Pieces of Your Revenue Puzzle
When you’re putting the pieces of your revenue plan together, an area often overlooked is increasing your share of wallet with each customer. It’s unusual for a customer to buy most or all of their products from a single distributor, but how do you get them to buy more from you and less from your competition? It’s easy to report on what your customers are currently buying from you, but trying to determine what your customers should be buying from you is a little like trying to piece a jigsaw puzzle together when some of the pieces are inside another box that is locked up tight in your competitor’s warehouse. How do you know what your customers are buying from your competitors when that data belongs to the competitor and not to you? Most distributors can only rely on anecdotal opinions or the advice of more experienced sales reps to target new sales.
But what if you could consistently know what products your customers are most likely buying from your competition and be able to specifically target these customers to expand your share of wallet with your existing customer base?
epaCUBE Sales Opportunities, an add-on to epaCUBE Price Optimizer, leverages customer and product segmentation and applies predicative analytics to uncover products your customers should be buying based on behavior comparisons to similar customers. It’s like getting the missing pieces to your revenue puzzle back in your own box. It helps you to expand the breadth of products you’re selling to each customer with targeted one-to-one marketing.
Similar customers buy similar types of products. They just don’t always buy them from you. To better understand your share of wallet, you need to pinpoint where you have gaps in each customer’s mix of products purchased. But how do you analyze data that is not there? By examining the patterns of similar customers you can develop targeted marketing and sales plans to encourage new sales based on what they should be buying.
In order to drive these sales efforts, the epaCUBE Sales Opportunities module does what seems impossible by reporting on the data that doesn’t exist in your database. We do this with a proprietary predictive analytics model and sophisticated algorithms that compare a vast amount of information to present actionable data for your sales and marketing efforts. There are big dollars in those gaps, so if you haven’t already done so, watch our five-minute video that demonstrates how epaCUBE Sales Opportunities identifies and visualizes these gaps for both sales and gross profit gain.