How To Compete with the Digital Giants
Shep Hyken interviews John Wass, CEO of Profit Isle. They discuss how companies can identify and focus on their most profitable customers.
· Businesses need to know which customers are most profitable for them and what value they can offer that makes them unique.
· It is critical for brands to choose the customers that their business model, team, and company DNA engages with the best. This is their biggest profit opportunity.
· Identify your most profitable customers and ask, "Am I spending most of my time and resources there?" Also, consider the opposite. Ask, "Am I distracted with customers that don't make me a lot of money that I'm neglecting my best customers?"
· Companies need to decide which subset of customers brings in the most profit and become more customer-centric with them.
· Not all revenue is good revenue. Not all customers will bring more profit to your bottom line. Have the conviction to walk away from some of the revenue that is actually costing you money and profits.
"The fastest way to make money is to sell more to the customers who already love you."
John Wass is the CEO of Profit Isle. He was an early member of the management team that grew Staples from three stores to over 1,000 nationwide. He is also a successful entrepreneur who has co-founded and been the CEO of three startups after Staples.
Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.
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