Want to know who your biggest and frequent spenders are?

by 10 replies
If you own a local business, not a marketing agency,
would you like to know who your biggest and frequent spenders are?

How would you use that information?

Thank you in advance.

Ewen
#offline marketing #biggest #frequent #spenders
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  • Profile picture of the author Tesslady
    Of course! Why not?

    I will use the information so that I'll know who my loyal customers are. And so that I know who I'm gonna give great deals of my products.

    I'll also use it for marketing purposes. Biggest and frequent spenders are living testimonies that my business is credible, and my products are great!
    • Profile picture of the author ewenmack
      Originally Posted by Tesslady View Post

      Of course! Why not?

      I will use the information so that I'll know who my loyal customers are. And so that I know who I'm gonna give great deals of my products.

      I'll also use it for marketing purposes. Biggest and frequent spenders are living testimonies that my business is credible, and my products are great!
      What are currently doing to access your biggest spenders?

      Best,
      Ewen
  • Profile picture of the author David Jones42
    every successful business maker know deeply about his customer and they provide some great deals and product service.
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  • Profile picture of the author johnbelley
    i will use it for my customers, that's might able me to know about my customers what they want and deals with them
  • Profile picture of the author Oziboomer
    Originally Posted by ewenmack View Post

    If you own a local business, not a marketing agency,
    would you like to know who your biggest and frequent spenders are?

    How would you use that information?

    Thank you in advance.

    Ewen
    This can be a very dynamic situation.

    Sometimes it is hard to leverage the information in small business because you are busy servicing the clients and any thought of how to make the most of any sales information is already after the fact.

    You would know from your previous experiences about people being in a position where they are more likely to buy. For example the bed buyer example after staying in a hotel.

    I find we do have a selected groups of big and frequent spenders but promoting to these people is not always the best way to go to improve results.

    Usually the biggest spenders will be on a roll.

    They will have some common characteristics but they may not be the same characteristics for each customer at the same time.

    In my framing business for example I might have three different big spenders.

    One might me an organisation that has annual awards or certification requirements.

    One might be a private individual who has just returned from an international vacation.

    One might be an artist who has started to sell and pick up various awards or prizes.

    What the real situation is like is I have 15000 clients who purchase *on average* twice every 18 months or so.

    100 of those clients are big and frequent spenders at any one time because 17 of them have had a new family member arrive, 3 have just got married, 2 had relatives that died, 21 took an international flight, 7 had relatives visit from overseas, 6 took world cruises, 5 moved home, one move offices, 3 got new jobs, 5 got some inheritance, 2 got a tax refund, one won a major award, another got corporate sponsorship, 6 found new love, 4 got separated or divorced and the rest were doing some renovations of some kind.

    The expenditure may come all at once or gradually at first and then a flood.

    The issue is these 100 spenders change.

    Some stay the same but most have a cycle.

    Fortunately I've been around long enough to see the cycles.

    You can't always predict them but you rely on a percentage of your clients hitting a sweetspot of spending every 4-5 years or so that might last 3-4 months. . . but then that's my business.

    Data is nice to have but accurate predictive data is even nicer.

    Leveraging that data is another whole science.

    Best regards,

    Ozi
    • Profile picture of the author Claude Whitacre
      Originally Posted by Oziboomer View Post


      You can't always predict them but you rely on a percentage of your clients hitting a sweetspot of spending every 4-5 years or so that might last 3-4 months. . . but then that's my business.

      We keep a list of everyone that spends $369 or more on a vacuum cleaner. They hit that sweet spot in about 5 years, to trade it in. These are the people I call and mail to, to get a surge in sales.

      An interesting side note, after a few decades of selling vacuum cleaners in people's homes, I started noticing the sweet spot for replacing a vacuum cleaner is about 5 years. But the sweet spot for replacing a "Lifetime..never have to buy another" vacuum cleaner...was about 5 and a half years. Weird.

      The reason I noticed that sweet spot was that I would go back after several years (after selling a "lifetime machine") and they had already bought the next thousand dollar vacuum. It took me a couple of decades before I realized that I could just go back every 5 years and most of these people would by my new "Best thing".
  • Profile picture of the author savidge4
    I do satellite stuff.. the cycle is every 2 years.. I don't just keep track of what we install.. I also "cold call" and that is a piece of information that we ask for.. if "Now" is not right, we know when right will be.

    Aside from that.. I think every purchase is cyclical... I honestly cant think of anything I have ever bought one of - the only example I can think of is child related.. only child.. there would be plenty you would only buy one of.. but then again... there is a buying process of at least 18 yrs there.

    So here is my take. I do track my "best" customers... not so much to offer discounts or anything.. but to better understand their buying cycles.. and when I may need to pencil in some time ( in advance ) to ensure they are priority vs added work load.

    Outside of that... as Ozi notes.. there are constants on the list, and then there is the revolving door percentage.. some that go and others that come. So I have a list of existing / past customers.. I know who my "best" are.. I usually have a good idea of who might be waning from that list.. its identifying the ones that will take those spots. There is a small percentage of the time, that it is a new customer ( not as often as I would like ) but my "best" are usually those that I have done work with before.

    Probably has something to do with the continual communication I try to maintain with existing and past customers. just probably LOL. if you cant identify blanket market. it works for me.
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  • Profile picture of the author glioma9
    They would keep coming back and buy more from me. It would be great if someone with high profile would be one of the biggest and frequent spenders in my business. It would help encourage other clients to try my products and they can refer other people to become my potential consumers.
  • Profile picture of the author mmok jzzyy
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  • Profile picture of the author Joshua Young
    Sure. It would help in planning an advertising strategy. Facebook, radio, direct mail, it doesn't really matter. This info would help in all these areas.

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