At its core, behavioral analytics is concerned with understanding customer action and marketing behavior, which leads to better decision-making and business planning. McKinsey says that organizations that maximize customer behavior data can generate business insights that lead to outperforming their peers by 85% in sales and over 25% in gross margins.
In a digital world, customer-centric information and intent data are the key to service personalization, customer experience enhancement, and business mapping. Using behavioral data is not an esoteric process that can only be deciphered by tech-geeks and computer science graduates. With analysis software coupled with a harmonized lead generation and development process, any company regardless of size and industry can maximize data to improve business outcomes.
One need to look no further than technology giants like Google and Netflix who have built and grown their business empires by utilizing and analyzing customer behavior data.
Behavioral Analytics for Business Application
Behavioral analytics supports sales and marketing efforts by assessing activities and historical data to profile behavior and consumer tendencies.
Below are key components of operations where it is being used:
Marketing and Public Relations
Determining customer purchases and reactions is important to running effective individual and account-based marketing campaigns and social communication. Behavioral analysis identifies shopping behavior which then paves the way to identifying new opportunities to attract and retain clients. This is related to customer retention and consistently bringing in new markets to expand, retain, and replace clientele. Companies that can ensure sales and marketing alignment can bolster user satisfaction.
Improving Inventory and the Supply Chain
Once the information reveals current customer behavior and interest, patterns can be spotted that can influence inventory and effective resource management. Knowing what to stock is a proactive step towards anticipating and supporting the product the market wants.
Service and product delivery is an organization’s lifeblood; knowledge of trends and market direction provides valuable insights into market demand and technology development. Understanding the needs of clients paves the way for faster innovation and personalization. The key to solid lead development, and in turn, building strong customer bases is the ability to provide interventions that they need or did not even know they wanted.
By using business intelligence software, firms collect information and transform it into insights that fuel strategic decision-making. Ultimately, objective decision-making can improve risk management, productivity, financial analysis, and consumer solutions. Information that can help the firm carve its path should be based on actionable data and not on subjective preferences.
Behavioral Analytics and the Benefits It Brings Companies
Business analytics has opened new horizons as technology advances. An increasing number of organizations have realized some of its significant benefits:
- Improved convergence and collaboration between systems and processes;
- Customer satisfaction and personalization;
- Reduced risk and improved fraud detection;
- Optimized product development and service delivery;
- Improved competitive advantage;
- Optimal pricing and identification of revenue opportunities; and
- Enhanced production quality and capacity.
More and more organizations are moving toward business analytics to improve their profit margins and advantage. The time is ripe because of the growing volume and types of data available, the availability of faster and cheaper technology, a variety of software and technological aids, and an economic landscape that demands competitive differentiation.
Want to learn more about how behavioral analytics can help improve your demand generation ROI? Check out DemandScience’s intent data solution, designed to leverage predictive intelligence.
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