Most modern CRMs help you analyze customer behaviour as observed in real life during interactions with your support or marketing teams. CRM also helps you derive insights based on customers’ online behaviour ranging from web usage statistics to social media behaviour. Understanding customer behaviour analysis and making accurate predictions based on insight drawn from customer behaviour is crucial for marketing and customer support success.
Invest in an advanced CRM or Integrate Customer behaviour Analysis:
Basic CRM tools do not have the power of technology to conduct advanced customer behaviour analysis. For you to do that, you will need to invest in an advanced CRM with a specialized customer behaviour analysis functionality or integrate artificial intelligence, predictive analytics and machine learning into your existing CRM. The approach you choose greatly depends on how much you are willing to invest, both in terms of time and money.
Regardless of your situation, it is important to expedite the process of integrating advanced customer behaviour analysis with your CRM for the following five reasons.
1. Segment your Customer base accurately based on their behaviour –
Accenture recently revealed that 41% of customers switched companies because their personalization was poor. Personalization fails if you do not segment your audience accurately.
Segmenting individuals based on their demographic variables will help you only till a certain point. People are individuals and they all think and behave differently. Segmenting customers based on their real-life and online behaviour will help you create more accurate groups to whom you can disseminate tailor-made marketing and sales campaigns. After customer behaviour is the single most important variable when it comes to predicting customer retention.
2. Identify what motivates individuals and how you can fill their needs –
90% of customer behavior is driven by the unconscious mind. Unconscious needs are often unmet and unrecognized and need to be identified by processing behavioural cues and verbal output.
It simply isn’t enough to understand the market and industry trends. Businesses need to dive into customers’ unconscious needs and motivations. Psychological insight can be drawn when we analyze customers’ conversations, interactions and behaviour in the real world and on social media. Natural language processing and textual analysis are two ways you can identify what motivates individuals and create buyer personas that are solid.
3. Launch campaigns based on data that matters –
According to 64% of businesses surveyed, data-driven marketing is important for successful campaigns. Data can be classified as quantitative or qualitative.
Data is useless if it is not relevant and the most relevant data set for marketers is customer behaviour. Customer behaviour analysis is also important for support teams’ success. Behavioural data is usually qualitative but advanced tools can convert minute behavioural nuances into numbers, rendering them in a quantified manner. This helps you to put a number to each relevant customer behaviour and analyze the situation accurately. Based on quantified behavioural data, you can launch marketing and sales campaigns that actually work.
4. Provide value to customers based on Insights drawn –
A large number of customers feel they are not deriving value from the services or products they purchase. This is mostly because companies often do not understand what customers truly want and desire.
Customer behaviour analysis helps you draw rich insights based on various behavioural data. Right from web usage to customer behaviour during interactions with support teams, there is a wide variety of data available for businesses to analyze and draw insights from. These insights help you to bring value to your customers, and ultimately this is what will help you with customer retention.
5. Make accurate predictions and track performance –
One of the hallmarks of human behaviour is that it continuously changes. Psychologists know that even personality, which is considered to be relatively stable, changes over a period of time.
In addition, a number of marketing and sales campaigns fail because they do are not continuously tracked and measured. This is why, continuously measuring, tracking and analyzing customer behaviour is very important for marketing and sales, as customer behaviour can rapidly change. It is important to not only measure and track campaigns but also track and monitor customer behaviour on which these campaigns are actually based. Customer behaviour analysis is the basis on which marketing and sales campaigns should be built upon.
Key Takeaways –
Integrating customer behaviour analysis with your CRM helps you to:
- Segment your audience and update your buyer personas regularly
- Identify the underlying motivation of each buyer persona so that you can design appropriate marketing and sales campaigns
- Gather quantitative and qualitative data in order to understand your customers better
- Derive useful and rich insights from different kinds of data
- Measure and track key performance indicators related to customer support, marketing and sales.
Alternatively, you can simply invest in an advanced CRM solution that comes with in-built features to analyze customer behaviour analysis.