This week’s focus: Twice in recent weeks I’ve come across businesses that have confused their biggest customers with their best customers. It can be tempting to focus on your larger customers, as they’re more likely to provide you with the big top-line contracts and sales.
But just because they’re big, does not mean they’re profitable. In both of the businesses I reviewed, the companies were making virtually no profit from their biggest customers. Instead, their profits were being generated by a hidden group of smaller and mid-sized customers. The challenge for these businesses now is how to shift their focus from pursuing big contracts with big customers, to developing better relationships with more profitable customers.
Do you know who your most profitable customers are? And do you have a clear strategy for growing your share of business with them?
Off The Record: Ever Fallen In Love With Someone (You Shouldn’t’ve Fallen In Love With)? by The Buzzcocks
You spurn my natural emotions
You make me feel like dirt, and I’m hurt
But if I start a commotion I run the risk of losing you
And that’s worse
© Stuart Cross 2013. All rights reserved.