Here are some industry complaints about cross sale and member’s area upsale deals (and some ideas of how to fix them).
1. Your deals take forever to set up
Our friend Andrew told us the other day that it took three months to set up a simple cross sale deal. Both parties agreed it would make money but…three months went by.
Everyone (you, me and everyone we know) is ashamed of how slow we are to do anything as an industry. It may be the only thing we are ashamed of.
2. It takes months for you to find out if the deal is good
We watch the data come in for months then we figure out if it is a good deal or not. With better statistical tools we can cut the time to know if a deal is good by more than half.
But what is a good deal? We are making more money that it costs. Ok. That’s good. But it could it be better?
3. You never know if it is the best deal.
What would the best deal look like? It would have to start with the consumer. The consumer is not a big part of deal making today.
The deal where the consumer spends most (happiest with the combination of products) is the best deal. It’s a bigger pie. Everyone gets a bigger slice. Everyone makes more money. But it’s hard to know which product combinations get each consumer to spend his maximum. We have a pretty good idea but most of our partners don’t. And, if they do, it is a comparison that took months to arrive at instead of days or weeks. It also is a comparison with relatively few product combinations since deals are so hard to set up.
Those are a couple of challenges and some potential solutions.
We’ll be contacting some of you about a new beta. The idea is to use our tools to create better product combinations for consumers. We think everyone could benefit from a better way of doing deals. We’ll try it out and see. We’ll let you know how it goes.
Hop in the comment section and let us know what you think.
Reach out to your Vendo rep if you would like to know more. Or start with Vendo today.