What is a platinum customer?

Platinum Customers

These customers are also heavy users, in most cases, and trust your company enough to try new offerings. A basic marketing principle is to continue to tap into your most profitable customers as a primary growth strategy.

What platinum customer means?

Platinum is for the customer who spends more money, more often than the Gold or the Silver customer.

What is the difference between a platinum customer and a gold customer?

For this study, platinum and gold customers are defined as high value customers. Platinum customers are very loyal, highly profitable, and less demanding, whereas gold customers are loyal and profitable but more demanding than platinum customers because they require higher costs.

What is the platinum rule of customer care?

The Platinum Rule To Customer Service: Treating Customers The Way They Want To Be Treated.

What is a gold customer?

Gold customers represent 20% or less of the customer base, and about 80% of the revenue. Some companies have not yet identified these valuable people. That is a mistake, since the health of any business depends on them. Gold customers have a higher retention rate.

Customer Service: The Golden Rule vs Platinum Rule

What is a silver customer?

Silver consumers – defined as older than 60 years – unsurprisingly spend more on healthcare than any other age groups.

What are platinum customers examples?

Platinum Customers

This upper tier of your customer base includes people that spend top dollar or typically buy a lot of goods and services. These customers are also heavy users, in most cases, and trust your company enough to try new offerings.

What is platinum level sales?

The award levels are Silver (20,000+), Double Silver (40,000+), Gold (75,000+), Double Gold (150,000+), Diamond (200,000+), Platinum (400,000+) and Double Platinum (800,000+).

What is the golden vs platinum rule?

The golden rule is to do unto others as you'd have them do unto you; the platinum rule is to do unto others as they'd want done unto them. In other words, reject reciprocity as an ideal, in favor of something like empathy.

What are the benefits of the platinum rule?

When you follow the Platinum Rule, you show respect, thoughtfulness, and empathy toward others. To say it another way, you're putting others ahead of yourself, which signals that you're a kind, caring and considerate human being. By contrast, the Golden Rule is doing to others what you would have them do to you.

What are the 4 tiers of customers?

Learn about the 4 tiers – Gold, Silver, Iron, and Lead – in the customer segmentation pyramid and how companies can use CLV and customer health to identify, categorize, and segment their customers.

What are iron customers?

The Iron Tier contains customers that provide the volume needed to utilize the firm's capacity but whose spending levels, loyalty, and profitability are not substantial enough for special treatment. • The Lead Tier consists of customers that are costing the company money.

What are the different tiers of customer pyramid?

All the cited has contributed to the development of the so-called “customer pyramid” (Rust, Zeithaml, & Lemon, 2000). According to this approach, companies can divide and label their customers into four tiers: Platinum, Gold, Iron and Lead (Illustration 1).

What does platinum status mean?

Because a gold, or platinum — or, better still, multiplatinum — record means financial success. These awards, given by the Recording Industry Association of America (RIAA), represent huge sales — 500,000 units for gold, 1 million for platinum, 2 million or more for multiplatinum, and 10 million for diamond.

What credit score do I need for platinum?

Most Amex Platinum cardholders have a credit score of 670 or better, and relatively high income. But your score alone does not fully decide whether or not you will be approved.

Is platinum authorized user worth it?

Adding an Amex Platinum card authorized user is most beneficial for couples who travel often, especially now that guests are not complimentary at Centurion Lounges. Both partners can earn extra points on airfare, access a variety of lounges when traveling separately, and more.

What is the platinum rule in business?

We're all familiar with the Golden Rule: Treat others as you would like to be treated. The Platinum Rule is different: Treat others as they would like to be treated. The presumption behind the Golden Rule is the treatment you seek is what everyone else wants.

What is living the platinum rule?

The Platinum Rule says we should do unto others the way they want us to do unto them. In other words, you have to treat people the way they want to be treated, not the way you want to be treated.

What is the diamond rule?

In the "diamond rule", you treat others as they wish YOU to treat them. The "you" in this case is the individual "you". Who you are and what you bring to the conversation. In contrast, the platinum rule would have us all treat the person we're interacting with the same way that everyone else does.

Is platinum higher than good?

Platinum: Despite being nearly identical in appearance, platinum is more valuable than gold. Platinum's high price point can be attributed to its rarity and density as precious metals are often priced by their weight.

What rank is higher than platinum?

Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the others. It is rarer than platinum, and is used in larger quantities for catalytic converters.

What is higher than platinum level?

We offer 9 tiers: Starter, Bronze, Silver, Gold, Platinum, Diamond, Double Diamond, Triple Diamond, Quadruple Diamond.

Why do people buy platinum?

Platinum is a less expensive alternative to palladium, another precious metal commonly used for industrial applications. Platinum historically trades at a premium to gold, according to CNN Business. Platinum normally costs less than gold. Platinum can easily be bought and sold, making it an extremely liquid asset.

What are the top 3 uses of platinum?

Platinum uses. Platinum has a range of uses, including electronics, automotive industry, dentistry equipment, jewellery, and bullion. The biggest use of platinum however is as a catalyst. Catalysts are materials that speed up chemical reactions and reduce the energy needed to convert a substance.

Which industry uses platinum the most?

Although over half of all platinum production is used to make jewelry, it is increasingly being used in the medical, electronic, automobile, defense and aerospace industries. It is also a key catalyst in many industrial processes.