By Bruce Browning | OlleyMay
It’s happening more and more. You buy a blue widget at a website, and hey, presto! – it shows you a red, green and beige widget you just might like, too! Welcome to the growing art of cross-selling. Sometimes annoying, often successful.
How might cross-selling work for your business? Could you offer product suggestions to your customers in a way that would draw them in – and convince them to buy again?
Of course you could. The key is to use accurate and intelligent data mining.
Here are three steps to take to build a winning cross-selling campaign:
Analyze individual customer data. Focus in on individual customer preferences based on the specific products or services they’ve bought in the past. Yes, you need to create a unique profile for each and every customer. Trust me: It’s worth taking this time upfront.
Define how likely each customer is to buy. Score each customer profile in terms of potential product sales. A good marketer will develop metrics that measure each customer’s worth, and how close he or she is to buying — and assess any risk factors involved. This process will also help determine what products to push to what customers.
Target and cross-sell. A truly refined data-mining process will provide the specific data you need to map your customers’ buying potential across a number of factors. By plotting out this data, you can isolate a group of loyal customers most likely to buy. Now match each customer to the appropriate products in your warehouse – and sweeten the deal with a discount! Voila! Fresh, new sales.
True, this post simplifies a complex process. But a sophisticated marketing services provider understands the technical details involved, and can analyze your customer data to make cross-selling work for you. Give it a try!