WHAT IS CUSTOMER BEHAVIOUR ANALYSIS?
Customer behavior refers to an individual’s buying habits, including social trends, frequency patterns, and background factors influencing their decision to buy something. Businesses study customer behavior to understand their target audience and create more-enticing products and service offers.
Customer behavior doesn’t describe who is shopping in your stores but how they’re shopping in your stores. It reviews factors like shopping frequency, product preferences, and how your marketing, sales, and service offers are perceived. Understanding these details helps businesses communicate with customers in a productive and delightful way.
There are three factors that influence customer behavior: personal, psychological, and social. Let’s dive into each type.
Unmask customer behaviour to Augment customer satisfaction
Be insightful about your customers to diminish the drop-offs and grow your business with a sophisticated and intelligent customer behaviour analytics.
Collectunerring and dependable customer data to unveil customer behaviour and Understand your customers to create a better experience with customer behaviour analytics.
Well-heeled customer data:
Integrating every single aspect of customer data from varied sources to create an all-encompassing view of customers and building an interspersed view of the customers across their transactions, interactions, feedbacksetc.
Dividing your customers into segments up based on common characteristics:
- Slicing and dicing of customer data to build dynamic segments of previousand existing customers to remit personalized offers, revamping the success rate.
- Automation of Intelligent cloud workflow management and scheduling methodfor fragmentation of customers in real-time as they engage with a company.
Customer acquisition analysis:
Fresh look into new possibilities and new customers, dividing them into segments.Checking these segmentsto identify which segment of customers are more likely to respond positively to the acquisition offers.
Important steps to optimise customer acquisition:
-Improve conversions via the website
-Turn existing customers into brand ambassadors
-Adjust and try a new customer acquisition strategy
Predicting Churn and Retention:
-Leverage traditional and non-traditional data to build ML models to detect inactivity and predict potential churn.
-Build models to identify and understand drivers of churn.
-Develop models to analyse the efficacy of various churn and reactivation offers or campaigns.
Measure and iterate
As you roll out new initiatives, use your analysis to hypothesize what customers will think and do in response to the change. Compare their reactions with your predictions, and use the metrics you set out in step 1 to measure the success of the adjustments you made.
If the first iteration doesn’t provide the desired results, don’t give up! Try another variation or tweak your approach and test, test, test! As we mentioned earlier, behavioral analysis is an ongoing process–you’ll continue to learn and improve as you go. Continuous analysis allows you to make incremental improvements to existing processes and keep a pulse on ever-changing customer needs, market trends, and how outside factors (like a political election) may influence consumer opinions, motivations, and behaviors.
Advanced behavioral analytics tools like Scuba can help you analyze, visualize, and manipulate your data quickly, without the help of data scientists or advanced coding knowledge. You can create new queries on the fly, change or create new customer segments, and adjust existing queries easily.