EWA’s cross sell analysis services helps businesses to streamline their product positioning strategy, increase average order values and strengthen customer relationships.
Customers often buy products in combinations and by analysing historical transaction data, valuable trends can be revealed - identifying which products are most often bought together and therefore have the strongest associations. This provides opportunities for cross-selling through relevant product recommendations across multiple channels.
Whilst business knowledge and intelligence says that some products will naturally go together, analysis usually uncovers hidden associations. These associations can be used to drive cross-sell and up-sell opportunities by marketing and promoting the associated products together via channels such as email marketing, ecommerce sites, product catalogues or via customer service personnel.
The most well known example of cross-sell modelling is the Amazon model – ‘customers that bought product X also bought product Y’, which is promoted via almost all customer communication channels. Incentives can be used to help reinforce cross-sell opportunities and the ultimate effect is to increase the value of each customer transaction and therefore the average order value.
EWA assists clients by developing and applying product association models to customer/transactional data and identifies those products with the highest association rates, i.e. cross-sell rates. The models and resulting rules/output tables can then be used within web or database developments to inform and direct customers to other products based on the strength of the association.
Cross-sell is a well proven means of generating increased revenue from each customer interaction and extending the range of products purchased by each customer.
To find out how EWA could develop a product cross-sell strategy for your business, speak to one of Customer Insight experts on 01245 492 828 or via our contact form.
Read our Wiltshire Farm Foods case study here