Using Customer Behavioral Data to Scale Faster
Offering relevant and personalized customer experiences is no longer a nice-to-have. It has become a key method for acquiring, retaining, and serving customers. A research study by Gallup revealed that businesses that applied behavioral principles “outperformed peers by 85% in sales growth and more than 25% in gross margin[s]” over a one-year period.
Delivering personalized experiences to your customers helps drive better growth, profits, and revenue. Let’s look at the top 4 ways your team can use customer behavioral data to deliver the experiences that will help you scale faster.
#1 Enrich Your Customer Acquisition Strategies
Use behavior data to group your customers by how they discovered your product. Use this information to identify which ad, social media, product review, and discussion forum channels help you attract your ideal customers.
Send your customer behavior data to an analytics tool like Mixpanel and answer questions such as “what set of customer demographic traits you must target” or “which marketing channels help you attract loyal customers who don’t churn.” Use these insights to develop cost-effective customer acquisition strategies.
#2 Improve Your Customer Conversion Rates
Track behavioral data while testing different landing pages, pricing options, ads, email, and marketing campaigns. Use this information to understand which options work the best for your ideal customers. And create more of what works to attract your ideal target audience.
Instead of relying only on a few customer touchpoints like ad click-throughs and purchases, use your self-serve CDP to work with a wide range of tools to capture and analyze behavioral data across your entire customer journey. Unearth data-backed insights to help you answer questions such as “which campaigns have the best ROI?” “which customer segments have the most average customer lifetime value?” and “which landing pages, CTAs, and website copy versions convert the best?”
#3 Identify Sticky Customer Behaviors and Encourage More Engagement
Collect information about a customer’s previous purchases, support requests, and upgrades. Send this data to your CRM, such as Salesforce or HubSpot. Or use it in your next email, chat, or SMS interaction with that customer. Identify a set of common user behaviors, buying habits, and actions that all (or most) of your power users take. Segment users into groups (e.g., power users, low-freq users, likely-to-churn users) based on the actions they take. Send custom messages/notifications that are relevant to each group.
#4 Create Automated Workflows to Reduce Customer Churn and Improve Customer Retention
Use customer behavior data to understand the significant points in your customer journey where a lot of customers drop off. Create cohorts of such customers who are at risk of churning. Trigger automated SMS, email, or in-app notifications. And create re-engagement campaigns with better product deals, educational videos, or loyalty incentives to boost retention.
Ready to get started?
Getting started is easy. Using Freshpaint helps you get customer data faster, so you can optimize all your customer interactions with Iterable. To get started, sign up for Freshpaint here.
For more details into Freshpaint you can read our documentation here.
