Predicting the Next Sale

Predicting the Next Sale

Who are the most likely customers to purchase your customer’s products next week or next month? Wouldn’t that be nice to know? Don’t you think your customers would like it if you could help determine this? Do you have any idea how you would figure this out? Do you think it would beneficial if you knew which of your customers were more likely to purchase next week or next month? So how do you do this?

First you have to partner with your customer to be able to examine their customers’ purchasing history. This will also create a stronger bond between the PSP (although at that point you are truly becoming a MSP) and the customer. They would not want to open their customers’ purchasing history for every company they work with; this data is truly proprietary information. If you want to create this relationship you need to learn how to manage this data and use predictive modeling to show the customer what you can do (something like RFM Modeling). You need to learn the process and create your own success stories to validate the ROI so you can show the customer what you can do. It is not easy, but that is why people will pay for the service. DATA is critical, but what you as a PSP or MSP do with the data is what makes your company unique.

The other element that works hand and hand with predictive analysis is profiling your customer’s customers. You can purchase this service from outside vendors (much like a printer would purchase bindery from a trade shop until they have enough volume to justify an equipment purchase) or you can learn how to profile for your customers internally. The value of knowing typical age, gender, income level, education level, number of kids, purchasing history, the cars they drive, etc. (etc. is used here because there are over 450 attributes that list companies track and make available to append an existing database). Knowing what can be done is the most critical component to knowing how to position your company’s future.

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By WSPA

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