I'm struggling to find a data science concept/approach that would help me answer a super simple business question: what is incremental sales from the big newness the company just launched?
Context:
- My company launched a new lipstick few months ago, it's still being sold. Data Science was asked to assess incremental sales generated by the lipstick within first 3 months since launch
- Our portfolio is huge and includes 10 other lipsticks and 300+ more SKU's from different segments
- It's obvious that new product is not fully incremental and some clients bought it instead of other products they would have bought if the new lipstick hadn't been launched
Data:
- List of customers who did/didn't buy the new lipstick (some of them are new customers)
- Transaction history (what and when they purchased) for all customers, before and after the launch
Thanks in advance for all hints!
Cheers, Bartek