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Market Basket Analysis 6.15.15

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Market Basket Analysis 6.15.15

  1. 1. . MARKET BASKET ANALYSIS IMPROVETHE CUSTOMER EXPERIENCEAND PROFITS! QUESTIONS: These are but a sample of the overall questions that apply to each of the separate analysis  Which Products or Categories show up the most times in Market Basket?  Which Products or Categories create the most frequency of visits?  Which Products or Categories create the most sales by different time periods?  Which Products or Categories deliver the most GM$  Which Products or Categories build the strongest Loyalty?  Are there multiple types of Loyalty happening within different products?  Identity of the Customers for these Categories, frequency, sales, profit?  Which Categories are bought by your best and most profitable Customers?  Pricing on categories that generate the highest market basket?  Changes by Category and related items when sales are in place?  Marketing effects when a category is promoted? ELEMENTS TO BE CROSS ANALYZED: Category, Class, Sub-Class with the other Products in the Basket  Number of Transactions  Avg. Sales per Transaction  Avg. GM$ per Transaction  Avg. Marketing $ spent on Cat.  Categories in largest Basket vs. smaller Basket – units and sales  Frequency of those Categories  Units per transaction  Differencesin Basket when key product is marketed or promoted vs. not. BRAND/VENDOR ANALYSIS: Is one brand leading the charge in a specific category?Brands not adding anything but a few sales? What relationships do you need to address with your vendorsto improve overall performance?  Once specific product types are identified, which brands are most likely to be in the basket?  What are the brands that are 2nd, 3rd, & 4th in that transaction?  Time Analysis on Vendors – is there specific times that these brands performbest due to such elements as Holidays, Weekends, Quarters, etc. TIME PERIOD: Product Categories, Class, Sub-Class – these answers may change by time periods. The answers to these questions concerning time can dramatically influence product selection, inventory levels, marketing, pricing, labor and overall profit.  Year  Quarter  Month  Week  Day  Hour
  2. 2. PRICING ANALYSIS  What is the average priceof a category, class or sub-class going out the door?  Can changes in pricing lead to frequency, more sales, higher GM$? MARKETING: Which channels of marketing affect specific products and increaseoverall performance of specific Products.  Analysis of categories when specific marketing channelsare used. Radio, Billboards, E- mail as examples. CUSTOMER DEMOGRAPHICS IN THE DIFFERENTMARKETBASKET ANALYSIS  Location in USA  Location in State  Location in City  Age  Gender  Financial  Race  Housing- Own vs. Rent CHANNEL DIFFERENCES AND COMBINATIONS  How do Product associations by baskets differ by Channel?  Time of shopping  Similar products in basket  Pricing differences  Can we learn what level of involvement came fromthe web to shop the store? ADDITIONAL QUESTIONS ONCE ANALYSIS IS COMPLETED  What are the value propositions of the top products? o How can the answers be used for additional products  Who are the competitors for those products? o What is the opportunity or risk?  What Marketing elements to change, add, or reduce by products and time.  Inventory adjustments by location, time  Location in store and online for products  Allocation of space in store and E-Commerce for Products and Categories SUGGESTED TESTS  In a Brick-N-Mortar situation, take the top 50 doors and do a complete, full scale analysis on a product category. Understand the elements that drivethe highest volume doors.  Test the Top 50 Learning on at set of Middle 50 doors. See if those learnings can be applied to be useful in another scenario.  Use different types of marketing in similar locations to see how the Market Basket is affected.  Test new and old marketing channels using specific products that may lead to better performance.

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