Increase sales with cross-selling and up-sellingThe hub of your business is probably the sales system. The sales system is a fantastic resource for understanding your customers. It contains the information you need to better understand purchasing behaviours: the who, when and what was purchased. Customer understanding increases salesA client was seeking ways to increase their average customer order value. Their catalogue business was doing very well, sales were good. However, their profitability needed improvement. Sale analysis revealed that most orders contained only one or two items. With a large product portfolio, there was potential to increase average basket size. We delivered a marketing solution using market basket analysis to deliver results. The analysis revealed valuable cross-sell and up-sell opportunities:
The business was able to capitalise on this new found understanding, increasing sales. Market basket analysis identifies sales opportunitiesData within your sales system has the potential to identify customer purchasing habits. This data combined with market basket analysis techniques can identify:
Supermarkets store huge volumes of consumer sales, each basket tracked by individual loyalty card. They use this information for store management and to target you, the consumer. When making a purchase at a store you use a credit card, you don't provide your personal contact details. The loyalty card is their method for tracking consumers. Businesses requiring purchaser contact details have good potential for market basket analysis. If your business is in this category, you could use this technique. The results of market basket analysis can be used to support:
Considerations before implementationBefore undertaking market basket analysis there are a few things to consider:
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Telephone: 01494 871 342 contact@information-drivers.com"The reports generated by Information Drivers have enabled us to make more informed decisions about the business and its processes. As a result we have commissioned further complementary projects." ~ Natalia Norford, Business Development Executive, b-Live CMP Information is an international publisher and major events organiser. CMPi delivers targeted integrated business media solutions to around 20 industry sectors. The management team, recognised they were not leveraging the strengths of their vast media empire. They sort external assistance from one of the big four consultancies to address this issue. One of the observations was 'there were probably cross-sell and up-sell opportunities' and CMPI should capitalise on them. That is where Information Drivers came into the project. We delivered actionable results faster and cheaper than the incumbent consultancy. Ask for advice about your data and the information you need. Just submit your question to The Data Surgery |