Shopping cart analysis for training providers

How can you uncover hidden patterns in your customers' shopping carts in order to create more targeted offers and thus significantly increase your sales efficiency?

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Advantage

Significant increase in response rate for marketing and sales activities

Data

Historical purchase data

Methods

Shopping cart analysis

Challenge

A global provider of certification and continuing education programs sends several million mail items per year to acquire customers. To increase the efficiency of its marketing and sales activities, the company aims to improve the targeting accuracy of mail items and minimize wasted mail.

Goal

In collaboration with eoda, the focus was on further expanding our understanding of customers and prospects, as well as their purchasing behavior regarding continuing education courses. The overarching goals of data-driven customer engagement include:

Increasing the response rate to mailed marketing materials
Increasing customer loyalty
Reducing costs through a more targeted approach

In addition to analyzing existing data, the aim is to improve the processes for data acquisition and storage.

Data Science Implementation:

Three Steps to Your Successful Data Product

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Solution

In this project, eoda is using shopping basket analysis to optimize the company's customer approach and to more explicitly evaluate customer bookings for continuing education programs. The methodological basis of shopping basket analysis is association analysis. This uses historical purchase data – so-called shopping baskets – to detect patterns and rules within purchasing behavior for products or services. Shopping basket analysis is a proven method for companies to more transparently represent their customers' needs and optimally align themselves with market requirements.

Result

With eoda's support, the company was able to significantly increase its response rate. The insights gained and the recommendations for more efficient customer engagement enabled a sustainable reduction in time and costs in marketing and sales.