Product Category Analysis
Businesses with different product offerings can gain a deeper understanding of the factors that increase (or decrease) the demand for each by undertaking a product category analysis.
By understanding what drives demand for different product categories, this knowledge can be used for store setup, merchandising, pricing of products, and marketing at both a national and local store level.
Benefits of Product Category Analysis
Businesses that have a greater understanding of the demographic and market skews at a product category level, have a unique advantage in being able to to tailor product offerings, at both a national and local level, and enhance the customer experience.
Geotech Information Services can assist businesses in understanding more about the demographic and market skews of different product categories, to answer key questions, including (but not limited to):
- Which types of areas does each product category perform best in?
- Which products should be promoted more heavily than others at a national and local level?
- What is the relationship between different product categories?
Undertaking a product category analysis can also provide insight into cross sell and upsell opportunities, and potential bundling of relevant products.
Undertaking a Product Category Analysis for More Focused Acquisition and Retention Strategies
A prominent AFL teams number of memberships had stagnated, and they were wanting to increase the attendance of their members at AFL matches.
By undertaking an analysis on their membership product categories, they were able to use the findings to more effectively acquire and retain members, and ultimately increase AFL game attendance by their members.
Geotech Information Services can help take the guesswork out of identifying who your customers are, and assist with segmenting your customers into different customer profiles, so that each can be more effectively targeted.