Can you read the minds of your customers, the answer is no - but they always show what they are doing. The trick is knowing how to read the signals. Here are some ways that behavioral analytics can help you better understand your customers:
Customer behavioral analytics is the process of understanding how customers interact with your business and why, by studying their behavior over time. Many companies still use past models to understand customers and tailor marketing and customer experience to them. However, these approaches are mostly based on who the person is and categorized by factors such as geography, age, gender, income, etc. In recent years, these models have proven to be less effective than focusing on how the customer finds theirs. makes purchasing decisions and works on the way to the company.
Metrics used in analyzing customer behavior analytics?
Name, gender, age and geographic location
Order information, total amount spent, customer status, average order value, abandoned cart information
Email and advertising campaigns they’ve seen and interacted with
Campaigns and channels associated with them, sales channels
Lifetime value of the customer over time
Reward/ loyalty program/discounts availed
Whether your company is big or small, keeping track of your customers' purchasing patterns and decision-making processes will help you stay competitive and create experiences that grow your client base and keep them over the long haul.