When it comes to growing your business, there are two different strategies you need to implement: reaching new prospects and growing current customers. Both aspects are import, but each one requires a unique approach. With prospects, you want to introduce your company and service offerings and incentivize them to give you a try. Current customers are already familiar with your brand, so the goal is to introduce them to additional products and services that they can utilize. How do you know what to offer next? Strategically choose which service to introduce your customers to with our Next Product Model.
Identify Top Customers
Before you dive into selecting which products you should promote, you need to know which customer relationships you want to grow. Who are your high value customers? Who has the most potential for growth? This is best done through a MicroModel® analysis and customer profile that examines historical customer data and identifies your top customers.
Since each record is scored, ranked, and placed into deciles, you can see who your high value customers are and what opportunities you have for building those relationships. You can also see which customers look like them and have potential for growth. Establishing a baseline of what your top customers look like equips you to make informed decisions about who to focus on and where to invest your resources. It also helps reduce marketing waste by removing those least likely to purchase from the list.
Analyze Data & Predict
After you have selected which customers you want to target, it is time to look at what they bought. We developed our Next Product Model to examine customer response and transaction data. The analysis predicts which products your customers are most likely to buy next. We score and rank each product, so you know which offerings have the highest probability of being purchased.
Implement Findings
Marketing data modeling is all about helping you make smart, data-driven decisions. The Next Product Model can be used to create curated marketing campaigns for your clients. When you send your customers relevant offers, they pay attention. This is especially true when you incorporate your findings from a MicroModel® customer profile and design ads for them. Consumers buy from brands they know, trust, and feel understand them.
The Next Product Model takes the guesswork out of your strategy. Maximize the impact of your marketing efforts by choosing who you target. You can select the customers who are most likely to buy from you again and offer them products and services they are looking for. Often, clients do not know the full scope of your capabilities. You have to be diligent in putting new solutions in front of them and educating them on your services.
Next Steps
If you are looking for strategic solutions to help your business grow, reach out to our team. We love working with companies and coming up with creative solutions. Through data analysis, we help identify top prospects and ways to grow current customers. We offer a wide variety of solutions from data analysis and data lists to direct digital marketing.