Customer-Centric Approach Focuses on the Data

Customer Identification
A simple way to identify your best customers is by how much they spend, typically grouped into four categories: nonshopper, low, mid, high. But this doesn’t take account potential value. “You need to understand not only your customers current value, but also their potential value to quantify share of wallet,” said Pereira. This includes understanding customer dynamics to be able to predict where that customer will be in the future. A combination of transactional and demographic data provides the clearest picture of customers.