today26 July, 2019 171
Today every business generates loads of customer data but often organisations do have the right technology & processes to decode customer preferences and hence tune the business value chain to get them the right product mix. Organizations that leverage customer behavior data to generate behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin, all of whom have built their respective empires around a nucleus of customer behavior data and analytics.
You don’t need to be an internet giant in order to leverage the power of behavioral customer data and analytics to take your business to the next level. In fact, with the right knowledge and tools, any organization can do it, B2B, B2C, regardless of industry or size.
But in the customer-centric world we live in today, just understanding “who” your customers are doesn’t cut it. You can’t possibly make assumptions on individual customers’ interests, needs, wants or values based purely upon who they are, or any “persona” you’ve assigned to them based only on demographic or qualitative characteristics.
Instead, companies like Netflix, Amazon and Google know that the key to understanding their customers can lie more in what they do; that quantitative insights revealed through their behaviors can paint a much more accurate picture of what their customers want and need, and how and when to best deliver it to them.
Fueled almost entirely by customer behavior data, advanced recommendation engine algorithms are designed to serve customers dynamically personalized content and product suggestions based upon each customer’s past behavior. From customer acquisition to customer retention and loyalty, wherever the opportunities or challenges may lie, cutting-edge modern organizations use customer behavior data to bring them to light.
Together with modern analytics approaches such as customer journey behavioral data can be leveraged to solve problems and impact KPIs at every stage of the customer journey. This complex, multi-channel, multi-touchpoint, time-spanning journey is also driven almost entirely by the individual customer, whose motivations, needs, values and requirements can differ completely from those of the customer to their right and to their left traveling along the same path; all of whom demand personalization.
Between the complexity of getting aligned with the customer journey, and customers’ increasingly high expectations for personalization and customer experience, this creates quite the daunting challenge for today’s marketer, to say the least. Many marketers are turning to behavioral data-driven approaches like customer journey analytics because it was specifically designed to solve these exact problems, unlike traditional methods and tools.
Your customer’s behaviors can reveal valuable insights about your customers, your business, and the relationship between the two that you can’t find anywhere else—if you’re smart enough to pay close attention by capturing, analyzing and acting on customer behavior data.
Learn how the most successful modern companies leverage customer behavior data and analytics to drive customer acquisition, retention & growth, and why you should too.
Written by: ICS
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