|Selling Happiness is Easy |
When You Know All The Things
That Make Your Customers Happy
For decades, marketers have used the RFM (Recency, Frequency, Monetary) analysis as the standard to determine their most valuable customers. However, many marketers fail to consider RFM in their prospecting campaigns. Sure, you don't have exact figures on specific people, but you do have information on your current clients. The best of which, are undoubtedly similar to the ones you want to attract. What makes the RFM data unique is the lack of speculation - there are no survey opinions or general sales ideologies. RFM data is based on actual transactions. Proof of who buys what, when, and how often. So if you know who your best customers are, find out who they REALLY are!
|Go out of your way to learn how your best customers operate |
in their daily lives, then you'll understand
how the customers you want to attract live as well
RFM is a great predictor of your customer retention and sales, but it doesn't tell you the key ingredient for bringing in new customers; the reason why these particular people are buying your product. Not YOUR reason for why, but THEIR reason. Even in modern times many marketers still forget to consider consumer psychology in their prospect marketing strategy. This is most surprising since we are ALL consumers everyday. Even if your job is to design advertisements, companies are still advertising to you!
|We are all different and unique in subtle ways, |
but overall, many of us are pretty similar!
|Why would you pay $300,000 for this Aston Martin Virage|
when many $40,000 cars have almost the same features?
Because driving a Virage isn't about function,
it's about lifestyle!
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By: Will Pearlman