Big Quota, Sluggish Sales, and a Small Marketing Budget
What if your B2B or B2C sales are dragging, but your quota has increased? What if no new product rollouts are ready to trumpet, you’re short on account managers, and you don’t have much marketing budget for the rest of the year?
Suppose you have a CRM with your customers’ purchase and support ticket histories and monthly billing history in your ERP or billing system. In that case, there may be a way to refocus your marketing, retarget your sales, and meet or exceed your new quota. It’s NMLP.
NMLP is the “next most likely purchase.” Looking backward, it’s the connection between what your customers purchased first, then next. NMLP is also about the interval between each purchase and the next.
Looking forward, NMLP can be the answer to your prayers. With specialized mathematical models (we’ll get to those later), it’s possible to recognize, with some amount of certainty, the shortlist of products or services that each customer is likely to purchase next and when.
How Does This Help Me?
If you have a nearly magical forecast of which current customers will next be in the market, what they’ll want to buy, and when you could close the deal, wouldn’t that help?
Of course, it would.
How Does NMLP Work?
Without going into a Ph.D. dissertation, the short answer is that “it depends.” Blackstone and Cullen will create your NMLP model to work best with your available data, industry, market, products and services, and customer life cycle.
The model we build will combine your historical data, customer intelligence, market intelligence, and other data.
Proprietary machine learning and operations research-based code will work together. The model will deliver the NMLP forecasts (when and what) that your sales and marketing teams will be thrilled to receive because the forecasts provide sales-making potential.
What Data Do I Need?
We start with:
We may connect with the tools you use to manage your marketing campaigns.
We enrich this data set from external sources, including various types of customer intelligence, marketplace, economic indicator, and geodata.
By accelerating sales, locking in customers on their next deal, and having insight into who will buy and what, you will enjoy very significant benefits that go to the bottom line.
How Long Does It Take
A project can take six to eight weeks to deliver complete initial results. The amount of work and project duration depends on the number of data sources you have, the amount of data available, the complexity of your market, and the number of products and services you offer.
Blackstone and Cullen can, in an additional phase, provide automation and integration with your existing systems so that you can refresh your NMLP report monthly or weekly. This information enables you to steer your marketing and sales teams and sustain the benefits ongoing.
Inside Scoop On Your Customers' Next Most Likely Purchase