An Introduction to Spend Analysis and Spend Management Optimizing Your Spend.
How to Encourage Your Customers to Spend More the Clienteling Way
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“For many events, roughly 80% of the effects come from 20% of the causes.” – The Pareto principle Also known as the 80-20 rule, the Pareto Principle is fundamental to every business person. Generally, it can be applied to every industry and can relate to many different aspects of a business. One common example of the rule is: 80% of sales are generated by 20% of customers. So, how can businesses encourage this valuable group of customers to spend more? The answer lies with CLIENTELING. Clienteling is a philosophical approach to better serving your customers. It is about establishing a one-to-one learning relationship that is highly personalized in product, service and outreach. The clienteling approach is rich in ROI, which is one of the main reasons why it has grown in popularity among retailers. Let’s consider casino-owned boutiques. Although casino resorts attract many tourists, according to the Pareto principle, 20% of these visitors can be categorized as “regulars.” So, how can associates working in casino-owned shops build relationships with these repeat visitors and encourage them to spend more? The infographic below demonstrates the power of clienteling in the context of a casino-owned boutique. Follow each step of the customer’s shopping journey to learn how a clienteling tool can be used before, during and after a sale to bring about increases in traffic, conversion and transaction value.
Transcript of How to Encourage Your Customers to Spend More the Clienteling Way
