Customer data can provide significant value for distributors, particularly when emerging from a year like 2020. However, the sheer amount of data available can be intimidating at first glance. The key to simplifying customer data and turning it into actionable insights is to apply customer stratification.
With customer stratification, distributors use analytics to evaluate the performance and relative value contribution of each customer. When used properly, it can be an essential tool to help allocate time and resources where they matter most.
As distributors develop analytics maturity, customer stratification can also help foster cross-departmental alignment, create data-informed customer incentive programs, and design customer-specific strategies to capitalize on opportunities and avoid risks.
In a recent article for MDM, Brent Johnstone discusses the benefits of applying customer stratification as a foundation for developing analytics maturity in 2021.
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