How can gap analysis be used to successfully obtain a greater share of a customer’s spend?
Consumer expectations and shopping patterns can be difficult to understand and in turn retention of customers can be difficult to sustain in competitive markets.
Using Gap Analysis to fuel your marketing and customer retention strategies will help to secure future customer spend as well as increase basket share. Gap analysis should be used to identify purchasing patterns, help compare category mix, MTBO’s, GM, Revenue and AOS patterns across customer databases and segments of customers, all with the aim of identifying new opportunities.
Using order Gap Analysis, dealers can build contact strategies and marketing strategies, pinpointing the right time to communicate with their customers, delivering relevant messages, offers, prices and promises at the opportune time. Gap Analysis can also be used to determine when a customer is at risk of lapsing, for example, if a customer is potentially shopping with multiple retailers or if a customer is changing his/her buying behaviour.
What are the analysis tools that should be in a back office system?
Firstly, a good back office system should be built as a single, integrated technology product that provides real time customer and financial data and gives the dealer full visibility of their performance across all key business areas.
This data should then fuel tools such as dealer and customer performance dashboards, live integrated reporting suites, KPI metrics, customer behaviour analysis and ordering patterns all of which should be seamlessly integrated into one platform to help drive marketing, pricing and promotional strategies.
Through the automation of real time analytical tools and a seamless integration with CRM and marketing tools, dealers will have more time and clarity to develop new strategies and embrace new techniques to grow their customers and increase profitability.
The Office Power Dealer Portal and analytics tools give dealers all of this functionality and more. We constantly develop our existing tools and product features, releasing weekly improvements to all of our partners.
Office Power partner Mark Rostock from Just Office says ‘Based on the new data we have on our system we have identified that we have in excess of £47k as additional sales opportunity for this month alone’.
What should the gap analysis process be and how often should it be performed?
Our advice to dealers is to partner with a technology solution that does all the hard work for you, eliminating the need for complex manual processes. With Proactive CRM and Gap Analysis tools working for you, dealers can open up a new world of customer data and insight that will help grow their business. At Office Power, our Proactive CRM tools give our dealers a daily contact strategy with opportunities to go after each day. Our technology highlights daily gaps in customers spending and provides you with structured data to help grow revenue and margin.