Cross-sell Opportunity Analysis
You have only two ways to build your business. You can buy new customers or you can create them. Buying customers with acquisition campaigns is necessary, and expensive. But if you can sell an existing customer an item they’ve never bought from you before, then you’ve created a new customer for that item, and added net new revenue. It costs less than buying new customers, deepens existing relationships, and builds your business from within. The secret is customer analytics.
If creating new business with customer analytics sounds appealing, our exclusive Cross-sell Opportunity Analysis is an affordable customer analytics solution that’s working successfully for Loyalty Builders’ clients.
How it works
- We analyze the past three years of your customer transaction data.
- We then predict how likely each customer is to buy each product they’ve not yet bought from you.
- You send two cross-sell campaigns – one where you pick targets and offers as you usually do, the other with individualized target/product offers from Longbow 2.0 analysis; then compare the campaigns (two campaigns are needed if you want to compare our targeting with yours).
- Alternatively, use the cross-sell analysis to find a set of customers who are all interested in a set of products you select and send them all an email or flyer; compare the results to the response of a random group of customers to the same email or flyer.
- A cross-sell profile – a 50,000 ft. view of the size of the cross-sell opportunity at your company.
- A data table of individual cross-sell predictions for each customer.
- An analysis of campaign results – after you run a campaign using our predictions, we’ll analyze the results for you.
What you do
Once you’ve got your Cross-sell Opportunity Analysis, market to your customers using Longbow 2.0 predictions. Send a campaign to all customers likely to buy a specific set of products (or specific products from a particular brand), or send a marketing campaign to each customer offering their most likely next purchases. Whatever you do, you’ll see the lift in your campaign response rates, just like our other clients.
What you’ll see
- You will generate new business from existing customers.
- You will broaden customer market baskets.
- You will build customer loyalty.
- One Cross-sell Opportunity Analysis with all deliverables – $4,500
Successful cross-sell requires deep analysis of customer behavior and product affinity relationships. That’s what Longbow 2.0 does. Its unique ability to build a profile of every customer based on their purchase behavior helps you create individualized marketing campaigns featuring relevant offers with high response rates.
If you’re interested, please contact us and we’ll contact you to discuss.