Getting to Know Your Customers: Using Behaviour Data to Increase Revenue

To better accommodate and attract customers, you need to understand them. We explore how examining and using customer behaviour data makes that possible and how this can help increase revenue.

Everyone knows that keeping track of data is a big deal, and you need it now more than ever to keep your business performing well. But no where is data more important than when it comes to analysing your customers. After all, customers make the world go round, so you want to make sure you are giving them exactly what they need to keep them happy. But how exactly do you do that? Well, for starters, you should be customer-watching. No, we don't mean following them around the store to take notes on shoppers you need to be more sophisticated than that. In fact, there are various well-established website tracking tools, from providers like Spotler, who can help you see who is visiting your site and which pages they are visiting, so you can better understand their behaviour. It might sound challenging, but trust us, it's actually much easier than you think - and when you start bringing in more customers, you'll be glad that you did. Use Behaviour Data to Keep Up Your Site One of the best ways you can use behaviour data is to keep your website up-to-date and performing as it should. Many business websites are created each day, and just as many are shut down. Why are these web pages lost, you ask? Simple: their owners didn't keep up with what their customers wanted or needed. With online usage being higher than ever and continuously growing, you need to make sure your website remains effective and relevant. Your potential customers should not only like how it looks but find it engaging and easy to navigate. You need to understand your customers and what they want from your website - to do this you need to study the behaviour they demonstrate when browsing, making contact or buying products online. For example, take a look at the actual products purchased. Which items are they buying more of? Which ones aren't selling so well? Look at any comments or feedback left about your products or services. What do people say? Do they want to see a change in the products you are selling? Noting this sort of information will help you understand what works and where you might need to improve. Learn How Much Each Customer Is Willing to Pay Customers aren't going to tell you every little thing that they desire; in fact, sometimes customers don't talk to you at all. That being said, customers can "talk" to you indirectly through their buying patterns and page visits on your website. Your potential buyers have a pretty good idea of what they feel they should be paying for the products they want. For example, if they know the average price for a loaf of bread is around £2, they're not going to pay for a £10 loaf of bread. So if you're selling a product or service in a competitive marketplace, that isn't being purchased in acceptable numbers, you may want to consider the price. There's a good chance that you may be marketing at a higher value than people are willing to pay. On the other hand, if you have a product that's selling in droves, people obviously love what you have to sell - and perhaps you need to consider it an opportunity to increase the price. If this is the case, feel free to do so (within reason!) - this will help you earn the money you deserve for your product and customers will continue wanting to buy what you are selling.   Creating Traffic   Use Data to Promote Your Social Media Pages to Your Advantage We all have social media pages (and if you don't, you should definitely consider doing so), and if you've had them for a while, chances are you will have gained interested followers. The thing is how are you supposed to keep them interested? It takes a good deal of effort to keep your social media up to scratch and keep your viewers happy. There's more to it than just setting things up and throwing out a post once a week; you actually have to engage with your audience. Studying how your viewers act on social media is a great way to build up your business. Your social media pages are an extension of your business, and you'll have a lot of potential clients on there that may need your products or services but have yet to make a purchase. Your social media pages are the place where you can learn what your followers may want to see more of, or new products or services you may be able to provide. Take advantage of this interest by learning more about what they want. If you have a product or service that's backed by popular demand, you can advertise it on your social media pages to attract buyers, or showcase bundle deals to turn followers into actual buyers. Another way to build more prospects is to see what is being discussed on social media that relates to your marketplace and where possible, respond to those needs. Improve Your Customer Service Customer service is one of the most important aspects of any business. When a customer wants to know more about a certain product or needs help with using it, they are going to rely on you to help them out. That said, you may get a number of different calls each day with questions and comments and some may come up more frequently. By learning what these questions are, you can streamline the process of dealing with them by using automated messages, providing answers in blog posts, FAQs and online help guides, as well as quick response services. Download Targeting, Segmenting and Profiling EbookDoing this will help customers resolve issues faster and cultivate a better and more positive relationship with your customers. Handling matters quickly and efficiently also means you can stay focused on what matters most: your business. Stay on Top of Your Business Analysing behaviour data is an important part of your business. Using your customer data itself will also better enable you to target the right new prospects. Feel free to download our free ebook on targeting, segmentation and how to improve your lead generation. To summarise, there are other ways we at Kompass can help to grow your business. With business data and digital marketing expertise that is second to none, take a look around our site and see what we have to offer, we are sure we have something to help you and your business succeed, so feel free to get in touch to see how we can help.  
Disclaimer: Please note that this blog only contains general information and insights about legal matters. The information is not advice, and should not be treated as such. Kompass.com