Introduction
Data is the power of any successful organization today. In this era, where a massive amount of data is being generated every minute, analyzing this data to create successful business strategies is essential to success. The data gathered through multiple resources gives detailed insights through analysis that helps organizations understand their customers and plan and strategize campaigns accordingly.
The data that is analyzed on the basis of the behavior of the user is called behavioral analysis. It is used to understand the user and create mold the product/service accordingly.
Table of Content:
- What is Behavioral Analytics?
- Behavioral Analytics Use Cases
- 5 steps to successfully deploy business analytics
- Conclusion
What is Behavioral Analytics?
Behavioral analytics is analyzing the data based on user behavior like page views, frequent searches, email signups on websites, apps, chats, emails, and connected products like IoT. When a user is connecting with a digital channel, they leave traces of their likes, needs, and wants. This information can be used to read the user’s intention of interacting with the digital channel and business analysts can strategize their marketing and promotional campaigns based on the insights generated in this analysis.
Behavioral data defines the why’s and how’s of customer data to understand what’s of the customer behavior. These what’s are the customers’ needs, wants, and likes based on which, sales funnels will be created.
Behavioral analytics uses massive data to understand the behavior of users. This data is gathered through different digital channels like websites, emails, mobile apps, and other channels. The analysis processes the data and understands how a user behaves on the digital channel and provides insights.
Behavioral Analytics Use Cases
Every industry can leverage the benefits of business analytics. In this digital era, it is necessary for every industry of modernizing digital to attain success and growth-
Ecommerce and retail
The eCommerce and retail industries are leveraging the potential of behavioral analytics. These industries understand the consumers’ behavior and strategize sales funnels accordingly. For eCommerce industries, the most important behavior is the buying habit and the product surfing habit of the consumers.
Gaming
Behavioral analytics analyses the way users interact with the games and help providers understand the user behavior to improve their experience for future updates or new games. For instance, if there’s a particular functionality in the game that users like better, gaming service providers can improve the functionality or serve it in their other games as well.
Finance
A huge benefit finance companies have with behavior analytics is the catch fraudulent transactions based on the unusual behavior of the consumers. Behavioral machine learning algorithms are used to analyze the behavior of the users constantly and based on that behavior, the transactions are analyzed and if there is any transaction that is suspected to be unusual, the authorized person is alerted and necessary actions can be taken then.
An example of the usual transaction can be the purchase of a few cars at once or buying home furnishing items in bulk in Canada while the use lives in Cuba.
5 steps to successfully deploy behavioral analytics
Deploying behavioral analytics takes time. A successful deployment needs strategizing and planning the process that accords to the goals of your business. The 5 steps of successful deployment of behavioral analytics are-
- Have a clear vision of goals and KPIs. Your metrics and KPIs should be able to measure growth.
- Define a user journey that is suitable for both consumers and companies. The user’s journey is the set of actions the user needs to perform for a successful conversion.
- Define the user actions that need to track in order to get useful insights into the behavioral data.
- Assign a unique identifier to each user to understand specific behaviors.
- Implement data to train machine learning models.
Final Words!
Behavioral Analytics helps organizations to understand the consumers on the basis of their behavior. This is a part of business analysis that provides insights for successful conversions. Many big companies like Microsoft provide Behavioral Analytics solutions and help you leverage the benefits of the strategic plan of conversion. It is essential to understand and deploy Behavioral Analytics solutions to compete with competitors and for the successful and agile growth of your business.
