Miller’s Monday Morning Message
presented by ACM Consulting Inc.
Andrew Miller on operational excellence, strategy, life balance and everything in between
Toronto – July 28, 2014
The business adage “all business is good business” is simply not true. Every organization has its good customers and its bad customers. And businesses often spend a disproportionate amount of time trying to appease their worst customers. This takes time away from cultivating relationships with their best customers. So why not just let them go? Why not just raise prices for those customers who are not an ideal fit so they either become more profitable customers, or they walk away? Raising prices will have an immediate effect.
There are two reasons more organizations don’t do this: they are afraid to lose customers, and they don’t know who are their worst customers. But it’s important to remember that letting these customers go frees up time to build loyalty with your best customers and pursue more of those types of customers.
Business growth doesn’t come from your worst customers. It comes from your best customers, and acquiring more of those best customers. Create criteria so you can decipher your best customers from your worst, and focus your growth and customer retention strategies on your best customers and those that have the potential to be your best customers.
My book, Redefining Operational Excellence, is now available. Click here to order your copy.
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© Andrew Miller. All rights reserved. 2014.