Using CustomerTool
CustomerTool can be used in the following retail activities:
Suggestive Selling - Identify the most likely to succeed cross-sell and up-sell opportunities.
- Provide your company's Customer Associates with weekly reports of what to cross-sell and up-sell.
Promotions - Calculate your Promotional ROI
- Identify complements and substitutes.
- Quantify how product combinations perform during promotions.
- Identify those products that you should NEVER promote at the same time.
Store Layout - Place products that sell well together to increase the probability of more "customer-product-combination interactions".
- Strategically layout your store to test segment perferences
Differential Market Basket Analysis - Compare Market Baskets from different stores or over different time periods.Customer Segmentation
According to the American Marketing Association the "basis of segmentation" begins with "a product specific factor that reflects" differences in customer preferences and purchase behavior. For retailers, customer preference analysis is vital to understanding what customers will want today and in the future. CustomerTool is specifically designed to help retailers uncover customer preferences quickly, accurately, and more affordably than any of our competitors. Many retailers find segmentation to be time consuming, complicated or too technical. CustomerTool works with standard POS transaction data to make segmentation easy, accurate and fun. CustomerTool's service is designed to identify customer perferences through the use of Association Rules. Association Rules are widely used in data mining to uncover patterns in customer behavior. Click here to learn more about Association Rules.
Read more about Segmentation
"The process begins with a basis of segmentation-a product-specific factor that reflects differences in customers' requirements or responsiveness to marketing variables (possibilities are purchase behavior, usage, benefits sought, intentions, preference, or loyalty). Segment descriptors are then chosen, based on their ability to identify segments, to account for variance in the segmentation basis, and to suggest competitive strategy implications (examples of descriptors are demographics, geography, psychographics, customer size, and industry). To be of strategic value, the resulting segments must be measurable, accessible, sufficiently different to justify a meaningful variation in strategy, substantial, and durable."
Marketing Power
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