Making decisions often involves measuring results against expectations. There is a small percentage of entrepreneurs that run their business according to a budget and even less that hold themselves accountable to it. For those that do, their results speak for themselves. Because they measure their results consistently, they are able to make adjustments and change the outcomes that would have been inevitable had there been no accountability. One area that can be overlooked in any business is understanding how customers are performing against expectations.
When was the last time you took a look over the top percentile of your customers and reviewed your strategy for how to add more value to your relationship with them? When was the last time you reviewed the bottom percentile of your customers and decided which ones you could do more with and which ones needed to be let go to make room for others?
Looking at your customers from the perspective of an asset that needs to be managed in a way that protects and increases its value, is something that few entrepreneurs consider. For those that do, the approach they take in developing strategies and tactics around their customers are intentional and produce remarkable results. If you are looking for a simple strategy to boost your bottom line, consider managing your customers like you would manage any asset that is valuable to you.