most tried-and-true methods of improving customer targeting is to identify your company’s top-selling products and services. Identifying your company’s top sellers will help you understand what your customers want, and this will allow your company’s R&D, business development and marketing teams to tailor their efforts accordingly.
2. Ask Your Customers What They Want
Another proven method of effective customer targeting is to ask customers what they want. Why do they buy some of your company’s products and services but not others? What do they want that your company doesn’t offer? By asking these types of questions in a systematic and measurable way, companies can build product and service offerings that address their customers’ specific priorities and needs.
3. Streamline the Customer Experience
In today’s business world, speed matters. Customers expect to be able to buy what they want when they want it. Slow websites, lengthy check-out procedures and prolonged sales funnels all create unnecessary delays that can cause customers to look elsewhere. By streamlining the customer experience, companies can keep their customers engaged, and they can avoid losing what could be repeat customers to their competitors.
4. Offer Loyalty Incentives
From apps to exclusive products, customer loyalty incentives have come a long way since the early days of punch cards and coupons. But, the fundamental principle remains the same. By offering customers an incentive to come back, companies can not only increase their repeat business but they can also gain insights into what their customers want the most. In today’s world, loyalty programs have largely gone digital. Creative loyalty programs can be products in and of themselves, and they can help companies maintain the connection required to remain top of mind.
5. Minimize Workforce and Supply Chain Disruptions
Finally, to ensure that they are able to meet their ideal customers’ demands, companies must do what they can to minimize workforce and supply chain disruptions. This took on heightened importance at the height of the COVID-19 pandemic, and it remains a significant concern for many companies today. Delaying new product releases, suspending services and increasing retail prices are all steps that can disrupt the customer relationship and force companies to focus on rebuilding trust rather than fostering existing loyalty.
Find Out More from a Consultant at Mithras Investments
If you would like to know more about what your company can do to improve its customer targeting, we invite you to schedule an appointment at Mithras Investments. To speak with a business consultant in confidence, please call 305-517-7911 or tell us how we can help online today.
