CONSUMER BEHAVIOR 102: UNDERSTANDING THE CONSUMER JOURNEY ANALYTICS

Consumer journeys aren’t created; they are discovered.

Both marketers and entrepreneurs can both agree on this. Consumer dynamics is changing and evolving on a daily basis. While understanding trends and the different platforms is an absolute necessity in digital marketing, so is getting an in-depth analysis of your audience. Creating a connected customer analytics journey is critical to the success of overall marketing strategies.

Consumer analytics journey is an end-to-end experience that a consumer has with your brand. The journey consists of different touchpoints that helps the customer in making a decision about your product or service. It shows how the customers interact with your brand. It’s the process of tracking and analyzing the way customers use a combination of channels to interact with an organization.

A touchpoint happens anytime when a potential consumer or consumer comes in contact with your brand during, before or after they purchase something from you. The different touch points include but not limited to: Social media, website, PPC ads, Display ads, Google search, Marketing Emails, ratings and review, store, word of mouth, service and support teams.

What does the consumer journey entail?

The whole purpose of consumer analytics journey is to understand the data behind it. This then unlocks a trend, pain points in the purchasing process, predictive analysis of what the consumers want. The data can be extracted from your website, point-of-sale systems, email marketing platforms, call centers and even IoT devices.

The consumer journey consists of 5 different stages:

Awareness-Interest-Evaluation-Decision-Retention.

Your marketing strategy depends on understanding your potential customers. Keep your Customer Journey in mind when determining:

Marketing Channels
Decide which channels are best suited to create new leads, engage those new leads with your service offerings, and increase acquisitions to gain new customers.

Nurture Tracks
Understanding the time it takes for your customer to move from the awareness stage to the decide stage, can help you deliver relevant content to your leads at the right time by aligning marketing automation nurture track cadence with the time it typically takes customers to move through all of the stages. Keep in mind, the higher the cost, the more complex the sale becomes and the longer it will take a customer to move through the journey.

Scoring Systems
Not all behavior and demographic profiles indicate the same level of “sales readiness,” which is why a scoring methodology is essential to determine where a potential customer is in the customer journey. An effective scoring system can ensure leads are being sent to sales at the right time, which can have a dramatic effect on the efficiency of the entire system.

Content collateral
Track and measure the effectiveness of your content to move customers along the path to purchase, and how the most successful content is being delivered. That way you can focus your efforts on the content that works. Examples of content include, but are not limited to:Landing page, Buying guides, Blog posts, Case studies, Emails.

Goal Setting
The time it takes a customer to move through the entire customer journey (as well as the conversion rates along the way) is key data to use for predicting if you will hit your goals, and can also be used to make revenue forecasts.

Advantages of the consumer analytics journey:

Improved customer experience

Once you know the path that most of your successful consumers take, it then becomes easier to come up with a marketing strategy that can drive potential consumer towards that path. It allows you to come up incentives and offers that will draw people in. This will also allow for personalization. This has been the number one strategy that Amazon uses, and just look at how the company keeps on growing.

Accelerate new customer acquisition

Once you have mapped out your consumer journey, you are then able to know which product appeals most to your customers, the consumer lifestyle and behavior. This way your marketing strategy targets the values of prospective costumers. Once you are able to understand how your customers think and behave, you are then able to communicate with them effectively.

Reduce customer churn and turn over

The consumer journey will help you identify at-risk consumers. The path a consumer takes tells a lot whether or not they will make a purchase. By being able to identify this early, you can do a follow up and even show the prospective customer related products that they might have missed during their search. Research shows that a customer who was likely to leave a site without completing a purchase, is more likely to finish the process; if there is a follow up email in a period of less than 24 hours or if a pop-up appears asking the customer if they really want to leave the site.

Maximize consumer lifetime value

As I always say, return costumers are more likely to drive up your profits as compared to getting new customers. This in turn will grow your revenue. This is the reason why so many companies are offering loyalty programs and discounts based on a customer’s purchasing behavior. By understanding the journey analytics, it will help you in coming up with the proper loyalty programs which will encourage repeat purchases.

Conclusion

Consumer behavior is evolving and it is here to stay. The only way to make your marketing strategies work, is by understanding the consumer journey and being able to analyze data presented to you.  For any questions or comments, leave your post in the comment section below.

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