Photography is a competitive world and the difference between you and a local competitor is often not price, but the experience you offer and the relationships you are able to build. Knowing who your customer is and what their characteristics are can help you efficiently identify more efficient marketing (SEO, social media, PPC advertising) strategies. This is why PicSpotr has introduced the Customer Value Score (CVS).
What is the customer value score?
The Customer Value Scoring helps you quantify customer activities, revenue, expense and behaviors and turn that data into a scoring system. With this type of value segmentation, you can define your best or ideal customer; separating them from your total addressable market. Keep in mind, the score is intended to be relative. For example: your wedding clients may score higher than your portrait clients depending on the amount they spend and the number of sessions they may have booked.
How is the customer value score calculated?
At PicSpotr, we leverage your customers activities and data to calculate their CVS. Here's how we calculate the score:
- Add 1 point for every dollar invoiced
- Add 1 point for every dollar paid
- Add 1 point for every dollar paid in the last year
- Add 50 points for each scheduled shoot or event
- Add 25 points for each workflow, gallery, questionnaire and contract
- Subtract 1 point for each outstanding dollar (unpaid)
- Subtract 1 point for each dollar expensed
- Subtract 1 point for each dollar past due
- 25 points for each contract,
- Divide the total score by 10