Analytics already plays a massive role in marketing through customer assessment, advert campaign recommendations, demand forecasting and novel product ideas. These uses of big data in marketing can come in handy for you to find whether your existing customers want to buy other products or services in your repertoire.
Cross-selling is a marketing strategy that involves selling your new products to your existing customers. The product could be new or overlooked by the customer currently. The customer might be a part of the captive audience that purchases one or more products or services in your range, but not all of them. Problematically, pushing your new products on existing customers may come across as manipulative to them, causing them to abandon you altogether. This is why understanding whether they’re “ready” to be cross-sold products or services is important. AI and big data can come in handy for this purpose.
AI and big data in marketing can already be used for actions such as micro-moment marketing and data curation. Can it be used to check whether cross-selling will be useful for specific audiences? Yes, it can. Here’s how:
Through AI-Driven Customer Analysis
Big data involves constantly evolving information about your customers. This involves their likes and dislikes, preferred features and other attributes. This information can be collected via online review forms, social media posts and other sources. Once you know about the particulars of your customers’ choices and tastes, you’ll then have to segment them and create specific products keeping each segment’s choices and preferences in mind.
Essentially, this step involves getting inside the head of your customers to see whether they’d be interested in more than what they currently purchase from you.
Through AI-Driven Product Recommendations
Once the choices and preferences of your customers are known, you’ll have to work hard on getting the product right. Fortunately, machine learning and big data in marketing help you understand the right intricacies that will improve your product and make it appealing to your existing customers. Such product recommendations provided by machine learning algorithms can be the basis of your cross-selling marketing strategy for each customer.
As stated earlier, machine learning, analytics, and big data in marketing have been used many times before by organizations. Therefore, the use of big data marketing analytics for knowing the cross-selling readiness of your customers and designing products based on that is a safe idea.
