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Get Customer-Centric
The Key To Customer Experience Is Customer Understanding
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One of the most common barriers to being intelligent about customer experience is lack of customer knowledge or understanding. When we talk about segments based on this, we’re looking through two primary lenses:
Needs: What your customers actually want, need and expect from you.
Value: What your customers are (or may be) worth to your firm.
When most companies talk about segmenting customers, they mean segmenting by value. They divide customers into segments based on actual or potential sales. They strive to understand how much revenue they could get from a given group of customers.
Value segmentation is important from the company’s perspective; it helps your company know which customers it makes sense to focus efforts and resources. It also points toward groups who might be better served with a lower-touch, lower-cost digital strategy.
It’s an important first step. But most companies stop here. You cannot afford to. Why? Value segmentation doesn’t help you understand what one customer needs versus another. The bottom line is that if you don’t segment customers by their individual needs, it will be incredibly difficult to deliver exceptional customer experience, much less remain competitive.
Read the entire Michael Hinshaw article
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