With behavioral analytics, companies can build a foundation for stronger customer experiences and relationship development.
The many ways behavioral analytics can drive your business growth.
Big data and analytics have become the engine for growth and development for businesses. In today’s business world, companies look for data to find ways to improve their business, especially behavioral analytics. Behavioral analytics is used to learn how consumers act and why they do in order understand what they would do in the future. This information can help companies make insightful decisions at the right time, in the right place, for the right target audience, and potentially drive them down the funnel. For example, large retail companies, such as Amazon, are able to analyze their consumers’ buying patterns to offer high quality product recommendations. With this knowledge, companies can build a foundation for a stronger customer experience and relationship.
Behavioral analytics takes a holistic and individual look into consumer data to find connections between the two in order to understand what, why, and how behaviors occur. To capture this data, business analysts leverage analytics tools, such as Google Analytics (web), Omniture (web), Facebook and other social media analytics, and more, to find metrics including clicks, navigation paths, and conversions to understand more about the consumers’ behavior. Companies can then combine this big data with marketing to predict how consumers act and capitalize on these actions. Here are two growth tactics that companies create from behavioral analytics:
Website Optimization
The key goal on any retailer’s website is to drive the user to the purchase page and complete a purchase. By finding out where your consumers go and don’t, you can greatly improve your website to improve the customer experience. Many aspects that UX developers focus on when looking at the user path are traffic issues, design issues, content, and copywriting to understand if there may be any reason for the users to not convert. In today’s business world, companies understand that in order to drive conversions and purchases, you need to target and engage the right audience the right way, especially through personalization. Research has found that up to 94% of marketers agree that website personalization is essential to a successful marketing plan. With behavioral analytics, they can narrow their search and quickly solve the problems that surface.
Target Segmentation
Behavioral analytics can help companies improve your customer segmentation by helping you create better targeting segments based on one or more behavioral attributes. By grouping behaviors together, you can get a bigger and more insightful perspective of who your audience are. Some marketing tools include behavioral analytics that can improve your segmentation in various marketing tactics. For example, certain email marketing tools allow you to optimize your campaigns based on your consumers’ behavior. This big data analytics can provide many insights on which readers and subscribers read your emails, what links they click, and how long they stay on a page after clicking. This can help you to maintain your relationship with your customers and doesn’t decrease the attention span of your reading audience.
Learning about your consumers’ behaviors can be one of the most useful information for your business. It can provide insight that can optimize your campaigns and drive them down the funnel.
