Next Best Product (NBP)
Do you know the concept of Next Best Product" (NBP) ? We now offer you this type of solution to boost your sales. How do we do it? With Odoo CRM and our Smart Analytics tool.
The concept of Next Best Product" (NBP) is a strategy commonly used in marketing and data science to identify the most appropriate product or service to offer to a customer or prospect, based on their preferences and behaviors.
By understanding customer preferences and providing tailored recommendations, you can create more personalized and engaging experiences.
The benefits of implementing a Next Best Product approach include improved customer satisfaction, increased sales, higher customer loyalty, and enhanced marketing efficiency.
How do we do that? Together with you we work on the following steps. Let's take the example of a fruit and vegetable wholesaler who sells to stores.
- Data Collection: we collect data on their retail customers, including their purchase history, product preferences, order frequency, and seasonal trends. We also gather data on general market trends and consumer preferences.
- Customer Segmentation: we segment their retail customers based on factors such as the types of fruits and legumes they usually order, their order frequency, their location, and their customer size (e.g., small local stores vs. larger supermarket chains). This segmentation helps identify different customer profiles and tailor recommendations accordingly.
- Predictive Modeling: we use historical data and market trends to build predictive models. These models analyze factors such as seasonal demand patterns, customer purchase histories, and market preferences to predict which fruits and legumes are likely to be in high demand in the future.
- Recommendation Engine: we develop a recommendation engine that takes into account the customer's profile, purchase history, and predictive insights. For example, if a retail customer consistently orders a variety of fruits but rarely orders legumes, the recommendation engine may suggest new legume products or promotional offers to encourage diversification of their product selection.
Drive your business with relevant reports, using the advanced features of a BI tool (e.g. Looker Studio or Power BI), directly integrated into your Odoo ERP.
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Next Best Product (NBP)