Know the Types of Purchases Your Customers Are Making
Business analytics reporting is crucial for gaining a better understanding of your business and your customers. One of the most important key metrics that we measure is called types of purchases. By analyzing what your customers are buying, we can determine which products they purchase most frequently, how often they buy them, and how your different branches or departments compare on sales of specific products.
Why types of purchases matter for your business
A successful business has to connect customers and potential customers with the products and services that they want and need to buy. By identifying which products you sell in the greatest quantities, you’re better able to focus your marketing and advertising strategies and make the most out of your limited resources and budget.
Products or services that are normally purchased more often will deliver a greater ROI for your marketing campaigns than less popular products would. People want to buy them; all they are waiting for is you to put the product in front of them to remind them to do so. Being aware of your customers’ most common types of purchases will help you avoid wasting money on advertising too much for products that are less popular and that yield a smaller ROI.
How to take advantage of knowing types of purchases
Once you determine your most frequently bought products, you gain a fuller picture of your business and what steps you should take to achieve growth.
Know where to place resources
By understanding types of purchases, you will know which things to run promos on, which products to have front and center in your emails and on your website, and which products to focus on for any paid advertising. This metric will also tell you which products and services you should post most frequently about on social media.
Gain insights for product development
You can use types of purchases to know what new products to develop. Leverage the knowledge of what sells the best to help create similar or complimentary products that are likely to sell equally as well.
Introduce customers to more products
Using your knowledge of customer purchases, you can introduce them to additional things you offer. They will open your email, click on your ad, or come to your website for the more popular product that serves as the hook, but then they’ll see the other ones that you also have featured.
Improve specific departments
Knowing the types of purchases your customers make will help you understand your own business better. For example, you will be able to see which branches or departments sell more or less of specific products or services. If a product is selling great at every other branch but one, then there may be an issue specific to that branch.
At Zintoro, we’ll provide you with monthly business analytics reporting so you can understand key metrics like types of purchases, purchase frequency, customer retention, and many others. Then, our partner company Winsby can help you implement email, website, survey, and other marketing strategies to improve them all across the board.