How to make the most out of your customer data
We apply e-commerce metrics to your circuit business
Knowing your customers means more than knowing their name and latest purchase. Algorithms segment customers in groups you not see at a glance. We use customer segments to target "lookalike customers" as new leads or to optimize products.
Up- and Cross Sale
We enhance your customers' online booking turn-over by determining up- and cross sale potential. You are used to it from platforms like Amazon: "People who bought this product also bought XYZ" - It's no rocket science! - It's all about data insights.
What is the best price point for your products? Shall I offer discounts, early-bird rates, product bundles or low-priced entry products? We enable you to combine these strategies with additional data points like booing rate, lead-time until the event and customer segments to get the best out for you.
Reduction Churn Rate
Do you know it costs an organisation more to find new customers than incentivicing existing ones? We thus apply algorithms to calculate the customer lifetime value and trigger your sales and customer relations team before you are likely losing your customer.
How to start your customer data analysis project
It only takes a few things to start a project together
Identification of business goals
Each data analysis project starts with the identification of your goals: Do you want to generate new customers, increase up- and cross-sale or understand and reduce your customer churn? We apply common e-commerce metrics to the circuit industry - metrics, that we use for our own platforms as well.
Identification of Data Sources
We help you to identify suitable data sources of your circuit which can form as a basis for your project. Don't be affraid: We do not need all data from you during the concept phase. We only take a look at the data structure and a few examples, not the full data itself.
Integration of results into your daily work
Data insights are great but it is more important to integrate the KPIs into your daily work. We provide you with concepts and tools to make use of them, i.e. by triggering your sales CRM or targeted marketing, up- and cross-selling campaigns.
Let's start your project
Definition Yield Management
Yield management is a variable pricing strategy, based on understanding, anticipating and influencing consumer behavior in order to maximize revenue or profits from a fixed, time-limited resource.
Yield Management for Track Rental Rates
How yield management can help you to maximize the turn-over in your track rental business
Track utilization rate
Your own track utilization rate is the most obvious yield parameter: If you are fully booked in certain months and have more requests than available, our pricing algorithm can calculate an optimal price point per time frame.
The combination of data-driven customer segmentation enables our pricing algorithm to determine up-charges and discounts based on a client's booking lead-time and other event parameters.
Availability of other tracks
If your competitors are all fully booked, the pricing algorithm increases the rental rates due to the overall market availability - and vice versa: Rental rates can be reduced if many other circuits have available days.
Customers typically request discounts for multi-day bookings and one tends to agree to them. But if you know there are not many options for the customer to find the same availability, you do not need to give discounts.
Booking Request Heat Map
You could have sold attractive dates 10x to customers but others don't sell at all? The pricing algorithm analyses your booking requests per calendar day and creates a "Request Heat Map" with dynamic pricing based on your booking history.
Many customers prefer to hos their event in dry and cozy conditions. Historic weather data can be fed into your pricing model to increase the rate based on the likelyhood of favourable weather conditions.