As I discussed in my last blog, not all customers are created equal. Some drain your business while others energize it. As a business owner you want to develop the ability to attract the “perfect customer” (PC). The PC views business with you as a relationship, not just a transaction. He or she values your service or product and views their relationship with your business as a partnership. Attracting PCs brings energy and profits to your business. The big question is “How”?

After creating a spreadsheet of your current customers (see Step #1 blog), it’s time to put some flesh on the picture of your PC. Step #2 is to focus on the physical characteristics of your customers. In marketing, we call these demographics. You need to develop the clearest picture possible of your best customers. One way to do that is to identify some common physical characteristics of your best customers. This provides you with a better picture of the PC that you are trying to attract. Once you understand your PCs’ characteristics, then you attract other customers with those same characteristics.

Demographic characteristics vary depending on the type of customer you serve. For consumer customers, some demographic characteristics include:

• Gender
• Age
• Occupation
• Income
• Employment status
• Home ownership
• Education level

For business customers, demographic characteristics include:
 

• Annual sales size
• Industry
• Number of locations
• Location of headquarters
• Number of employees
• Lifecycle of the business (e.g. start-up, growing, mature)
• Type of business (e.g. service, manufacturing, distribution, wholesale)

Now take the customer spreadsheet you previously created. In the blank columns to the right of each of your current customers, label as many categories of physical characteristics of your customers as you can. Then for each of these demographic categories identify the physical attribute for each customer. Sometimes you may not know a customer’s characteristic. Don’t leave it blank! This just means you have do some research. This can be done in person, with customer feedback forms, with applications customers may have completed, on the internet, or many other ways. Do the research, don’t give up, and don’t settle with not knowing.

After you fill in your customers’ demographics, once again step back and look for patterns that you never previously noticed. Ask yourself, What are some of the common demographics of my most loyal and profitable customers? Don’t rush this process. You must spend the time needed to identify the demographics and fully comprehend the picture of your PC that is forming before your eyes. Next time we will complete the picture of your PC.

For more information, articles, training and online tools, visit Arvest's Small Business Resource Center.

 The University of Central Arkansas Investment Club and College of Business will host the event: “Financial Services Regulatory Reform: What is it, and does it impact me?” on March 31^st, 2011.

  

Arvest Bank in Tulsa will have employees participate in the “2011 Tulsa! Start Heart Walk” on Saturday, April 2nd, at ONEOK field in Downtown Tulsa. Click here for the map.

The final touches are being put on the 20th Anniversary Habitat house in Fort Smith, AR. The cabinets, countertops, appliances, and flooring have been installed. The house is now ready for final cleanup and landscaping. The Hardgrave’s, a family of four, have been selected for the home.

Arvest Bank in Fort Smith would like to thank all the Habitat volunteers and Arvest associates for donating their time to help with this build.  Be sure to check the Arvest Blog for another update on the progress of the home and for information about the dedication.

If you would like more information about Habitat’s home ownership program or to find out more about how you can get involved, call the Habitat office in Fort Smith at (479) 782-8255 or click here.  To get involved with Habitat for Humanity in any area, call their national toll-free number at (800) 422-4828 or click here.

As we celebrate our 50th Anniversary (1961 – 2011) we are very thankful to our customers and communities for allowing us to serve you.  The relationships built over this time between our associates and customers are key to our success.

The story of Arvest is one of commitment started by our founders, an intense dedication to focusing on the customer above all else.  This philosophy has remained the same during our growth from a small bank to a network of community banks able to provide a complete range of financial services. 

Staying true to these principles has been the common thread throughout our history. We will always be active and involved members of the communities we serve and we will always work to put the needs of our associates and customers first as we continue to fulfill our mission - People helping people find financial solutions for life.

You will see more information this year on the Arvest blog, Facebook and Twitter about the past fifty years associate profiles, feature articles, vintage photos and various contests as we approach the actual anniversary date of August 31, 2011. 

On behalf of all of Arvest – Thank you for a great fifty years, and we look forward to serving you in the future!
 

While it is true that “all men are created equal” it is equally true and self-evident to any business owner that not all customers are created equal. Some customers increase your profits as well as your entrepreneurial energy and desire to work. Others drain the profits, energy, and life from your business. The key to a rewarding and successful business is distinguishing between the two customers and attracting those that bring value.

You need to attract customers that value your service or product and see their relationship with you as a partnership. When you accomplish this, your business, profits, and entrepreneurial energy will increase. To do this, you need to ask and answer the question, “Who is my perfect customer (PC) and how do I know one when I see one?” Your PC is the customer that respects the value you bring, pays on time, and upholds their side of a healthy relationship. You will always need to serve customers that are less than perfect, but imagine what your business would be like if the majority of your customers were PCs.

If you will follow three simple steps, you can better identify and attract PCs to your business. Step #1 in identifying your PC is to create a spreadsheet and list the names of your existing customers. This helps you look at those customers your business has already attracted up until now. Leave room for enough columns out to the right of each name so you can add details on each customer. Begin by listing the customer’s name, their industry, what product or service they purchased, and how much revenue you received from them.

We will add more customer details later, but once you have created your list of current customers, step back and look for the preliminary forms and shapes which create the picture of your PC. Which customers brought you the most revenue or were most profitable? Identify any trends or similarities you find amongst these customers? If your business has more than one segment or market, group your customers by market and analyze your markets. What trends or similarities do you see amongst the customers of your various segments? Which markets or customers do you need to drop?

Don’t rush through the creation and preliminary analysis of your customer spreadsheet. Take some time to digest the picture(s) of the PC you see forming before your eyes. Next time we will add more details to the picture, so you can better identify and target your PC.

Doug has been counseling businesses of all sizes for 20 years as both an accountant and lawyer.  His role for Arvest is to help us better serve our business customers. For more information, articles, training and online tools, visit Arvest's Small Business Resource Center.

NACHA – The Electronic Payments Association has received reports that individuals and/or companies have received a fraudulent email that has the appearance of having been sent from NACHA and signed by a non-existent NACHA employee. Specifically, this email claims to be from the “Electronic Payments Association” and appears to be coming from the email address "payments@nacha.org.”

Phishing is a scam typically carried out via unsolicited email and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information.  Be aware that phishing emails frequently have attachments and/or links to Web pages that host malicious code and software. Do not open attachments or follow Web links in unsolicited emails from unknown parties or from parties with whom you do not normally communicate, or that appear to be known but are suspicious or otherwise unusual.

NACHA itself does not process nor touch the ACH transactions that flow to and from organizations and financial institutions. NACHA does not send communications to individuals or organizations about individual ACH transactions that they originate or receive.

If you are an Arvest customer and received an email like this, and you clicked on a link or attachment or entered confidential information, please contact us immediately at (877) 849-2274 so that we can protect your account.

If you are an Arvest customer and received an email like this, but you did not divulge confidential information, please notify us via email at reportfraud@arvest.com.  If possible, please include the original email that you suspect is part of the phishing scam.

Phishing scams are still quite common, and come in a variety of forms.  While most are similar to this one, others come in the form of customer service surveys, telephone calls or even cell phone text messages.  Please be aware that while most Phishing scams direct you to fake web sites, others may ask you to call a phone number where an automated phone system prompts you to divulge confidential information.

While it can be difficult to identify spoofed email messages, web sites, and automated phone systems, it is not difficult to know if any of the above may be related to a fraudulent Phishing scam.  The key is knowing that legitimate entities do not send unsolicited messages to consumers or businesses prompting them to divulge confidential information.  If you receive such a message, no matter how genuine it may appear, assume it to be fraudulent and please notify the legitimate entity immediately.

For more about Phishing scams, identity theft and other helpful information, please visit our Consumer Protection resource center.