Customer behavior segmentation
While most businesses can’t really apply the correct method of customer segmentation, it’s always essential to understand what type of buyer your customers are. According to one survey, he found only 33% of businesses find customer segmentation highly beneficial.
And since customer experience and personalization have become so much of a factor in defining most businesses, there are several common strategies discussed below to analyze real customer behavior to drive business revenue. Customer segmentation has become even more important.
- Special occasion or event based: Customers categorized by events are typically associated with global or personal events. The majority of our marketing campaigns, offers and deals are targeted at global events such as Christmas, New Year, Black Friday, Halloween and seasonal events where most deals and sales take place. There are also recurring personal events that repeat at specific times each year, month, or day. For example, birthdays, anniversaries, or a break for your daily morning coffee at Starbucks. Also, on rare occasions, private events such as a friend’s wedding may occur. In such cases, events are very difficult to predict because they occur randomly and spontaneously. All these event-based behaviors need to be properly analyzed to create a concrete marketing plan for each individual customer.
- Utilization: Service or product utilization is another basic method of customer segmentation by recent behavior. It is also based on how often consumers purchase or interact with products and services. Usage behavior is a strong indicator of customer loyalty and can infer that particular customer’s lifetime value to the brand.
- Hungry for performance: Consumers who buy shampoo may look for four different factors: sensitive hair, dull or dry hair, compatibility with their hair, or its price. You have the opportunity to gain valuable insights by maximally analyzing the behavior of your customers as they research your products and services. It shows which features, benefits, value, use cases, or issues are the most important factors motivating or influencing a consumer’s purchasing decision. When a customer decides to purchase a product, he values one or more of the advantages much higher than others. These are the main advantages that ultimately make customers buy this product. So many customers value the benefits of our products above all else. Such customers should also be considered before analyzing their behavior.
- User role or status: Now, as part of the potential customer behavior analysis process, we need to consider all the different users’ roles or user status. These customer segmentation user statuses or roles include:
- Subscriber
- non-user
- potential buyer
- first time buyer
- Loyal & Subscriber
- Former customers (those who switched from their own brand to a competing brand)
- Level of customer loyalty: Loyal customers act as advocates for your business everywhere. They are your company’s most valuable blessing and asset. Sometimes what marketers cannot do to make a sale can be subconsciously done by loyal customers with little or no effort.More importantly, these loyal customers are very Easy to maintain, you can use their presence and loyalty at any time to promote your brand anywhere. can be classified into different categories. Using this data, marketing agents can understand the needs of these customers and ensure that they are satisfied and well taken care of. These loyal customers should always be treated like loyal and always feel special while using your products and services.Make sure they always feel well-privileged with special customer loyalty bonuses. or reward them with exciting gifts and offers. This will definitely strengthen your bond and relationship with them and they will become longtime free advocates for your company.This loyal customer segmentation will help you properly analyze and understand their behavior. If you can do that, you can definitely increase your conversions.
- Customer Journey Level: Segmentation at each stage of the customer journey is a key step in the overall customer behavior analysis program. This allows marketers to personalize experiences and tailor communication processes to increase conversions. More importantly, marketers can discover the least advanced levels in the customer journey, identifying the biggest obstacles and areas for improvement. This is also done to understand the stages of customer behavior after purchase and to more accurately identify the customer journey level.
Customer behavior analysis tool:
If that sounds like a lot of work, don’t worry. Thankfully, there are some great tools designed to help you build better customer journeys by better understanding customer behavioral data.
Here are some of them:
- Woopra: Woopra is an online platform that provides end-to-end customer journey analytics. You can answer questions like, “Which channel drives signups most efficiently?” and “How do support tickets affect NPS?” easily from the interactive dashboard. Track lots of marketing data and wrap it up in compelling visual reports. By accessing and understanding this report, you won’t have to write complex SQL queries or wrestle with the data yourself.
- Hotjar: Hotjar is a valuable tool for analyzing what customers are actually doing on her website. You can use this to create heat maps that highlight where your customers are concentrated on each page. You can also monitor individual visitor sessions in great detail to see exactly what people are doing.On a similar qualitative note, Hotjar also includes visitor surveys and research tools so you can learn more about what your customers are doing by asking them.
- Brand 24: Brand24 is a brand monitoring platform that allows you to collect data on how your customers learn and interact with your brand outside of your website and social media accounts.
Before you start analyzing customer behavior, you don’t know where and why your customers are making purchase decisions. Therefore, it is important to collect such external data in order not to miss important signals.
Whatever tools you choose, the most important thing is to take them seriously and give them time. Invest time, effort and budget and your patience and hard work will pay off.
Three platforms for analyzing customer behavior:
- HubSpot: As a former HubSpot Support Representative, I have worked closely with HubSpot’s analytics platform for the past year. HubSpot’s reporting and CRM features provide unique insight into customer characteristics and engagement activity. You can use reporting tools to view your contacts’ web traffic and build lists based on their engagement history. HubSpot also offers an auto-attribution feature that applies trait or rating attributes once a contact completes an action.
- Trifacta: Trifacta’s “Wrangler” provides in-depth analysis of customer data. This tool creates automated visual plots to easily identify trends and outliers. It then evaluates the data to make predictions and recommendations on where the customer experience can be improved.
- Vertica: Vertica is best suited for handling large amounts of data requests from various resources. This tool uses unused servers in your data center to create fast, cost-effective data organization. This allows you to upload more data about your customers without wasting time. Vertica can also sync with Google and Microsoft cloud servers to keep all your data in one place.
Analyzing Customer Behavior The Right Way To Ensure Consistent Business Growth
So far, we’ve learned how customer behavior, segmentation, data, and other related customer reports and analytics can help us understand customer behavior and increase conversion rates. All this is much easier to understand and analyze when you have a comprehensive CRM tool that helps you gain valuable insight into retention, activity, and the usual characteristics of your customers.
And there will always be comprehensive tools like WP ERP CRM to help you assess your customers’ moods and attitudes. Yes, it’s a complete CRM tool that allows you to get various customer reports with data-driven analytics options. With an analytics platform like this, you can be sure that you understand your customer’s behavior and her website’s key conversion metrics. Moreover, its functionality is not limited to customer management as it seamlessly integrates with built-in modules for any company’s human resources and accounting systems.
Conclusion
Leading companies such as The Coca-Cola Company and Barclays have focused on constantly improving existing products and developing new ones. The Coca-Cola Company’s corporate strategy is to “refresh everyone who comes into contact with our business by conducting market research to understand consumer behavior.
In order to better understand the needs of the consumer, we conducted a consumer behavior survey.Consumer behavior analysis has become an important tool for understanding the customer.The consumer psychology and behind the customer’s buying behavior. By examining the power in the human body, companies can develop new products and marketing campaigns to increase profitability. Businesses need to talk to consumers, pay attention to their frustrations and, most importantly, identify their needs and expectations.
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