Break your customers down by what services/products they have purchased from you - bucket your big products or group together things that always come together.
Example: Service plans vs patio builds vs mosquito treatment vs breaker box replacement. The point is to bucket these three data points below by first grouping your customers into what they buy from you.
Then layer in the following data points.
Ratings FROM your customers: These are the reviews that these customers have given about your businesses on Google/Facebook or other review sites. This could be considered your Net Promoter Score (NPS) metric - you could call it customer satisfaction by service type. Are you making you customers happy with your various products - or is there some variation in outcome based on job type?
Rating/Score OF your customers: How have you and your team scored your customers by job type? Do they pay on time? Are they hard to work with? Are they unreasonable about expectations or call you out for issues over and over, even when the work is completed? This is how you stack rank your customers in terms of your desire to work with people (that you already have a relationship with) within a given service type.
Revenue from this product line: How much revenue are you getting from each service type? This is pretty straight forward. Are you offering products that don’t drive revenue? If so… why? There may be reasons (it’s a new/growing product line, it’s a loss leader to get into accounts, etc…) but if you have poor performing products, that should be considered.
CLICK HERE - We’ve included a breakdown example and a link where you can grab a spreadsheet to run this on your own. If you want to automate this reporting completely - GlassHouse can solve this problem with you.
In this example we see a couple of things going on.
Product 1 - you have poor customer fit and this is your lowest priced product. Can you increase your pricing and possibly drive out some clients with payment issues? Then focus on acquiring more clients vs just servicing the ones you have? If you raised pricing 20% and lost 10% of your buyers - you’d come out ahead. (profits go to the bank, not tasks).
Product 2 - This is a strong product market fit and very popular - are you using this as your initial product offer to expand with or could you possibly increase pricing even a little?
Product 3 - This looks like a training opportunity for your team. All the metrics are good but your clients aren’t loving this delivery - maybe it’s about setting expectations? Call some clients and ask them for their feedback on this product.
Product 4 - This is a low volume but high priced item. Could you do more marketing on this product?
Product 5 - Don’t touch this - it’s working.
Product 6 - Don’t touch this - it’s working.
Product 7 - get rid of this (probably) - and focus on something else where you can make money with the right buyers.
Revenue is only one angle when it comes to figuring out where your products are delivering value and when assessing the fit of your customer base. Taken together you can make more strategic decisions to EXPLODE YOUR PROFITS!