Making the Most of Behavioral Data in Your Marketing
September 9, 2020 | Ross Shanken
Despite the rapid increases in MarTech data tools, marketers still struggle to identify in-market consumers and align their messages with the customer journey. But, with the right data sources and insights, you can get a better view of the consumer journey to improve customer acquisition and retention.
Leveraging behavioral data sets widens your view of the consumer, helping you deliver better customer experience and increase your marketing performance. In fact, research finds organizations that leverage customer behavior data to generate behavioral insights outperform peers by 85% in sales growth and more than 25% in gross margin. Ultimately, connecting to known consumer wants, desires, and needs drives better engagement and higher acquisition, growth, and retention.
A Jump Start
If you’re relying on static customer insight, have inefficient and suboptimal customer acquisition rates, or experience customer runoff, behavioral data can jump start your marketing engine. With the right data, you can identify an active buyer early in their journey and educate that consumer with the right content to nurture them appropriately through all stages of the buying cycle.
Behavioral data is so important because, unlike demographics, behavior changes all the time. Understanding behavior allows marketers to respond to actual intent, rather than rely solely on educated guesses based on demographic segmentation.
Access to these behavioral data signals, delivered through data-as-a-service (DaaS) organizations, tells brands where consumers are in their shopping journeys. Behavioral data helps marketers with:
Prioritization: The right data will provide a broad view of the ideal customer and you can better identify and segment target companies.
Personalization: Leveraging behavioral data will improve customer experience by informing marketers of the type of content and messaging to use in outreach.
Performance: Behavioral data will help you focus on sales and marketing efficiencies.
Create Great Experiences
At Jornaya, we’re helping marketers in major-life purchase (MLP) industries—such as insurance, mortgage, and automotive—create great customer experiences. A recent economic impact study found that in-market monitoring and behavioral insights can significantly impact ROI, increase engagement, and improve retention.
Behavior becomes even more important when it comes to these MLP journeys, or shopping processes that are usually less impulsive and more thoughtful and time-consuming. We know these decision involve a lot of time and research to make. The journey involves visits to multiple websites and the vast majority (87%) comparison shop on every purchase. We see from our data that mortgage transactions take an average of 171 days, and insurance is in the 3-month range. Some MLP shoppers can take much longer.
Marketers who have a view into behavioral data will have a distinct competitive advantage in the marketplace. Imagine knowing when and how frequently a shopper visited a certain category of websites and how long they spent researching. Some other common behaviors to look at throughout the shopping journey include the device used (desktop or mobile), IP and location of activity, time of day activity was seen, and number of events a consumer has along their journey.
The Time is Right
Identifying these shifts in consumer preference and behavior can save significant time and resources, especially in the COVID landscape. As we adapt to being even more thoughtful in outreach, timing is event more important now.
In this new normal, it’s table stakes to understand where the journey goes to send the right message at the right time. With this information, you’ll be able to have more meaningful and fruitful engagements and will be more likely to turn them into customers.
Ross Shanken is Founder & CEO at Jornaya.
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