Learn how to locate and target your forgotten products to avoid letting them become your weak spot.
All companies have visibility and track what their clients have purchased, but that level of tracking is not always extended and applied to understanding what people are not buying. If you are not tracking what your clients should be buying, then you are potentially missing a huge amount of revenue.
As a business, your main priority is to grow the bottom line and increase profits. Several distributors and manufacturers are selling in mature markets and do not have the luxury of landing new clients everyday; so maximizing your penetration in current and newly added customers becomes critical. To out-distance your competition, you must do more than simply track repeat business; you must work to INCREASE that repeat business. The key to account penetration is delivering data to the people who need it and in a manner where you don’t have resources tied up producing and updating spreadsheets day after day for every client. So how do you set up your analyses to study the gaps in your business and see where you have potential for growth, or are already missing revenue opportunities? The answer – Tour de Force Gap Analysis!
The Tour de Force Gap Analysis shows what your customers are currently buying, and what they are currently not buying. With this extensive insight, you now know where you have the most potential for growth. For example, Gap Analysis could show you that your customers are buying products A and B, but not C. You now know you have potential to grow with product C in this particular group of customers. As a company and, the executive team, to have insight like this is incredibly valuable. Information like this for marketing teams and sales people is priceless. Anyone tasked with increasing market share needs the tools that will provide them fast and accurate data they can use as a “playbook” to assist them in helping to achieve the goals they are accountable for (AKA – more sales). With Tour de Force Gap Analysis, you are providing data that will help your sales and marketing teams identify next logical purchases based on current or historical purchasing patterns. If you are looking to increase sales, start by understanding the data you already have access to – simply use our tool to put the data into a format that is automated and a value add to your teams.
When you can see your areas of potential growth, you can create and tailor marketing campaigns to target specific customers with a promotion for a forgotten product, or new product line or vendor. Contact us today to see how we can help your business understand the data you have and put it to use to uncover new opportunities. Gap Analysis is not a new concept but for those who understand and utilize it, the information can create spikes of revenue that can provide a very quick ROI for a simple, well-organized tool.