It’s official. We have entered the holiday season! That usually means a very full calendar with events, holiday parties, and casual get-togethers with family and friends. Yet, there also seems to be many more things to get done.
At this time of year, our shopping lists grow exponentially, don’t they? Unfortunately, unless I have a specific idea in mind, I’m almost incapacitated by the enormity of the task at hand – it’s possible for me to wander aimlessly around the shopping mall for hours on end without purchasing anything. It can be a bit overwhelming - it really helps to have a plan.
Likewise, acting on customer feedback can be a bit overwhelming. Where do you start? It helps to make a list to prioritize your efforts.
A company I work with is increasing their focus on vulnerable client relationships. The goal is to retain valuable customers by acting on their feedback. Given the size of their customer base, even though the percentage at-risk is fairly low, over seventy fall in that category.
Focusing on that many customers at a time can be daunting. So we helped create a priority list:
- At risk customers were segmented based on their value to the organization. Six high value customers rise to the top of the list.
- Other vulnerable customers who plan to reduce their spending are a secondary priority. They’re next on the list.
- Finally, the last part of the list is made up of those who are not only at risk of departure, but who also have an affinity to the competition.