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Strategically Significant Customers

In: People

Submitted By annamey
Words 491
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Strategically significant customers are those customers who create great value for the company and in order to retain them for the long period of time, company have to build some strong possible strategies. 20-80 rules is applicable here as you know 20 % of total customer base generate 80% of total revenue for the company so simply we can say that those 20% are strategically significant customers for a company.
Strategically significant customers create more revenue, more value, loyalty and most of the time makes company to build separate strategy for them. Strategically significant customers purchase more products, lead the trends, some time act as company referrals and most of the time helps the company to generate strategies and they are trend setter.

Theoretically marketers identified strategically significant customers in four different types. At very first of strategically significant customer (SSC) types, self evidently is placed. The high life-time value customer is at the top because they create highest value for the company and they must be the focus of customer retention efforts from the company. Life-time value potential is the present day value of all future profits that might be earned in a relationship with a single customer.

Now here must be considered that not all high life time value customers have high LTV. Let suppose a customer demand JIT customized delivery or demand some high after sales service, there might be chance of reduction in value. But another thing I want share with you is this that some time you intentionally serve some big strategically significant customers at just no profit no loss situation. It is done because this will give you a confidence in front of your other customer that you are serving a big giant in the market safely. For Example BMW’s customers who are highly valuable for company. who is your Strategically…...

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