Customer Behavior Analytics helps to learn how people react and what actions they take while using digital products such as web and mobile applications, online games, e-commerce websites, and the Internet of Things.
These analytics are the latest marketing awareness tools that provide insight into how users react to specific digital platforms. The massive raw data is structured and organized into a timeline that exhibits commonalities in user behavior.
User Behaviour Analytics (UBA) applies to the kind of data analytics that presents insights into the actions of customers and prospects when communicating with your business online. User analytics data gives you a complete picture of how your consumers react to your website or your marketing efforts. It takes a much deeper dive into user behavior than the standard metrics such as the number of users or pages viewed.
Behavioral analytics revolves around social media, e-commerce, and gaming, however, every business that desires for better marketing activities and to optimize sales can utilize them. They are an excellent tool for boosting customer engagement and consumer retention, and they encourage you to offer better value. Consequently, you will always be in a better position to maximize conversions and revenue considerably. Behavioral analytics must be involved in decision-making and business strategies regularly for maximum company growth.
So What Are Behavior Analytics?
Behavior analytics are produced from user activity when they visit a website, click or swipe on an image or a link, or engage in an app. Businesses behind these platforms utilize behavioral data to recognize common behaviors among users.
Why use behavior analytics?
If you want to dig deep into understanding customer’s pain points and issues and their motivations and probable future actions, behavior analytics will help. By focusing on user behavior, behavioral analytics enables you to figure out the real impact of your business decisions on customers. Furthermore, they can support you in pinpointing possibilities.
A study has revealed that businesses leverage behavior analytics to produce behavioral insights to become capable of outperforming competitors by approximately 85% in sales growth and over 25% in gross margin. This study highlights the power of behavior analytics provides to those who wish to obtain a 360-degree view of customer’s preferences and challenges alike.
It helps with enhancing online products and features, depending on what customers find most useful and what they usually ignore. You can also discover how they use products or services, and what relates to the actual value from their viewpoint.
Need for behavior Analytics
Customer Behavior Analytics points out particular actions taken by your consumers, structuring this raw event data into timelines is a journey taken by each user. By learning this journey, you can clearly define user preferences and customize products or services to suit them. It is all about personalizing your products or services for your consumers. Yet to get this done, you must find out how your customers are utilizing your products and services.
Let’s have a look at two of such examples of how user analytics explored:
A travel company chooses to track customer events on its website to sharpen their marketing campaigns. A customer may have explored the option of visiting a specific destination with a particular airline, but then withdrew from the process before purchasing it. The company reacts to this knowledge by sending an email to a prospective buyer. The email may incorporate an offer or discount, or some helpful information on the destination of interest to encourage a booking.
One more example may look like: a garage business sends out an email campaign that attaches a PDF document containing information about a variety of cars. With user analytics, they could track user events. They can find out who viewed the attachment for how long they kept the document open, where people can spend most of their time, or how far they went through with the report. Then the data sent to the sales team, who are now in a better position to open conversations with prospective clients. Conversations become much more appealing to the prospects, and the sales reps can provide relevant information and targeted offers.
Eventually, with time, you will be utilizing behavioral analytics to accurately figure out what people think of your product or service and how they use it. You can then devise unique ways to add more value to your product or service. In this way, you will increase both revenue and customer retention, pushing your business from strength to strength.
“Understanding User Analytics enables you to Earn Business Profits! To Know More About How You Can Implement Customer Behaviour Analytics In Your Business.“