This is the final article in the Segmentation Series; we have discussed the process of segmenting your referral sources and the corresponding services offered, focusing your effort on your best relationships. In this article we will address business development activity in a similar manner as was outlined in the service model exercise.
This is the third article in the Segmentation Series; we have discussed the process of segmenting your clients and referral sources, so you will know exactly on whom you should be focusing and on whom you should no longer be wasting time. The next step is to develop a service model specific to each segment to drive effective and efficient behavior leading to greater profitability. Once again let’s start with your referral sources.
The segmentation process rates and ranks clients and referral sources based upon positive characteristics associated with them and then places them into a category determined by the number of characteristics met; the categories could be defined as A, B, C and D, with A being your best. Start with your referral sources, as the level assigned to them will affect the ranking of your clients.
Segmentation is a practice that many successful companies incorporate with regard to their clients as well as to their referral sources. It directs the division of tasks and activity in a manner that drives efficiency, effectiveness and profitability by focusing on the company’s best relationships. By doing so these companies no longer waste time, resources or energy on those clients or referral sources that are essentially costing them money with no real upside. This is the first in a series o...