Title: Customer Targeting | OnStrategy Resources
Headings: Customer Targeting
Customer Targeting
By Dr. Howard Olsen
Customer Profiles
Building Your Customer Targeting with the Complete Guide for Strategic Planning
Get the 72-page Complete Guide for Strategic Planning and 18 worksheets to learn how to build your strategic plan.
Retention
Stages of Customer Behavior
Sales and marketing strategies
Target Customers Based on Data and Information
Marketing Mix
Know Your Customer
Good Research Doesn’t Have to Be Expensive
Research Enables Decision Making
Let the Customer Define the Value
Target Market
Finding the Right Niche
Product
Promotion
Price
Place
Mastery of the 4 Ps
Checklist
Information about Products and Services
1. Market Research
2. Positioning
3. Strategies and Tactics
4. Metrics
5. Business Plan Alignment
Dr. Howard Olsen

Content: In order to fully maximize the revenue and profit potential each segment holds, different sales and marketing strategies should be applied to each of the five customer types. Acquisition strategies encompass sales and marketing ideas designed to acquire new customers. The goal behind acquisition efforts is encouraging prospects to try a product/service and become first-time buyers. Activation strategies move first-time buyers to limited buyers. The core objectives include welcoming new customers, educating them to what you have to offer, and persuading them to purchase as many times as possible in order to create a consistent buying pattern. Up-sell/cross-sell strategies move customers from limited buyers to full buyers. At this point, you can encourage customers to try new product lines and/or provide incentives to reach higher spending levels. The more hooks there are into a given customer, the stronger his or her relationship becomes with your organization. Loyalty strategies recognize, reward, and say thank you to your most valuable (not necessarily “highest-spending”) customers. Customers with marquee names and those who refer business to you can also be most valuable, even if they don’t spend the most money.