How to fulfill cross/up selling techniques
To increase sales the company has to find the right combination of products, which should be recommended to the client.
There are well known techniques like Cross/Up Selling, which help the company to meet these sales targets and increase clients satisfaction and loyalty simultaneously.
How Cross/Up Selling could be applied and how easy to fulfill these techniques?
There are the following appliances of the techniques:
- Recognition of products or services which are often purchased together
- Rising customer loyalty with offering the customers products which are better suit their expectations
- Preparation group offers or best products sets
- Sales increase
To find these right combinations is not always easy, especially when you have a lot of data. It is difficult to find from thousands or even millions of customers’ buying’s those factors that are critical in the purchasing process.
And this is where advances analytics is very useful. Cross/Up selling, supported by statistical data analyses and Data Mining algorithms, provides the means to offer optimal product combinations to particular customers in ways, that best match their current needs. We use, but not limited, to such models like Market Basket Analysis (identification of products or services that are most frequently purchased together) and Best Next Offer models (which product should be recommended to a customer) to define the best business decisions for your company.
Conclusion
Cross/Up Selling is the good way both to increase sales and customers loyalty. But it is not worth to rely on your intuition. How client make decision for buying, what is important when making a choice etc is not easy to determine when you have millions of customers’ buying’s. And it is where advanced analytics will help you a lot. Computers and analytical tools will find the right combinations and the right decision more quickly and in a better way. And all these decisions will help to gain more trustful relations with you clients.