Behavioral Analytics in Sales: Unlocking Hidden Patterns for Sales Success
To thrive in the dynamic and highly competitive business landscape, it is essential to understand customer behaviour. And that’s where a technique called behaviour analytics steps in. It is a concept and process that unlocks insights into customer behaviour across various digital channels.
As per Microsoft Dynamics 365, every user interaction provides valuable insights about the users’ desires, needs, readiness to purchase, and more. Behaviour analytics provides you with the knowledge to revolutionise your sales profile.
Let’s understand more about the role of behavioural analytics in improving your sales function.
What is behavioural analytics?
It is a branch of business analytics that unveils in-depth insights into how customers behave with your social media, website, mobile app, chat, and other online channels. Every user interaction signals their needs and aspirations along with their readiness to buy your products or services. Behaviour analytics help you capitalise upon every minute customer data and create accurate customer profiles.
Behavioural analytics bring an array of benefits to different organisational functions, and sales is no different. It acts as a crucial link between your marketers and sales teams. Tapping into the available behavioural data, marketers can demonstrate to the sales team about the tangible returns on investment and build a larger and more qualified sales funnel. A detailed understanding of users’ behaviour, habits, and interactions lets your sales teams identify potential upselling and cross-selling opportunities to convert customers and generate more revenue.
Utilising behavioural data to drive sales
Understanding customer behaviour
We already stated that every interactive user leaves a digital footprint. Behaviour analytics unravel every footprint to allow us to capture and analyse users’ preferences, revealing patterns and pain points. Understanding user behaviour is akin to decoding a cryptographic language, but marketers can track metrics like time spent on pages, click-through rates, abandonment rates, and so on to gain business insights that deter conversions.
For example, an e-commerce site notices constant cart abandonment at the checkout stage. Analysing the pattern, it can be concluded the friction is due to the complex checkout process.
Tailored user experiences
The one-size-fits-all approaches don’t work today, and behaviour analytics steps in and enables hyperpersonalization as per the preferences of every individual customer. Your customers appreciate when they are listened to. The moment you suggest them products based on their browsing history, it creates a sense of connection.
Amazon sets the benchmark for tailored suggestions. It analyses user behaviour and serves personalised product suggestions. Hence, the conversions soar.
Funnel optimisation
Sales teams create user journeys in the form of funnels with multiple touchpoints. You can leverage behaviour analytics to identify bottlenecks and drop-off points. If you have your business app, you can analyse the behavioural data at each stage to uncover all the touchpoints. You can analyse at which step users are taking longer time than expected, resulting in abandonment in the end. By optimising this stage, you can improve your conversion rates.
Accurate targeting
All your users are not equal. Behaviour analytics allows businesses to segment their audience based on their demographics and other criteria. Tailoring sales and marketing efforts, you can deliver meaningful messages and drive conversions.
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Top techniques to track sales behaviour
Analysing customer behaviour is a daunting task, but if you crystallise the process with the following steps, the journey becomes easy to navigate.
Identify your segments.
The first step in analysing the sales behaviour is proper segmentation. You can segment your users based on demographics, interests, pain points, or goals. If you are a B2B organisation, you must segment your audience based on company properties, such as size.
Discover how each segment benefits from your offerings.
Once you have segmented your audience, it is time to analyse how your products or services can benefit these segments. This step will help you tag experiences and features that will lead to increased user satisfaction.
Collecting data
In this step, you must collect some quantitative and qualitative data to know how customers value your products, the way they interact with your products and services, whether they need additional training to understand your product, and so on.
It will further boost product adoption and customer retention.
Utilise the insights to boost new customer onboardings.
Finally, you can accumulate all your insights that will help your sales team for new sign-ups. It is a step to target the low-hanging fruit, identify what’s working for your high-value customers, and encourage more sign-ups.
Wrapping Up
Leveraging behavioural insights, you not only boost your customer onboarding and retention, but the insights can also help you improve the performance of your sales reps. With the insights uncovered, your sales team does not waste time on uninterested users and focusses more on the high-value clients who are likely to convert.
Overall, behavioural analytics is your compass guiding your business towards better conversion. By tapping into the nuances of user behaviour, you can create personalised experiences, optimise funnels, and target the right audience to unlock the full potential of your digital presence.
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