The most important asset of any successful business is its customers (or users in case a business provides services). Whether you run a departmental store or an online consultancy, this fact holds for all types of businesses.
But why is it so important to create the best customer/user experience possible? How do you achieve it? How do you predict what an existing or even a potential customer wants?
An easy solution to these questions is behavioral analytics tools like WatchThemLive. Read on to find out more about this powerful tool that can help your business find a niche, attract more customers and achieve growth.
What Is Behavioral Analytics?
Before proceeding, it is important to discuss the basics. Broadly classified, behavioral analytics is a specialized area of data analytics.
It involves website visitor tracking and analyzing data relating to users’ behavior – usually in relation to purchasing goods and services online.
This insight into purchasing trends of people helps in identifying target audiences and formulating marketing strategies. This data-driven approach to analytics proves helpful in identifying new opportunities and increasing customer retention.
The process involves tracking the actions that users perform while searching for a product or service online. Businesses use the generated behavioral data to optimize their services and improve business outcomes.
What Is Behavioral Data?
This term refers to the data generated by visitors tracking the different forms in which a user interacts with a business.
The data is stored as an “event” with corresponding “properties”. Consider the event as an answer to the question “what”. The properties are the answers to the related questions “who”, “when”, “where.”
Everything from social media reviews, customer service feedback to click rate data, etc., counts as behavioral data. Read more on behavioral data here.
Application of Behavioral Analytics to Improve User Experience
Start With Setting Clear Expectations Regarding the Desired Outcome
A business that has a clear vision of its long-term goals will eventually achieve them. Also, working with behavioral data becomes easier when the “what” is already answered.
For example, the following questions can act as good reference points for gathering behavioral analytics data:
- How to route more people from an existing mailing list to a new website?
- What can be done to reduce the churn rate?
- How to improve the existing range of products or services to attract more customers?
Segregate New and Returning Visitors Using Behavioral Analytics, So That You Can Create a Personalized Experience
Usually, visitors to a specific website should be distributed in two groups:
- The first group would contain users who have already visited the site or transacted with the business before. If the aim is to increase customer loyalty and retention – the site should be designed to attract this specific group.
- Alternatively, the second group would contain users who have landed on the website for the first time. If the aim is to convert first-time visitors to customers, the design can be created accordingly by including promotional offers, etc.
- Using the right analysis tool(s) will make it easier to identify and focus on the preferred group. Ideally, it is advisable to maintain a balance between both groups.
Personalize the Interaction and Recommendations
It goes without saying that any user or customer will appreciate a personalized and helpful approach. Use behavioral analytics to track what users prefer to see on a website.
Which ad does the user click on? Which ad does the user remove often, and what feedback does the user provide? Does the user interact with the chatbot? Is the interaction better when the bot asks for a user’s first name and then proceeds to address them by the same?
Funnel analysis is an effective way to measure user-related data. Remember – the chances of making a successful sale increase as soon as a user feels prioritized. When used properly, behavioral analytics has the ability to create a lasting user experience.
This will strengthen your business’s goodwill and impact.