𝗔𝗿𝗲 𝗬𝗼𝘂 𝗚𝗲𝘁𝘁𝗶𝗻𝗴 𝗔 𝗙𝘂𝗹𝗹 𝗣𝗶𝗰𝘁𝘂𝗿𝗲 𝗢𝗳 𝗧𝗵𝗲 𝗤𝟭 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝘀𝘂𝗹𝘁𝘀?
Your financial numbers only tell half the story.
The other half is about connecting the numbers with the feedback from your client-facing team and end customers.
Here is a snapshot of the WHO, WHAT and HOW.
𝗪𝗵𝗶𝗰𝗵 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀?
There are three types of priority customers a business should connect with at least on a quarterly basis:
• 𝗧𝗼𝗽 𝗹𝗮𝗽𝘀𝗶𝗻𝗴 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: Customers who had a significant spending drop on a year-on-year basis and compared to the last quarter.
• 𝗧𝗼𝗽 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: Customers who significantly increase their 1) total spending, 2) frequency of spending, 3) cross-category spending on a year-on-year basis and compared to the last quarter.
• 𝗔𝗰𝘁𝗶𝘃𝗲 𝗻𝗲𝘄 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: Customers who recently made a purchase with your business and have been showing positive affiliation by frequently attending your events, responding to your NPS or other surveys, or referring their friends to you.
𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘀𝗲 𝘆𝗼𝘂𝗿 𝗹𝗼𝗰𝗮𝗹 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 amongst all the above three segments.
Here are a few pointers on the 𝗪𝗛𝗔𝗧 𝗮𝗻𝗱 𝗛𝗢𝗪 𝘁𝗼 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘁𝗵𝗲𝘀𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀:
🔎 Start by inviting their respective Client Advisors to share qualitative feedback on the spending drop/increase. Understand whether the spending change comes from clients’ factors (such as lifestyle change, brand preference shift, relocation, etc) or business factors (such as product design, pricing, customer experiences, etc).
🔎 Include the Store Manager/Client Engagement Manager in the customer study, especially on lapsing customers who are not responsive to the Client Advisors. Depending on the customer’s communication style and shopping behaviour, extend an invitation from the Store Manager/Client Engagement Manager with a relevant non-commercial initiative (such as an invitation for a coffee catch-up/extending a seasonal gifting/inviting them for a lifestyle event, etc.) to break the ice.
🔎 Involve a neutral third party, such as an experienced luxury consultant, to conduct a holistic customer interview.
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