- Universal Use Case
EFFECTIVE CONSUMER/RETAIL CROSS-SELL & UP-SELL
How Profisee can help organizations effectively cross-sell and up-sell services to complex customers and households spanning different business lines, brands, product offerings, and geographies.
Data-driven targeted cross-sell & up-sell
Organizations that have grown through acquisition or that have multiple divisions, brands or offerings all realize the potential of cross-selling and up-selling products and services to existing customers. However, effective cross-selling and up-selling is often more difficult than it seems due to complex customer relationships and households as well as multiple homes or addresses.
Data Domains
Customer, Household, Product
Business Problem
Unraveling complex customer relationships
Teams Impacted
Sales, Revenue
MDM Impact
Increased revenue and reduced customer churn
Business Problem
Data Strategy
Outcomes Business Problem
Complex Relationships & Siloed Data
- Investments in analytics, advanced marketing tools, recommendation engines fall short: AI-based tools to analyze and personalize marketing and omnichannel interactions have tremendous potential, but often fail to deliver full potential due to inaccurate, incomplete or missing data.
- Opportunities to expand customer revenue missed: Although most organizations pursue cross-sell opportunities, it is often done with a haphazard approach and without accurate and timely insights. Although some opportunities will be identified and capitalized upon, many will be missed.
- Customer-facing teams impeded by lack of insight: Customer interactions across product and services lines are uncoordinated, which leads to missed opportunities to expand revenue and creates a negative customer experience.
- Customer churn: Ultimately, customers experiencing uncoordinated engagement or fulfilling needs through competitors may completely churn.
Data Strategy
How MDM Can Drive Effective Cross-Sell
- Leverage intelligent fuzzy-matching to resolve complex identities: High potential customers typically have the most complex relationships across service lines, that may include multiple property addresses (i.e. summer home vs. winter home). .With layered matching strategies across multiple attribute sets, complex customer identities can be resolved.
- Link sparse customer activity with rich customer profiles: “Fill in the blanks” of customer activity that happens at point-of-sale and may not be correctly linked to the complete customer profile and history. Profisee can leverage hashed (encrypted) payment data to correctly capture otherwise invisible activity.
- Leverage similarity detection to identify households: Understand households not only by mailing address, but linkages between account holders and beneficiaries to expand services across family members.
Outcomes
Business & Financial KPIs Positively Impacted
- Increase customer lifetime value: With effective cross-selling, customer lifetime value grows, impacting loyalty, profitability, and reducing servicing costs.
- Increase customer profitability: Apart from avoiding the costs of new customer acquisition, customers with multiple products and offerings present opportunities to streamline servicing costs, increasing overall profitability.
- Reduce customer churn: Risk of total customer churn has an inverse relationship to the number of products and services consumed. Customers with numerous products and services are far less likely to churn or fully adopt emerging competitors.
- Gain competitive advantage: Increasing customers products & services increases market share, customer loyalty, and mitigates risk.
