By Debbie Frakes, LearningWithoutScars.com
To better understand your business and your customers, you have to take a close look at what they are buying from you the most, if you offer multiple products or services. By analyzing the types of purchases your customers make, you can determine what sells the best, how often it sells, and which branches or departments move more or less of specific items. Armed with that information, you will be able to make more informed decisions about your business strategy, optimize resource allocation, and maximize your profitability.
Why tracking types of purchases matters
As an equipment dealer, your success depends on connecting customers with the products and services they need. Identifying purchasing patterns helps you pinpoint what matters most to your audience. Using these insights, you can fine tune your marketing and advertising strategies to focus on high value products—boosting both your marketing ROI and your customers’ satisfaction. Monitoring types of purchases also prevents wasted spend on promoting lower demand items. Instead, you can invest in the areas that generate the greatest return for your company.
Understand your trigger products
Triggers are the products and services that cause customers to come into the store or dealer in the first place. At the grocery store, they are products like bread, eggs, and milk. At equipment dealers, they are things like emergency repairs, seasonal inspections, or specific types of machine breakdowns that lead to a replacement rental. It’s the type of goods or services that bring the customer through the door.