Know About Customer Behaviour Analysis
The success of a company depends on its ability to understand its customers. Organizations are adopting a variety of methods today to harvest consumer data and evaluate it. This information can then be used to make strategic decisions that can influence customer behaviour. For this, companies need professionals who interpret the collected data correctly.
Yes, companies today are on the lookout for business leaders who can make sound decisions based on consumer insights. These days, there are a variety of tools and technology available which can be used to collect this data. But, the real value is added to the information when there are people who can properly analyze it and come to conclusions that will solve business problems.
So, how can individuals learn the knowledge and skills required to perform this task? That's where Executive Program in AI for Business which deals with customer behaviour analysis comes to your rescue. Customer behaviour analysis is the study of how and why individuals make purchasing decisions. This course involves learning how to conduct market research, use popular tools to extract customer behaviour data and draw valuable insights from them.
Why is customer behaviour analysis important?
The aim of conducting customer behaviour analysis is to discover ways to better influence customer behaviour and improve conversion rates. The results from customer behaviour analysis help in:
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Predicting customer value: the more you're informed about customer segmentation, the better you can optimise your business operations to serve profitable customer groups.
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Personalising customer experience: as you learn about the company's customer base better, you can create a personalised customer journey map for customers.
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Increasing customer retention: customer behaviour analysis helps you in understanding what brings your existing customers back and improves customer satisfaction.
Top 7 Elements of Customer Behaviour Analysis
Personalisation is the best way for companies to win over customers. For that, you need to track customer behaviour. First things first, you need to understand your customer. Generally, they are classified based on location, gender and age. However, the broader you categorise your audience into segments, the easier it will be to personalise marketing campaigns.
Now, here are some of the elements in customer behaviour analysis that you should look out for.
1. Dwell time
This is the time that your customers spend on your website. It is said that the longer the dwell time, the higher the chances of customers making a purchase. One important factor here to take care of is the website design. When you provide them with a smooth user experience, it will influence them to buy something.
2. Types of purchases
The next thing you should learn using customer behaviour analysis is the kind of things that are bought by customers. Executive Program in AI for Business will teach you how to make the best use of tools to understand what each demographic buys. As you learn this, it will be easier to tailor your offerings.
3. Number of returning customers
It's a lot more expensive to attract new customers than to retain new ones. So, it's important to ensure that the customers are satisfied. An easy way to understand brand loyalty is to check the purchase histories of customers. If a customer comes back repeatedly, it means they're satisfied with the service.
4. Heatmaps
Using web analytics tools, you can learn how customers navigate your website. With this information, you can optimise website operations and make it more user-friendly. Executive Program in AI for Business will help you to learn how to use these tools.
5. Number of active users
Knowing what time your customers visit your website or come online is a crucial element of customer behaviour analysis. This way, you can make sure that customers notice the online content to them that you cater to them.
6. Pages visited
The most popular page on the website is the one that is most clicked on by the customers. Executive Program in AI for Business will enable you to use the latest tools and technologies to learn which are the pages often visited by customers.
7. Types of content consumed
Understanding the type of content your users require or enjoy is important to build your future content. Different analytics tools are used to learn the format and themes of content that engages your audience.
How can Imarticus Learning help?
Executive Program in AI for Business is the result of the collaborative efforts of Imarticus Learning and IIM Lucknow. It is a 6-month course designed for professionals who wish to become AI and machine learning leaders. The program focuses on equipping you with the skills and knowledge required to interpret customer behaviour and make sound business decisions.
Imarticus Learning has years of experience in grooming leaders who are capable of taking advantage of technological advancements to improve business growth. Through this course, you are allowed to connect with and learn from various industry experts. To join Executive Program in AI for Business, visit Imarticus Learning now.
