The days of leveraging traditional advertising for your business are long gone. Marketers can no longer get away with segmenting customers using primarily demographic traits such as age, gender, and geographic location. Today’s businesses are “customer-centric,” which means simply understanding your customer’s demographics isn’t enough.
Instead, businesses are turning to behavioral data to better understand their customer needs, improve their interactions at every stage of the buying journey, and ultimately drive sales.
Use Traffic Analytics to Segment Data
Audience segmentation involves dividing up customer data, for example, age, location, purchase habit, or product usage, and grouping similar data together. These groups will help you create specific messaging and marketing channels to better target each group’s individual needs and interests. Segmenting your audience, and tracking purchases will help identify which groups are most profitable for your business. This allows you to not only understand the most valuable customer, but also the segments that are unlikely to ever convert into customers.
A quick guide to segmenting your data:
Break Up Marketing Efforts Based on Your Buyer’s Journey
Businesses that engage with customers at the right time in their buying journey increase their likelihood of conversion, as well as overall brand satisfaction. Use your customer’s behaviorial data to develop more accurate customer journey maps. Essentially, you want to build a blueprint for when specific content should be shared and marketing strategies triggered.
Understanding the typical places for content consumption, as well as the fall-off points, allows businesses to to offer more effective content that impact conversions.
A quick guide to maximize content in your buyer’s journey:
Increase Customer Retention
Once you convert someone into a customer, the worst thing you could do is assume they’ll stay a customer forever. The good news is, they hard part is over. Nurturing a segment that’s already agreed to be your customer is much easier than trying to convert a stranger, or someone who doesn’t know your brand.
Your existing customers will most likely not explicity say their intentions, but they often reveal clues through their behavior. Marketers are using behavior data to identify the “at-risk” customers, and get ahead of customer churn. Understanding your customer’s preferences through data will allow you to reduce friction and easily identify opportunities for improvement.
A quick guide to using data for retention:
Any good business owner knows that understanding the customer is critical. By using data that goes beyond demographics, companies can identify specific niches and amplify the customer experience. Relevant data could be your secret ingredient to long-term success, they key is understanding how to apply and use the information correctly to make the biggest impact on revenue.
Most companies are rewriting their 2020 strategy and are rethinking on how to engage their workforce on what they need done. It’s no longer just about hiring full time employees. It’s too costly. Companies are thinking about utilizing senior talent on a part time, on going basis and outsourcing work that used to be done in-house. This represents significant cost savings to your organization to engage in talent / services as you need it.
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