Utilizing consumer data analytics is crucial for understanding the purchasing habits of consumers in today’s market. It is no longer a luxury, but a necessity for the growth and success of all types of businesses. By gaining insights into consumer behavior through consumer data analytics, businesses can gain a deeper understanding of their target market, allowing them to make data-driven decisions and effectively reach their desired audience.
Gone are the days when marketers and entrepreneurs used to put out expensive advertisements on televisions and newspapers to reach the masses. Things have changed, the customers’ mindsets have changed, and contemporary full-fledged businesses are evolving into using the power of online much more than before. What keeps them raking in more and more profits is the ability to target niche groups of potential customers with the right products at the right time. And all these business and marketing decisions are possible because of good and reliable analytics of their users. Having a responsive and feature-rich mobile app and website is critical for your business – but what is even more important is how you understand the way your users engage with these platforms and how you can use that knowledge to the benefit of your business.
Customer Behavior Data And Useful Analytics
The way people interact or engage with your web application and/or mobile app is user behavior.
- What product is being searched for by your user.
- Where exactly they click inside a product page.
- What your users think of your business in the event when you make changes to your mobile app or desktop website.
- Where in your mobile app or website your users become stuck more frequently.
- What’s the time taken for the initial interaction to get transformed into conversion.
- Your marketing messages and the way they are being received by your users.
- How each one of your advertising campaigns has fared with your customers.
Whether it is a fashion apparel app or a grocery store that you have recently shifted online, tracking and analyzing user behavior is critical for your business for several reasons:
1. First hand Insight
Your customers will be gravitating towards one particular thing. They will be looking for a particular product/service which they are most interested in. Having useful analytics by your side will give you enough information with regards to what products and services to market to them.
2. Simplifying Your Customer’s Journey
By analyzing your mobile app and its various features and also the different aspects of your website you will be able to understand and identify the various points where your customers get stuck. Remove all their confusions by understanding the way they engage with your online platforms and by making the user experience more intuitive.
3. Assessment Of Page Performance
You should be able to locate specific pages of your mobile app and websites that are performing better than others. Make them even more feature-packed and optimize the rest of your mobile app and website along the same lines so that the entire user experience can be enhanced even further.
4. Customer Wants Better Understood
By addressing the pain points of your customers and the way they use your applications, you will be able to develop products and services that suit their needs the best. Delivering a fantastic user experience is also possible by understanding what they seek and want from you as a brand.
Key Strategies for Monitoring and Analyzing Consumer Behaviors
1. Understanding User Experience
The user experience is a very broad category and it comprises in-page clicks and movement of the mouse, recordings, speed of the site, live visitors, scroll depth, user navigation patterns and more.
2. Evaluating Content Effectiveness
The performance of your content can be gauged through aspects such as user engagement, bounces and exit rate, likes and shares, and the overall popularity of your content. If you think that the content on your landing page is leading you to maximum conversions, make sure to keep that content highly interesting.
3. Improving Conversion Rates
Convert is what we always want our site visitors to do. We want them to convert from visitors to loyal customers. The behavior that you will be tracking is the entire funnel, form testing, variable testing and the checkout process. There are tools such as Optimizely or probably Lucky Orange that you can use for this purpose.
4. Enhancing Engagement
Remember, not every single visit by every single of your visitors is going to lead to a conversion. Many of your visitors might just exit after performing a few browsing actions. The point here is to keep your customers engaged with live chats and artificial intelligence. Pay attention to the questions asked by your customers and the frequent issues that they are facing.
5. Conducting Surveys
Create a survey to find out the pain points of your prospects, customers and stakeholders. Connect with your customers by asking them direct questions and telling them that their feedback is what keeps you going and shall help you improve your services further.
How To Collect Useful User Behavior Data
1. Data Collection
The first and foremost thing to do is logging every action that a user takes on your platform. What they search for, what they click and view, what they buy, what recommendations they check, what they comment, at which sections they stop and for how long, and so on. Another great example of a source of relevant and pertinent data is social media i.e. how your customers perceive and engage with your brand socially.
2. Data Evaluation
Test the accuracy and relevance of the information that you have collected. Analyze the data to determine whether it contains any actionable insights or not. All the data that you collected by logging can then be used to build your own algorithm to make consumer behavior models.
3. Turning Knowledge Into Actionable Insights
The next step is to create automated suggestions based on data analysis. The end goal is to strategize and formulate different ways to transform this collected knowledge into effective actions.
How to Leverage Useful Consumer Behavior Data
1. Improving Your Business Strategy
You can improve your overall business strategy only if you are able to understand just how significantly consumer behavior is going to impact your business. According to an industry report, global E-Commerce retail sales are expected to cross the $4 trillion mark by the first quarter end of 2021. Consumer data can help you devise a competitive business strategy
2. Driving Home More Revenue
Using consumer behaviour data allows you to create experiences that help you maximize your revenue. A minimum recorded 6 to 10% increase in revenues of retailers offering customized user experience is just the beginning of it all and strong evidence of how you can enhance your sales significantly.
3. Customer Acquisition And Retention
With better access to usable customer behavior information, you can easily lower your customer acquisition cost, increase your conversion rate and your repeat customer rate. With streamlined marketing efforts, you can get 4. the desired return on investment on all your marketing strategies.
4. Marketing Strategy
A more focused marketing strategy is born out of this actionable data. You can increase customer satisfaction and loyalty by multiples by simply appealing to your customers with exactly what they want from your brand.
5. Product Development
Having enough knowledge about what your customers seek from you gives you enough information to develop products that are going to satisfy their wants.
6. Customer Support
Do you know that around 52% of your customers will be likely to switch brands if you do not personalize communication with them? A staggering 65% of all your business buyers will switch vendors if you do not personalize communication with their company representatives. What helps you personalize your entire customer support? The answer is consumer behavior analytics and data.
You can speed up the path to your success in the present time and age by optimizing and personalizing the entire user-experience. That can only be done if you understand what your consumers are seeking from you. Regardless of the platform that they are choosing to connect with you, whether it is a website or a mobile application, understanding consumer behavior is the only thing that will act as a decision driver in your enterprise. It will increase your conversions and also help you create more interaction points with your customers. By shifting your focus on becoming a people’s brand, you can very easily make a profitable brand. For more help regarding consumer data analytics and to learn how to leverage it to propel your business to new heights, get in touch with Zapbuild today.
(Founder and Chief Executive Officer at Zapbuild)
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