How many products can the average salesperson keep in their head while they are making reccomendations to customers? You will be shocked to find on average it is only 8. What if 8 isn’t enough? What if you have more than 8? What if you have twice that? Ten times that?
If you have more than 8 products, when a member of your sales team calls on a current client, they only recommend the products that they are most familiar with. You have provided them an entire playbook, and they use only a tiny fraction. Unless, those 8 products just happen to be the correct product for a customer, your sales staff just put a client into the wrong product. They assumed that everyone was like them.
Think about that for a second. The whole point of cross-sell is to keep your clients happy and purchasing from you. Matching the wrong product with the wrong person means reduced satisfaction, frustration, and loss of loyalty. On the balance sheet, you are losing income, not maximizing profitability, and your salespeople are misusing their time. How do you improve this?
Using predictive analytics and data science we can help your sales team improve how they cross-sell and up-sell your products. We provide them with a list of people who are most likely to purchase an additional product, and who could be made more profitable and how. We develop our predictive models using the data you already have.
Data you already have is data residing in CRMs, accounting systems, and transactional data. Inside that data, we find patterns. Patterns like: when someone buys, the order of products that your customer buys, what a profitable customer looks like, and who else in your customer base looks like them but doesnt have the same level of engagement. All of these patterns help you make more sales, better sales, and retain the clients that you need and should retain.
In the end its a way for you to provide your customers better service. Having a predictive analytics backed system gives your company the ability to recommend the full book of products you have. It puts your clients in the best product for them which improves your loyalty and average stay with your company and improved average stay means more sales, more profit, and improving the forever important Customer Lifetime Value.
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Tags: cross-selling, Customer Lifetime Value, Predictive Analytics, Up-selling