This article to know how to leverage the greater value of core customers for business growth

In every company, there are various types of customers. Some customers are distinguished and more important than other types of customers. These distinguished customers are known as the core customers, and they have a long-term value to these companies. Core customers buy and get the most value from the company's products and services.

Companies segment their customers based on their expected quality into various groups. Most companies divide their customers to make it easy to market to each group appropriately. Core customers make up a quarter of a company's customer base, and they are the most valuable group to sell. Keep reading this article to know how to leverage the greater value of core customers.

Grouping a Customer Base

In a business, there is a segment for each type of customer. Segmenting customers is a good marketing strategy because it enables companies to understand their target audience. It also helps companies to maximize their customer's value and experience. These customers are divided based on their common characteristics.

Needs-Based Segmentation

These customers are more interested in a particular service or product. They make their purchases immediately they find what they are looking for and are easily lured away by another company. Need-based customers often turn into loyal customers.

Demographic Segmentation

The customers are divided based on their age, marital status, occupation, gender, and education in this segment. It is the most common way businesses segment their customers. Grouping customers into these segments helps the company understand and address the customer's needs effectively.

Psychographic Segmentation

Psychographic segmentation is when a company uses psychological characteristics to divide its customers into groups. These characteristics influence the customer's buying behaviors. Some of these psychological characteristics include activities, opinions, lifestyle, personality, social status, attitudes, and interests.

Behavioral Segmentation

Behavioral segmentation involves the grouping of customers based on their frequent behavioral patterns while interacting with a website. This group focuses more on the customer's decisions, shopping behavior, and opinion about a company, service, and product. 

Geographic Segmentation

Businesses use geographical segmentation to group their customers based on their location. Customers' needs often vary broadly from country to country and city to city. This type of segmentation is beneficial to international companies because it helps them decipher their customer demands in various regions.   

Technographic Segmentation

In this segment, businesses group their customers based on their technology. This segment includes customers who use a product via apps, software, mobile use, and desktop use. Companies use this segment to improve their sales productivity and retain their customers.

Core Customers

Core customers are the most important customers of a business, and they constitute a quarter of a company's customer base. This set of customers are loyal and have long value with the companies.

To know the core customers, business owners take note of customers that get the most value from the business's service and products.

The following are the recommended steps to familiarize yourself with core customers:

• Understand your most valued customers and gather your data.
• Cluster your best customers according to their firmographic, demographic and behavioral trends.
• Have a qualitative exploration by conducting interviews.
• Do a quantitative analysis and survey
• Lastly, create a personality profile.

Companies often leverage their exclusivity for their core customers because they connect exclusive brands to the company. These customers prefer to use the services of a business they approve of. To show personalized appreciation, consider branding limited stock or specialized merchandise and distributing it to those that have proved loyal to the business and deserve recognition.

Displaying this appreciation and acknowledgment also doesn't take much in terms of resources or financing. Order custom ink pens from an affordable and reliable distributor, along with other small and convenient products that can be used day-to-day, like mugs, keychains, or stationary.

Leveraging Core Customers

Leveraging core customers helps enhance the company's resources and increase its competitive advantage. Some strategies that companies can execute to best leverage the value of their core customer base are:

Honesty

Honesty breeds loyalty from core customers and helps to build a relationship based on trust. Companies that are honest about what they intend to achieve will most likely get the core customer's support.

Business Goals

Dedicating a portion of the business's goal to selling directly to the core customer helps keep them satisfied. The more comfortable the core customer is, the better the company's performance.

Appreciation

Showing appreciation to the core customer further helps to breed loyalty and relationships and improve the company's sales. It is also a form of marketing that combines good marketing techniques with customer service. 

Recommendation  

Asking core customers to recommend the company's services and products also helps gain more trust. Reviews help potential customers to trust and get more information about a product.

Utilize Your Core Customers

When a company has stable core customers, it helps to improve a company's growth. Core customers drive revenue and add value to a company's services and products. Companies find it easier to market new products to existing customers.