In this customer experience industry, the one question that’s asked of me the most is – What do I do to keep my clients happy?
Here’s what I say: Think of your business like a lively party.
You’ve got the newcomers sipping on the excitement of your products.
The regulars who’ve been grooving with your brand for ages.
And the occasional troublemakers who keep your customer support team on their toes.
You treat everyone like a VIP.
But let’s face it – some guests bring more sparkle to the party.
These are your high-value customers, the rockstars of your clientele who don’t just add a beat to the rhythm but keep the entire show running.
But, why are they such a big deal?
It is because 65% of your business comes from repeat customers, and a whopping 80% of your revenue is fueled by the love of 20% of your customers.
And who’s leading the charge?
Your top 10% who are spending three times more than your average customers.
So – who are YOUR high-value customers?
Well, this blog will help you spot those high-value customers in the crowd, explore how their voices in customer feedback add an invaluable layer to the entire experience, and most importantly, how you ensure they keep returning for more.
Let’s get rolling!
Imagine having those super-loyal customers who absolutely love what you offer. We call them high-value customers, and they’re like the backbone of your business. These folks keep returning to buy from you, not just once but repeatedly.
So, why are they so special? Well, they’re more than just here for a quick purchase. They stick around, making your business their go-to choice.
But here’s the cool part – they don’t keep all this goodness to themselves. Nope! They love your brand so much that they tell their friends and family about it, bringing even more business your way.
You can spot them by checking your customer retention rates – they’re spending more time on your website, buying more stuff, and relying on your offer.
Know that high-value customers may be someone other than those who spend the most at your company.
Wondering how will you identify your high-value customers? Enter the KPIs!
Identifying high-value customers can be achieved through various Key Performance Indicators (KPIs), including:
- Customer Lifetime Value:
Did you know returning loyal customers spend an average of 33% more per order than others? But how do you identify happy, loyal customers who keep coming back for more?
Enter CLV, a vital metric representing the total revenue expected from a customer throughout the entire relationship. It considers purchases, engagement, and interactions over time.
2. Average Recurring Revenue:
So, ARR focuses on the average revenue you generate from your subscribers or customers who keep buying from you regularly. It’s super handy for businesses with subscription models.
Monitoring ARR helps you spot those customers who keep bringing in steady income – the real MVPs!
3. Purchase Frequency:
Now, let’s talk about how often our customers hit that “buy” button. It’s like measuring how much they like what you offer.
A high purchase frequency indicates a customer who values the products or services offered. Recognizing and nurturing relationships with these customers can increase customer satisfaction and long-term loyalty.
4. Net Promoter Score (NPS)
NPS measures customer satisfaction and loyalty based on the likelihood of customers recommending a company to others.
Identifying customers as promoters (scoring high on NPS) indicates a strong advocacy for the brand. Promoters contribute to positive word-of-mouth marketing and are likely to continue their association with the company.
By combining these KPIs, you’ll know who your high-value customers are. But once you identify your high-value customers, what’s next?
Here comes the most important stage – Treating those high-value customers in a special manner so that they keep coming for more!
And how’d you do that?
To keep your high-value customers happy, it is very crucial to provide them with the best services. Have a look at the 6 strategies to discover how:
80% of consumers are more likely to make a purchase from a brand that provides personalized experiences.
Personalization is a key strategy to meet the expectations of high-value customers and exceed them, creating a lasting and mutually beneficial relationship. This investment pays off in customer loyalty, advocacy, and overall business success.
Here’s how you can do that:
- Tailored Communication: Imagine receiving an email crafted just for you—addressing your unique preferences and needs. That’s the power of tailored communication. By sending engaging emails customized for high-value customers, you create a personalized shopping experience.
Tip: Throw in special offers based on their purchasing history, and you’ve just elevated your customer’s journey to a new level.
- VIP Treatment with Dedicated Account Managers: Ever wished for a personal assistant to handle all your queries? Well, that’s what dedicated account managers are all about. Elevate the experience with dedicated account managers, offering a single, personalized point of contact for heightened service.
Well, there’s no better example of this than the global beauty retailer Sephora. Customers can book in-person beauty sessions with makeup consultants via the Sephora app’s “in-store companion” feature, guiding them to discover the perfect cosmetic brands and products tailored to their unique beauty traits.
- Exclusive Early Access Extravaganza: Now, who doesn’t love being the first to get their hands on something new? Gift your high-value customers exclusive access to products or services before they hit the market.
The best example of this is Apple! Yes, Apple, known for its highly anticipated beta launches, lets its loyal fans get a sneak peek at beta launches, creating that buzz of exclusivity.
93% of customers are likely to make repeat purchases with companies that offer excellent customer service.
That’s the power of top-notch customer service. And it goes beyond just resolving issues; it’s about creating an experience that exceeds their expectations and makes them feel valued.
Here’s how you can offer exceptional customer service to your customers:
- Quick Issue Resolution: Swiftly prioritize and expedite the resolution of any issues high-value customers encounter. Treat their concerns with urgency, demonstrating a commitment to their satisfaction.
For example, Amazon Prime, known for its expedited issue resolution, ensures that any problems with deliveries are addressed promptly, often with compensation for the inconvenience.
- Efficient Protocols: Implement streamlined customer service protocols to minimize downtime. Focus on creating efficient processes that not only resolve issues promptly but also enhance the overall customer experience.
- 24/7 Support Availability: Offer 24/7 customer support availability to address concerns at any time. High-value customers should feel assured that assistance is just a call, chat, or email away, regardless of the hour.
For example, SurveySensum provides 24/7 customer support on all the channels, be it WhatsApp, emails, social media, or chat. And not just that, their SLA is 2 hours. No matter the problem, you’ll either get a solution within 2 hours!
- Multichannel Communication: Did you know that 51% of companies today use at least eight channels to engage, communicate, and interact with users? When your business is available on multiple channels, it always ensures customer value. So, provide multiple channels for communication, including chat, phone, and email. Cater to diverse customer preferences, allowing them to choose the communication method most convenient for them.
Let’s talk about building real connections, not just transactions. When it comes to your high-value customers, you want them to feel like more than just a buyer; you want them to feel like a valued part of your brand family.
You can build a strong relationship with your high-value customers through,
- Regular Check-ins and Follow-ups: Create a routine for regular check-ins and follow-ups to maintain a strong connection. Proactively reach out to high-value customers, demonstrating genuine interest in their experience.
For example, LinkedIn regularly sends personalized updates and check-ins, fostering a sense of community and ongoing connection with its users.
- Feedback and Satisfaction Inquiry: Seek feedback and inquire about their satisfaction with your products/services. Actively listen to their input, using it to continuously enhance your offerings and address any concerns.
So, gather customer satisfaction feedback for FREE!
For example, SurveySensum not only gathers feedback but also follows up with users to ensure their satisfaction, showcasing a commitment to improving based on user insights.
- Proactive Problem-Solving and Issue Resolution: Proactively anticipate potential problems and address them before they escalate. Stay ahead of issues by identifying and mitigating challenges, and showcasing a proactive approach to customer satisfaction.
- Efficient Issue Resolution: Demonstrate a commitment to solving issues promptly and efficiently. High-value customers should experience a seamless process from reporting a problem to its resolution.
- Inviting to Events, Workshops, or Beta Testing: Foster a sense of exclusivity by extending invitations to special events, workshops, or beta testing opportunities, providing unique experiences for high-value customers. Also, create opportunities for networking and relationship-building among high-value customers, forming a community that enhances their connection with your brand.
For instance, Adobe invites its high-value customers to exclusive events like Adobe MAX. This not only provides valuable insights but also creates a community of engaged users.
- Sharing Valuable Content and Resources: Offer industry insights, whitepapers, or resources that add value to their business, showcasing a commitment to their success beyond the products or services they purchase. You can also offer content that educates and empowers high-value customers, positioning your brand as a partner in their ongoing customer journey.
A great example of this can be HubSpot. It excels at providing valuable content through its HubSpot Academy, offering free certification courses and resources that empower users to maximize the value of their platform.
Imagine walking into a favorite local café where the barista knows your order by heart. It feels welcoming, right?
When you make valued customers feel understood, it’s not just a sale; it’s building a bond with your brand.
Here’s how you can do it!
- Utilize Purchase History and Data Analysis: Think of this as your brand memory. Leverage data analytics to understand their preferences and buying patterns. Use this information to predict their future needs, enabling you to make personalized recommendations that resonate with their evolving preferences. You can also leverage Text Analytics software to analyze and comprehend top customer complaints and sentiments.
- Offer Custom Bundles or Packages: Think of this like preparing a personalized gift. Create bundles or packages that align with their preferences. It’s not just about selling – it’s about providing a unique and tailored shopping adventure.
For instance, let’s talk about Amazon again. Amazon often suggests custom product bundles based on customers’ browsing and purchase history, enhancing the shopping experience with personalized recommendations.
- Anticipate Customer Interests with Personalized Updates: Picture a friend keeping you in the know about things that matter to you. Extend that same thoughtfulness to your high-value customers by providing personalized information tailored to their interests. Anticipate their needs, delivering news and updates that truly resonate with them.
For example, Spotify sends personalized music recommendations and updates based on users’ listening habits, creating a curated experience that aligns with individual preferences.
By now, you’re aware of a few awesome strategies to keep your high-value customers happy. But what if you could improve their experience based on what they tell you? That’s where listening and improving come into play. Yes, the feedback of course. it’s a game-changer!
Here’s how the feedback can benefit you:
- Addressing Concerns: Encourage open communication and actively seek feedback on their experiences. Also, address concerns promptly, demonstrating a commitment to continuous improvement and customer satisfaction.
For instance, Airbnb encourages guests and hosts to provide feedback, allowing the platform to address concerns promptly and enhance the overall user experience.
- Continuous Improvement Strategies: Regularly evaluate feedback to identify areas for improvement. Then, act on customer suggestions by implementing changes and enhancements that align with their expectations.
You know, when you go above and beyond, exceeding what’s expected, you’re turning your high-value customers into raving fans. Just like surprising someone with an unexpected treat!
Here’s how you can go the extra mile to turn your customers into your fans:
- Sending Handwritten Thank You Notes or Small Gifts: Express gratitude with personalized gestures, such as handwritten notes or small gifts. Doing this allows you to demonstrate a genuine appreciation for customer loyalty and business, fostering a deeper connection.
- Offering Complimentary Add-ons or Upgrades: Surprise high-value customers with complimentary upgrades or additional features. Provide extra value beyond their initial expectations, delighting them with unexpected perks.
For example, airlines like Emirates often surprise frequent flyers with complimentary upgrades, creating a positive and memorable experience beyond the standard service.
- Inviting to Participate in Product Development or Feedback Sessions: Engage high-value customers in product development, seeking their input on new features or products.
- Recognizing Achievements and Milestones Publicly: Acknowledge and celebrate their achievements through public recognition. Highlight their success stories within your community or through social media, showcasing a shared journey.
In a nutshell, understanding and nurturing high-value customers is like having a golden key to success. Throughout this journey, we’ve uncovered strategies – from identifying these VIPs using smart indicators to showering them with personalized attention.
Yet, the journey doesn’t end there. Understanding your high-value customers means recognizing their voices in customer feedback, adding an invaluable layer to the entire experience. Customer feedback is the compass guiding you to enhance your customer satisfaction journey continuously. This is where a robust customer feedback tool like SurveySensum comes into play.
SurveySensum enables you to collect, analyze, and leverage customer feedback, streamlining the process for continuous improvement. By consistently gauging feedback and addressing concerns, you maintain customer satisfaction and enhance your offerings based on valuable insights.