A customer analytics record can be used for a variety of purposes which not only act to improve the customer experience as a whole, but also to predict future customer purchasing behaviour. The most advantageous uses for customer analytics are to determine how to market a product, understand online interaction, and improve customer relationship management.
Since there is such a plethora of information to be had from any online platform it is important that companies recognize that data mining is actually useful when it comes to analysing customer behaviour and their interactions with their products. Thus, one of the best ways for a company to make sure that they are getting the most out of the information at their fingertips is through using customer insight solutions to analyse online behaviour and the digital trail it leaves behind.
How to Market New Products
Predicting how a customer will behave regarding new products is extremely important when determining how to market them. Starting at the production level, a business can promote their new product on their preferred online platform, be it an app or a website. From there, they can perform basic marketing campaigns on social media and see how much traffic or ‘clicks’ their product is receiving.
Analysing the amount of traffic this product gets will be a good indicator of how it will perform once it is available. If it is a product that is already available, but is not performing as expected, then an analysis can be done to see why customers are not responding to it. Click analytics are an excellent way to determine if there are any bugs in the system, or if certain web pages are simply taking too long to load and customers are losing interest. A customer analytics record can show a company the demographic they belong to, what products they are interested in, the price range they gravitate towards, and how long they spent on the website or app looking at the product. All of these pieces of information can be used by the marketing team to craft an ad campaign geared towards the demographic most likely to purchase the product and increase revenue.
Understanding Online Interactions
The manoeuvrability of an app or website can also directly influence whether or not a customer will want to purchase a product. If a product advertised on Facebook or Instagram has a broken link, or one that redirects to the wrong product, then most customers will not want to spend the time on a search engine looking for a product they just saw, when they can easily just click on a comparable one from a competitor that has working links. The customer analytics record can also chart their journey through the pages that they click on, and then how much time they spend on each page. This can also indicate whether or not a product needs more information in order to sway a customer in to purchasing it, or if there is too much information and they are being overloaded with it.
Improving Customer Relationship Management
A customer analytics record can also aid in customer relationship management. By examining which products a customer has purchased, a company can discover ways in which to retain the customer for future business. This can be done by looking at purchase history, time intervals between purchases, and the quantity of product being purchased. In this way companies can design plans to run promotional sales on certain products, or determine when to send out email campaigns if a product is bought every month or every couple of weeks, so that the customer can be on the receiving end of a targeted marketing campaign.
The main goal for every company is maximizing profit, and the best way to do this is to understand the customer and how they interact with a product and its online platform from beginning to end.