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What are some innovative ways to segment customers based on value and profitability?

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Segmenting customers based on value and profitability is a smart way to optimize your CRM strategy and increase customer loyalty, retention, and satisfaction. But how do you go beyond the traditional methods of using demographics, behavior, or needs to segment your customers? Here are some innovative ways to segment customers based on value and profitability that can help you deliver more personalized and relevant offers, services, and experiences to your customers.

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1 Use customer lifetime value (CLV)

Customer lifetime value (CLV) is a metric that estimates the total revenue or profit that a customer will generate for your business over their entire relationship with you. By segmenting customers based on CLV, you can identify your most valuable customers and prioritize them for retention, upselling, cross-selling, and referrals. You can also identify your least valuable customers and find ways to improve their value or reduce your costs of serving them. To calculate CLV, you can use a simple formula that multiplies the average purchase value, the average purchase frequency, and the average customer lifespan. Alternatively, you can use more sophisticated models that factor in customer acquisition costs, retention rates, discount rates, and other variables.

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JC Negri

VP of Growth at Intech Innovation Group
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CLV indeed helps in segmenting customers into tiers, allowing you to allocate resources and focus on strategies that maximize profitability from high CLV segments. I will add a few more in my experience: - Predictive Analytics - Behavioral and Dynamic Segmentation - Customer Feedback and Sentiment Analysis - Subscription Analysis businesses can tailor their marketing, sales, and service efforts more precisely, optimizing their overall financial performance

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Mohamed Nashaat

Customer Services Consultant | Telecommunications & Healthcare Operations Expert | Customer Experience Excellence & Operations Guru l CPHQ, TOT, Six Sigma White Belt, PMP Certified l MBA Holder l DBA In Process
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in my opinion offer exclusive discounts or promotions to your most valuable customers, or create a loyalty program that rewards customers for their repeat business. These programs can help increase customer engagement and loyalty, leading to higher customer lifetime value.

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Paige Elmore

Strategic Problem Solver ? SaaS Leadership | Rapid Corporate Growth | Solutions Architecture | Technology Integration | Customer Success
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Eh, that's value to you, the vendor. Identifying clients where they are at (their revenue, stage in process of services you sell, wtv makes sense for your model) and the value the product/services you offer will bring, is a stronger option in my opinion. Focusing on where the customer is, allows you to more effectively communicate with them and drive value, and thereby the "CLV" and revenue for your organization.

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2 Use customer profitability analysis (CPA)

Customer profitability analysis (CPA) is a method that measures the net profit that each customer generates for your business after deducting the costs of acquiring and serving them. By segmenting customers based on CPA, you can determine which customers are profitable and which ones are not, and allocate your resources accordingly. You can also use CPA to identify the drivers of customer profitability, such as product mix, service level, pricing, channel preference, or loyalty program participation. To conduct CPA, you need to collect and analyze data on the revenues and costs associated with each customer or customer group. You can use accounting methods, such as activity-based costing or customer equity, to assign costs to customers.

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Paige Elmore

Strategic Problem Solver ? SaaS Leadership | Rapid Corporate Growth | Solutions Architecture | Technology Integration | Customer Success
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This will only work if you have the data. "Guestimation" on how much each product/ service offered to your client costs you is often wildly off and you will miss the soft costs. For example, if you offer a service with capped hours (i.e. professional services are included with ABC product/ feature/etc. up to 5 hrs) and you don't effectively track those hours. The emails being sent, etc. you will be amazed at how much time you're missing when you actually do eventually implement those changes. In a previous organization leadership guessed that of those 5 hrs, less than 1 hr was used. After I implemented effective tracking, we found the average was 3.8hours. That was the average and lack of tracking meant we were losing profit regularly.

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3 Use customer feedback and sentiment analysis

Customer feedback and sentiment analysis are techniques that use natural language processing and machine learning to analyze the opinions, emotions, and attitudes of customers expressed in text or speech. By segmenting customers based on feedback and sentiment analysis, you can understand how customers feel about your products, services, brand, or competitors, and how their feelings affect their behavior and value. You can also use feedback and sentiment analysis to improve your customer service, product development, marketing, and reputation management. To perform feedback and sentiment analysis, you need to collect and process customer data from various sources, such as surveys, reviews, social media, emails, or calls. You can use tools, such as Google Cloud Natural Language or IBM Watson Tone Analyzer , to extract and classify customer sentiments.

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4 Use customer engagement scoring

Customer engagement scoring is a method that assigns a numerical value to each customer based on their level of interaction and involvement with your business. By segmenting customers based on engagement scoring, you can measure and improve customer loyalty, advocacy, and retention. You can also use engagement scoring to identify your most engaged customers and reward them for their actions, such as referrals, reviews, testimonials, or social media shares. You can also use engagement scoring to identify your least engaged customers and re-engage them with relevant and timely offers, content, or incentives. To create an engagement scoring system, you need to define and track the key indicators of customer engagement, such as website visits, email opens, app usage, purchases, or feedback. You can use tools, such as HubSpot or Zoho CRM , to automate and manage your engagement scoring.

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Paige Elmore

Strategic Problem Solver ? SaaS Leadership | Rapid Corporate Growth | Solutions Architecture | Technology Integration | Customer Success
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While HubSpot and Soho may let you automate some communication methods, they are wildly lacking for SaaS communication methods within any platform based organization. If you only engage with clients via email or phone calls, they are great. Their chats are....meh at best, and they lack decent user engagement tools. Like product tours, tool tips, and more. You will also need to ensure you have enough custom fields (and properly formatted fields) to capture engagement, activation, and value activities appropriately to build the respective flows. To capture them, they also need to be available in your database. Speak with IT leadership early on and see what's possible. It's not as quick as setting it up within the CRM.

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5 Use customer personas and journey mapping

Customer personas and journey mapping are methods that create fictional representations of your ideal customers and map their interactions with your business across different stages, channels, and touchpoints. By segmenting customers based on personas and journey mapping, you can understand your customers' needs, goals, preferences, pain points, and motivations, and design better products, services, and experiences for them. You can also use personas and journey mapping to personalize your communication, offers, and content for each customer segment, and optimize your conversion, retention, and satisfaction rates. To create personas and journey maps, you need to conduct qualitative and quantitative research on your existing and potential customers, and synthesize your findings into meaningful and actionable insights. You can use tools, such as Xtensio or Miro , to create and share your personas and journey maps.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some innovative ways to segment customers based on value and profitability?

1

2

3

4

5

6

1 Use customer lifetime value (CLV)

2 Use customer profitability analysis (CPA)

3 Use customer feedback and sentiment analysis

4 Use customer engagement scoring

5 Use customer personas and journey mapping

6 Here’s what else to consider

Customer Relationship Management (CRM)

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What are some innovative ways to segment customers based on value and profitability?

1

2

3

4

5

6

1 Use customer lifetime value (CLV)

2 Use customer profitability analysis (CPA)

3 Use customer feedback and sentiment analysis

4 Use customer engagement scoring

5 Use customer personas and journey mapping

6 Here’s what else to consider

Customer Relationship Management (CRM)

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