Finding that Next Best Product for your Customers
We’ve seen that more than ever, companies are trying to gain more wallet share with the customers that they have today. And, that’s a very smart strategy — those who are loyal to you are more likely to be open to other products or services that you offer.
Here’s an idea . . . model for what the best next product is to offer to your valuable clients. This is a good way to determine how to move those customers who are transacting with you multiple times to — potentially — higher market items. Or, simply have them become larger customers with you because they purchase more products from you. Either way, you are building on the profitability of each one of your customers. And, you keep the dollars with your company as opposed to with one of your competitors.
A good way to start the process rolling is to analyze your customer groups by the product that they currently purchase from you. Really dig into every group’s profile and outline them. This way, you can figure out which products are held by each customer segment.
From here, you can start to configure the sequence that your customers purchase products from you. Imagine if while your sales reps were on the phone with a customer, that they knew exactly what the customer would most likely purchase next from you. They could offer it to the customer right there and then — and, more than likely make the sale.
There’s a lot to be said for this approach — and we wanted to get you thinking about it. If you’ve done this in your business and can share how you fared with our readers, we’d love to hear all about it. Toss us a comment and share your success!