Cross Sell & Up Sell Modelling
What do we mean by Cross Sell & Up Sell Modelling?
This modelling technique allows you to identify customers on your database who are most likely to purchase an additional product, for example, motor insurance policy holders who are likely to buy home or travel insurance products. Or, in the case of charities, people who are likely to increase their donations.
To develop a series of ranking models based on demographic, transactional and behavioural information of each customer to measure their likelihood to respond to cross sell and up sell marketing.
How it can help your business
The models will drive upgrade and additional product sales from existing customers and can be used to make effective marketing campaign selections.
High scoring customers can be targeted using the more expensive marketing channels such as telephone and direct mail, thus maximising campaign ROI.
Using the models will reduce unproductive marketing spends whilst increasing income.