As we mentioned before, the client portfolio is not only a data record, so its usefulness for companies is not only storage. Therefore, below we explain some key points in which its importance lies:
Greater sales opportunities
If you manage your client portfolio correctly , you Cork Kids Bicycle Shop will be able to have new cross-selling opportunities with clients, that is, the same buyers will be able to repeat purchases, not only in previously obtained products or services, but also in new ones.
Decrease in customer acquisition costs
With the management of the client portfolio you will have valuable data on the profile of your active clients (interests, location, socioeconomic level, etc.) so, with this information, you will be able to design much more effective marketing campaigns to attract new leads interested in your brand, and create products and services more in line with their needs.
Increased customer profitability
This is because the cost of acquiring a client who already has knowledge about you and a relationship with you is lower.
And, if you add to this that this customer buys your product or service many times throughout the relationship, it means that it has a very high LTV or customer lifetime value.
Lost customer tracking
It helps to keep track of lost clients, since it provides all the necessary information to contact, recover and retain them.
Now that you know the concept and importance of the client portfolio, it is time for you to know how to build it. Are you ready?
How to build a client portfolio?
To build a client portfolio from scratch, you need to take into consideration the following aspects:
Define who really is of interest to you
First of all, you must define as exhaustively as possible the market and your ideal client .
This does not mean that you have to close this indefinitely, but it is important that you have this definition at the beginning; later you can expand your potential market in terms of, for example, geographical areas or interests.