Episode 53 – Customer Value Beyond the Dollar Value

The value of every customer extends far beyond their monetary lifetime value.

This episode shares how customers bring value to your company through their insights and behaviors.

Customer understanding helps companies notice trends in behavior indicating a change of engagement and understanding why they leave.

The key is to gather, monitor and track their feedback.

For B2B – track referrals. Segment out as appropriate for your business model… by geographic location, by industry, age, you decide.

I suggest tracking how many customers have had an issue that required management involvement against lost customers 6 months to a year later. This is an indication of how well issue resolution is working for your company.

Segment out customer tiers and their buying patterns and shifts between tiers. 

Combining this into your overall journey map or customer persona will help paint a more detailed picture of the experience your customers are currently having and identify any gaps between your intended outcome and what is actually happening.

All of the information will help you make business operating decisions or rethink current projects.

This is another way of thinking of your customers beyond simply the dollar value they bring into your company. Here, we are looking for the indicators of what is going on as they working with you and identifying indicators of increasing their wallet share with you or looking to go elsewhere.

Please share your thoughts and opinions here...