Increasing the lifetime value of your existing customers is driven by maintaining relationships and increasing purchasing levels with existing customers. The Product Spend Profile attributes on Lattice Atlas provide insights into your customers' spend behavior. By providing your Product Purchase and Product Bundles data, you can curate these insights based on your Business Calendar. These automatically become available in uploading the Product related data to your tenant.
There are five types of Spend Profile attributes.
|
Attribute |
Definition |
|---|---|
|
Has Purchased |
This attribute indicates if a given product was ever purchased by the account. This insight is useful to drive cross-sell campaigns for the accounts that have purchased a product and a potential opportunity for another. |
|
% Spend Change |
This attribute is calculated by comparing average spend for a given product of the account in a specified time period to that of its specified prior time period. This insight is useful to drive sales and marketing campaigns for the accounts the spend is declining. |
|
Spend Over Time |
This attribute is calculated by aggregating spend for a given product of the account over a specified time period. This insight is useful providing dynamic talking points to the reps when executing cross-sell and up-sell plays for a set of accounts. You are allowed to configure this attribute for up to five different time periods aggregating over total and averages of spend. |
|
% Share of Wallet |
This attribute is calculated by comparing the spend ratio for a given product of the account with that of other accounts in the same business segment. This insight is useful to drive sales and marketing campaigns for the accounts where the share of wallet is below the desired range. This attribute is available only if the Business Segment was provided during the Accounts import. |
|
% Margin |
This attribute is calculated by analyzing cost of goods sold over and revenue for a given product of the account over a specified time period. This insight is useful to drive sales and marketing campaigns for the account where the profit margins are below expected. This attribute is available only if the Cost of Good Sold was provided during the Product Purchase import. |
Configuring Spend Profile Attributes
To configure Spend Profile Attributes, you will need to have loaded your Product Purchase and your Product Bundles data into the tenant. As soon as you finish uploading, the Has Purchased attribute will show up by default under the Product Spend Profile on the My Data page.
To configure rest of the attributes, go to the Configure Attribute section, by clicking on the icon on the top right corner of the My Data page.
1. Select the attribute you want to configure. An example below showing the Spend over time attribute. Once you configure you attributes, click on Submit.
2. Lattice Atlas will generate an action whenever you configure or modify these attributes. Wait of the Process and Analysis job to complete.
3. After the job is complete, you will see the attributes activated action in the job report and the attributes will be automatically visible under the My Data page.
On your My Data page,
Every product bundle per time period on the account will be shown as an attribute under this category card.
4. Once all the steps are done, you should be able to use these attributes for Segmentation.
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