Nothing is impossible at this age of technological advancement. Businesses are leveraging technology to have a competitive edge in the market. One of the latest trend is using data and behavioral analytics to increase revenues in businesses.
Every company uses data to inform decisions. It is a basis for decision-making for all modern companies. Analytical technologies have advanced greatly over the past few years. Compared to analytical technologies humble beginnings in the 1990s, platforms can automatically capture each use touchpoint. Companies leveraged on hit counters for web pages in the 1990s to analyze traffic.
Titan companies such as Amazon, Google and Netflix built empires on the center of customer behavior data as well as analytics. It is not coincidence that the companies thrive because personalization, customer-centricity, as well as customer experience churns out the winners from the losers in the digital world. It will become more difficult for companies that don’t focus on customer-centric, behavioral data-driven footsteps to thrive in the near future.
It is interesting to note that many companies take advantage of a small portion of the behavioral data that is available to them. Your business might be among them. Here is the good news, you don’t need to be an internet titan to harness the power of behavioral data as well as analytics such as behavior data tracking to take your business to higher heights of success.
Whatever the industry a business operates in, any business can put together the right knowledge and tools and pursue the benefits that come with behavioral data and analytics. How is customer behavior data important today? How can customer behavior data be used to drive results? Why should a business take up this approach?
Personalization as well as customer experience didn’t matter much before the digital age when the one-way mass marketing was a thing. Back then, companies focused on ‘the who’ to segment customers into traits such as gender, age, ethnicity, income, occupation, company size, industry, geographical location and more.
Today, understanding target customers as well as effective customer journey mapping is vital. It was realized that you can’t assume individual customer interests is solely dependent on who they are or traits based on demography. Companies strive to paint a more vivid picture on customer behaviors and establish what the customer needs, when and how to deliver it to them best.
Netflix as well as Amazon have leveraged customer behavior data to drive customer experience through dynamically personalized content as well as customer’s past behavior-based product suggestions. Such giant companies achieves that through specialized advanced recommendation engine algorithms. Companies today are using data not only to understand customers, but also to segment them by their behavior with an aim to improve customer experience as well as deliver significant business value.
Cutting-edge modern companies applies these tools on wherever there is a challenge ranging from customer acquisition, customer retention to customer loyalty to enable them take their businesses to the next level. Behavioral data can work with various modern analytics approaches to solve problems as well as impact KPIs at all stages of the customer journey.