According to the authors’ experience as consultants with Kearney’s Proposition and Customer Experience Labs, companies frequently fall prey to a costly fallacy—the notion of an “average” customer. But the reality is that some 20 per cent of an institution’s customers typically contribute around 80 per cent of total value. To get the most out of existing customer pools, companies should consider adopting a value-based customer segmentation approach, which provides a quick yet robust method to identify future customer value while enabling companies to develop better growth, retention, and customer maintenance initiatives. The authors identify the following three dimensions that create customer value characteristics: a) client demographics and financial status; b) product usage, measured in both diversity and depth; and c) future potential, or expected changes in future net worth and/or usage. Value-based segmentation can help move customers who are part of the 80 per cent that bring in only 20 per cent of a company’s business into the smaller grouping that provides significant value. When the future value potential of an existing pool of customers is uncovered using value-based segmentation, businesses can make major strides toward providing truly differentiated offerings to this key asset. Properly leveraging the new insights obtained through such an effort can help to develop emotional connections via targeted marketing efforts that increase customer loyalty and boost their value to the business over time.
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