“Don’t find customers for your products, find products for your customers”.Seth Godin
We are all aware that data-informed marketing efforts help create a better operating ecosystem. 93% of businesses with an advanced personalization strategy experienced revenue growth. Thus, it becomes imperative to understand and learn about customers. Observing buying patterns, preferences and overall behaviour helps personalize experiences that further helps meet the customer expectations.
With the drastic and quick shift to the digital world, observing customer behaviour has changed its meaning. Various tools and aids got into the picture to help assist the manual efforts. We received access to a great deal of information, data, and analysis of views, purchases, preferences, and much more.
Apart from mere accuracy, behavioural data has a lot to offer to the digital domain. Puretech Digital brings to you a short yet effective read on the ways in which behavioural data can boost your marketing efforts.
What forms behavioural data?
Web and mobile phones are the prime sources of this data.
Behavioural data includes the following metrics/components that help build insights and strategies on the basis of the information gathered:
- Navigation Path
- Social Media Interactions
- Help Desks
- Purchase History
- Email opens
- Video content consumed
How to use behavioural data for your business?
There are various ways in which you can use behavioural data to implement marketing strategies and attain the desired goals. Some of them are:
- Demographic Targeting
- Suggested Purchases
- Targeted E-mails
What are the benefits of using behavioural data?
- Understand consumers at an individual level
The data helps you narrow down the information and learn about the habits and preferences of the buyer at an individual level making it easier for businesses to retarget their audience with enhanced experiences.
- Precision in messaging
With behavioural data in place, businesses can better their communication and define messaging with accuracy. They can interact with and display the information in the best way preferred by that particular customer
- Develop personas and enable detailed segmentation
Behavioural data incorporates people’s perceptions and decision-making methods, their motivations, preferences, priorities, as well as learned habits which are controlled unconsciously.
Gaining this depth of knowledge helps segment the audience, reaching the right customers with the right products and services at the right time and in some cases, in real-time.
- Advanced decision-making
Data performs multiple roles. On the one hand, it serves to benchmark what currently exists, which allows you to better understand the impact that any decision you make will have on your business.
- Enhanced customer experiences
By engaging their audience in the right moment and delivering relevant experiences, brands are witnessing higher conversion rates and increased customer loyalty.
60% of Netflix rentals stem from personalized messages based on a customer’s previous viewing behaviour and 35% of Amazon’s sales are directly attributed to suggesting products an individual might like based on their unique behaviours and purchases.
In conclusion, when put to use, behavioural data and customer interaction insights provide a vast arena of opportunities and strategies. By benchmarking performance and effectively implementing the insights, the business can become data-driven while thriving on growth.
*Although, customer privacy and permission are paramount while incorporating marketing tools and data acquisition methods.