Advanced Analytics

Consumer Behavior Analytics: Predicting the Uncertain Moves

Story Highlights
  • Are You Doing It Right?
  • How Do You Define Customer Persona?
  • The Business Side
  • Should You Look Deeper?

The primary focus of every business is its customers. Enterprises want to know anything and everything about them to strategize their next move. More so now, when the digital marketplaces are flooded with customer data—right from buying behavior, and past preferences till online activities. The digital space has plenty of tools like AI, machine learning, and natural language processing to read your customer’s minds. But besides that, what matters most is setting the right goals and path to achieve the customer needs or the desired business outcome.

In this article at Tech Target, Scott Robinson explains how data analytics tools can help organizations understand their customers’ behaviors and predict their next move.

Are You Doing It Right?

The road to predicting success is tough. But with consumer behavior analytics, enterprises can be more confident that they are making the right choices. This assurance comes from the numerous success stories that analytics integrated companies must tell. Netflix and Amazon are few of the trendsetters who have tailored their recommendation engines to their customers’ persona.

How Do You Define Customer Persona?

Few factors that immensely influence customer behavior can help in building the right customer image:

  • Demographic data like age, gender, and income are easy to collect. But, difficult ones like social beliefs, opinions, personal goals, traditions, and values are more useful.
  • Marketing preference towards the brand, product, and pricing can objectify your customer profile.
  • Climatic conditions and cultural habits greatly influence purchasing habits.
  • Social media data can tell a lot about a customer’s personality traits.

The Business Side

Besides consumer behavior, businesses have a lot of tangible information on their own. This data must be processed through an analytics engine before drawing up marketing campaigns. For instance, consumer price index, disposable personal income, and real average hourly earnings are important for marketing.

Should You Look Deeper?

There is no end to analytics. It can go on beyond consumer behavior and machine learning in the form of deep learning. Deep learning is a notch up than AI. With deep learning, it is possible to accurately channelize a customer’s next purchase based on past study.

To learn more about the importance of people analytics, visit the following link:

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