Not every customer is your best customer, and some might even be costing you money so, the first step is to determine which customers are the best, which are the worst and which lie somewhere in between.
Your best customers might frequently spend significant amounts with you on high margin products and services through digital channels. They are loyal to your company and proactively rate you highly on feedback and influence on social media. Your bad customers might only make one-off, low-margin purchases in high-cost channels, switch to your competitors, default on repayments, are vocally dissatisfied, and/or use a lot of customer service time.
Once you know who your best customers are, the next step is to define strategies to align your resources and propositions to:
Maximising the lifetime value of your customers can drive the greatest return on investment, contributing to increased profitability and business growth.