How to Improve Conversions using Behavioral Analytics

Analyzing user behavior can play a pivotal role in converting a lead to a customer. The more you know about your potential customers, the better you can predict (and create) the right message for them and increase the chance of conversions.

User behavior analytics helps you identify how visitors behave at various touch points and give specific insights into their behavior patterns. Armed with this information you can segment your leads based on common characteristics, personalize promotional activities and improve their overall user experience.

“Companies that make extensive use of customer analytics are more likely to report outperforming their competitors on key performance metrics, whether profit, sales, sales growth, or return on investment”, wrote Lars Fiedler, McKinsey, Marketing and Sales Practise.

Let’s discuss 5 ways Behavioral Analytics helps drive conversions:

1.    Optimize User Experience

Some actions that can help to improve conversion rates:

• Improving landing pages to minimize bounce rates

• Fixing drop-off points by improving pages that have higher exit rates

• Conducting A/B tests to determine what works and what doesn’t

2.    Personalize Customer Experience

Here’s what can help:

• Personalized Product Recommendations- based on your visitors’ search history, items in their cart or wish-list, recommendations based on past product searches

• Personalized Landing Pages: If a user has come to your web-page through a referral (like an ad or a discount coupon), creating a personalized landing page for such traffic will help in longer engagement and might drive conversion. For example: An ad promoting Flat 50% off on your Winter Collection should reflect on the page showcasing the relevant discounted Winter Collection. This will not only fulfill the purpose of his visit, but also coax him to make a purchase from you.

• Personalized Experience for new and return visitors: User behavior analytics can help you distinguish between new and return visitors.

·         A new user is most likely there to learn about your brand, so it is an opportunity to engage her and promote content to nudge her to make the first purchase. A discount helps in this case!

·         A return user comes back to make a repeat purchase, so content can accordingly be personalized to suit what she was looking for based on her search. And if she buys from you, the usual trick is to offer her a loyalty discount or a cash back!

3.    Analyze Forms and Customer Feedback

4.    Session Replays

5.    Utilize E-mail Campaign Data

6.    You need to segment recipients based on their purchase and browsing behavior and then customize email content that fits best with their requirements.

But it doesn’t end here: you also need to track your email campaign efforts and collect metrics like CTR, email visits, email conversions, unsubscribe rates, etc. By studying email behavior of your consumers, you will be able to learn how to add value, keep them engaged and compel them to convert.

The focus should be to improve user experience, simplify their decision-making process, understanding their needs and personalizing communication with them. Using behavior analytics, you can come close to your prospects and eventually convert them to customers.

Read More  https://www.martechadvisor.com/articles/marketing-analytics/how-to-improve-conversions-using-behavioral-analytics/