Open Enrollment | Subscribe to Target Marketing HERE
Connect
Follow us on
Advertisement
 

6 Best Uses of Predictive Analytics for Cross-Sells and Upsells

February 8, 2012 By Heather Fletcher
Predictive analytics can help marketers upsell and cross-sell products to customers. But the key word in that sentence is “customers.”

So says Stephen H. Yu, vice president of data strategies at Papillion, Neb.-based data provider Infogroup.

Different divisions handling different channels or various departments in charge of various products can cause problems for customers if companies decide to organize data based on those guidelines alone when creating predictive models. So instead, Yu suggests, “Companies should go through a paradigm shift towards 'customer-centric' marketing. Even the best-designed databases and models will turn out to be ineffective if marketers use such tools with 'division-centric' minds. That is how one customer ends up getting confusing offers in [a] short timeframe from the same company.” 

This is just one bit of advice about how marketers can best use predictive analytics to identify cross-sell and upsell opportunities. More suggestions come from Yu and: 
1. Rethink the data to include. Miller's comment that “CRM is the new black” is only slightly tongue-in-cheek. Customer relationship management efforts in channels such as social media are yielding many insights that she says should be included in data-gathering efforts for predictive models.
 

SPONSORED CONTENT

MORE ON DATABASE, LISTS AND CRM >>

FROM THE BOOKSTORE

<i>The Business of Database Marketing</i> covers all the bases for the typical business reader.  It even includes a catalog of the 37 “Best Practices” and a roundup of some of the major “Dos and Don’ts” in making business sense of the world of database marketing.  It will be the one easy-to-read and easy-to-understand guide for putting database marketing and customer relationship management to productive use for every business. The Business of Database Marketing

The Business of Database Marketing covers all the bases for the typical business reader. It even includes a catalog of the 37 “Best Practices” and a roundup of some of the major “Dos and Don’ts” in making business sense of the world of database marketing. It will be the one...

ORDER NOW

 

COMMENTS

Click here to leave a comment...
Comment *
Most Recent Comments: