Most major manufacturers and brands today put a lot of research and development into finding the most efficient ways to maximize product purchases. Often, this includes a “peanut butter and jelly” style sales approach of associating with other offerings on the market that are significantly compatible—or complementary. Often referred to as cross-selling, this longtime trend among brick and mortars has now become an incredibly useful tactic online.
With the right tools and monitoring software, brand managers can now easily find and link up with complementary products to meet the right audience and drive sales.
“Complementary goods are products or services that tend to sell together. Demand for one translates into demand for the other.” – John Spacey, Simplicable
Complementary products – the basics
We have all searched the Internet for either a gift or personal item, and in the midst of doing so, encountered another product that suddenly becomes a “must have” addition to what’s already in the virtual shopping cart. These moments are NOT accidents.
Smart brand managers and retail owners know that if a consumer is willing to open their wallet in the first place, they might be able to increase the sale before checkout. As a result, companies use algorithms to market alongside complementary products, using smart copy that speaks to the target audience, and direct links to tempt on-the-fence shoppers.
After all, what’s a laptop without a designer zip case to keep it protected? Or why in the world would anyone consider snagging paper towels for their household without also grabbing toilet paper?
The challenges
Of course, because all brands are different, finding where to place goods AND which products to place alongside them can be an extremely complicated process. To make matters even more difficult, today’s massive landscape of retail touchpoints can be almost impossible to individually examine, analyze and utilize strategically.
Considerations spanning audience targets, regional nuances, consumer expectations, competitor strategies and market evolution can make complementary pairing a very involved process that is anything but static. The world keeps changing, and to keep up, branders need to keep their eyes on trends and analytics constantly.
“Amazon attributes up to 35 percent of its revenue to cross-selling – both the ‘Frequently Bought Together’ and ‘Customers Who Bought This Item Also Bought’ sections promote products related to the item that you are currently viewing on the site.” - Chuck Cohn, Forbes.com
Where to start
While there is a wide array of digital applications to help brands cross-sell, most are not equipped to analyze all of the vital factors needed before making that final placement decision. That’s where PriceSpider’s monitoring capabilities come in.
Through the convenience of a seamlessly designed dashboard, digital marketers and brand managers finally have a 360-degree view of their product listings across their retail partner's sites. Through offerings such as Where to Buy, companies can track users down to the purchase and view exactly what they’ve purchased after they’ve left your site, even if they didn’t buy your product. Not only can this guide a better overall digital brand presentation, but it can also help to accurately determine the best opportunities for pairing with complementary goods.
Today’s consumers expect online searches to produce a dazzling collection of “bells and whistles” to potentially complement their primary purchases. With Where to Buy from PriceSpider, it has never been easier to give them what they want.