Organizations need to run and perform various analytics during its course of business to optimize and measure different factors such as cost on advertisement & marketing, cash analytics. But these factors alone do help the organization to measure and optimize the resources. The organizations with a focus on “Driving Growth” need direct feedback from the customer about they respond and use their products or applications. To understand the response and reaction of customers towards the products the organizations study the behavior of their customers by running behavioral analytics solutions.
This article looks in depth at the issues of behavioural analytical and discusses the steps an organization must follow to start with behavioural analytics.
What Is Behavioral Analytics and Why Organizations Need This?
Behavioural Analytics is a process of analyzing the data from which the organizations can identify how their customers respond and behave towards their products, mobile applications or on organization’s website. With the help of Behavioral Analytics solutions, the business can easily interpret and understand the activity of its customers on its application, websites or other social media platforms.
Behavioural Analytics has a vital role in the growth and success of the business. This data enables the organization to observe how the customers are engaging with the product and what impacts the product has on its users. Furthermore, the organization can also interpret the retention, conversion, revenue and the possible outcomes from this data.
The ultimate benefit of these analytical solutions is that the organization can make better and smarter decisions and easily identify who to target for their product. The organization infers the ways to tempt the audience to take actions for their products which benefits and favours the growth and interests of the organization.
How to Start off Analyzing Customer Behavior?
Here is a list of a few steps that any organization must follow to start analyzing their user’s behaviour in the right way.
Step 1: Define Business Goals and Objectives
Think of the purpose of the organization, its ultimate business goals & objectives and the working team which is going to help the organization to achieve its objectives. Once you are done with your goals, you need to plan how to achieve them, allocate the resources, communicate and coordinate with the team and then identify the KPI’s.
For example, if you are setting up an e-commerce business your goal and focus would get the maximum number of sales at first time and maximum repetition of customers.
Step 2: Identify the Behaviors Which the User Will Adopt for You Product Goals
It is one of the crucial, to begin with, the behavioural analytics. You must identify the actions the customers/users will take in the course of your business. These actions must collaborate with your goals and objective.
Taking the example of e-commerce business again, the action of customers/users will be adding items to online cart, selecting a payment method and adding the details.
After identifying the actions which the user might take, you need to understand and select the identifiers to track the users. The identifiers may be a username or email address.
Step 3: Outline the Critical Paths Which Align with Your Goals
Create a sequence of actions which the user may take to reach out to your product. These sequences of actions are a Critical Path which must collaborate with your goals and product purpose. The sequence of events aligned in the critical path will help you to track the activity and information of the user. With the help of this information, you can get answers for your business and analytical goals and objectives.
The critical path for an e-commerce business will be:
“Search – Browse Products – Add to Cart – Checkout – Confirmation.”
Step 4: Organize the Event Taxonomy
Event taxonomy is the foundation of all the current and future analytics. Once the events have been created the next thing is to outlay and define their taxonomy. The better taxonomy will produce better and great user behavioural analytics. Event taxonomy is the way how you organize the collection of data from events and which properties of events you are using to gather the actions and activity of people within your product. You can easily organize the event taxonomy in an Excel spreadsheet and track the respective line of actions and activities of users.
Step 5: Check If You Are Looking for Cross-Platform Behavior Analytics
If your products get featured on several different platforms you must decide whether to put all the data together or separate. This depends on the type of your product. Make sure that you have better behavioural analytics solutions for cross-platform to study the behaviour of customers.
Step 6: Track Your Events
The events and taxonomy you created for the critical path must be tracked so once you have set up the events start tracking them. It is not necessary to track all the events but make sure that key and crucial events which help in onboarding, conversion, and retention are being tracked properly.
Step 7: Set up the ‘Minimum Viable Instrumentation’
Once you are done with setting up the analytics and events organization you must start to access the basic app metrics. It is now the time to integrate the analytical solution into mobile SDK and HTTP API. After this, you must assign the user IDs.
Step 8: Set User Properties and Event Properties
The next step of behavioural analytics process is to assign properties to users and events. It is important to better understand the customer behaviours and have a deeper insight into how they engage with your app. Both user properties and event properties are different.
User Properties: this help to describe the individual’s attributes through the app e.g. age, gender, location etc.
Event Properties: it defines the property of a particular event. For example, the time someone spends to perform the event.
After setting up the whole process step-by-step ensure the proper tracking of the events and user behaviours. You can ensure the tracking by running a test and trial session to check the progress of the app and process. If the test results in positive and everything runs fine, now it’s your time to send the live data and start digging into the user behaviour.
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