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Develop a scorecard to grade and segment your customers.
WHY? Because in business you are selling your time and you don’t want to waste that precious resource on deadbeats, discount chasers, and complainers. HOW? Devise a scale with appropriately colorful tags for your customer spectrum. Best Buy broke its clients up into Devils (from whom it made no money), Angels (who accounted for the major portion of profit) and strategic buyers, who could be swayed depending on the product and pitch. It further divided its best customers into three segments: High-income men, referred to as Barrys (who liked action movies and cameras), suburban moms, called Jills, who were interested in products that might help their families, and finally, male gadget lovers, nicknamed Buzzes. Such segmentation – based on sales data — allowed Best Buy to devise strategies to target and rewared its best customers and not waste discounts and time on Devils. SOURCE: INSTORE
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