- How many customers does your firm have? How many customers do you really have?
- How do these customers differ in terms of their value to the firm? For example, how many one-time buyers did you have last year? How many customers accounted for half of your revenue last year?
- How many customers who bought your products last year can be expected to buy from you this year?
- What proportion of your sales this past year came from new versus existing customers?
- On average, what proportion of your new customers have made a second purchase within three months of their first-ever purchase? Within six months? A year?
- Which of your products are most appealing to your most valuable customers?
If you are struggling to answer these questions, you are in good company. In our experience, most senior executives are unable to do so, regardless of whether their organization is primarily B2B or B2C, sells products or services, or is a for-profit or nonprofit.
Source: “What Do You Really Know About Your Customer Base?”
Original Publication: Knowledge@Wharton
Subject: Customer Questions
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