Sales and transactional data can provide a useful window into the buying habits of your customers. Interactions between categories, brands, and SKUs provide opportunities for effective marketing and communication as well as promotional activity. As well, understanding the sensitivity of different products to variations in media delivery is especially useful for assessing return on advertising spend, or ROAS.
When we say “transactional” we mean multiple transactions by the same customer over time. This also means that the customer has an ongoing, longitudinal relationship with you and your business. This means that customer behavior can be analyzed over multiple store visits or orders in the case of e-commerce and analyzed for patterns that could be useful for identifying new product opportunities or ways to make the customer’s buying experience more beneficial.
All of these provide avenues for improving the sales of specific products in specific categories, promotional support, and activity, as well as merchandising insights.
If you have sales or transactional data and want to better understand the implications of that data for your business, we can help. There may be a significant amount of effort required in order to get your data into a form that is usable for analysis, but it can and has been done.
InnoProbe Insight has the expertise to make your sales and transactional data come alive. There is a tremendous amount of untapped value in your data that we can shine a light on and leverage more effectively. Call us to discuss your customer data analysis needs.