Behavioral data: A powerful tool for brands worldwide
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Do you sell products or provide services? Therefore, you surely know that the success of your business is based on satisfying the tastes and needs of your customers. But what can you offer that your competitors can’t? What are your strengths? Can behavioral data be helpful at all?
In marketing, it is well known that, before designing a communication plan and even before creating new products or services, it is necessary to gather information about our target audience, to develop new effective strategies. This is where behavioral data starts to become relevant for brands.
In this article, we will tell you how behavioral data can help you stand out from the competition and gain an important position in the market by allowing you to know your consumers' real habits and preferences.
What is behavioral data and why should you be already using it?
Nowadays, we could arguably say that behavioral data is the new ‘pot of gold at the end of the rainbow’ in market research. The reason? This type of data provides a great amount of valuable information about what consumers do on the Internet. That is to say, their digital life. Through this data, you will be able to know:
- Apps used
- Websites visited (when and for how long)
- Orders placed
- Search terms used during the shopping journey
- Social media preferences
Nevertheless, how can we study this activity tracking? Let’s imagine for a moment that a person is searching for the newest smartphone. When doing the research, this person has access to a huge amount of information online, while being impacted by other offline media, such as TV, radio, or the “word of mouth” from friends and family. Which, undoubtedly, can be overwhelming to any current consumer.
The person at issue may consult YouTube to find more detailed information about the smartphone options that are of interest (including reviews and unboxings of different models) or can check videos on TikTok. Subsequently, once the person has decided which smartphone wants, he or she is more likely to compare prices and features on different vendor websites.
However, is it possible to have a record of the consumer’s online behavior during the entire journey? With behavioral data, it is.
Over the years, multiple tools have been developed to help the market research industry to overcome different limitations. But nowadays, the time has come to fully understand the consumer, by taking advantage of behavioral data.
What are the benefits of using behavioral data for marketing?
Certainly, behavioral data has revolutionized the field of marketing and market research by offering multiple advantages. Among the most notable, we find that it:
Provides insights about the real behavior of the consumer
With behavioral data, you can be certain that you will get an accurate measurement of the real behavior of your consumers. Beyond self-reported data (e.g., surveys), which can often be biased, or inaccurate, behavioral data is a true reflection of the consumer’s digital habits. Therefore, it provides great value when it comes to planning marketing and advertising strategies.
Gives you a deeper view of the consumer’s online behavior
Behavioral data is also a great tool to get a better vision of your consumers, since, as we have seen, it allows you to know more specific aspects of their online behavior, such as the apps they use, their favorite websites or social media, etc.
But, beyond that, it also enables the detection of deep insights, such as how the design of a website can have an influence on conversions, or the analysis of the interactions that a consumer had on different devices (mobile, laptop, tablet) throughout their purchase journey.
Supports strategic decision-making
In other matters, by capitalizing on the insights gained from behavioral data, companies can make informed decisions for their products’ development, sales and marketing strategies, advertising campaigns, and more.
Promotes cost and time savings
In business, time is money. This is the reason why, by removing a big number of operational resources (such as pollsters and tabulators), behavioral data has been distinguished as a cost-effective research method for obtaining valuable information from large populations, in a short period of time. Which means that this data can be efficiently collected and analyzed on a large scale.
Why are brands increasingly using behavioral data in their marketing strategies?
In the marketing world, the use of behavioral data has become progressively more important, due to its ability to provide deeper and more detailed insights into consumers’ online behavior patterns.
This powerful tool allows brands to access data in real-time. Which enables them to identify the most current and relevant behaviors of their target audiences. With it, they can, among other things:
Evaluate their audiences
With behavioral data, it's possible to get to know the type of most frequent users of different websites, apps, or social media. This, by analyzing them with several variables, such as gender, age, socioeconomic level, location, among others.
Optimize their advertising effectiveness
Behavioral data improves the advertising planning process by analyzing how consumers interact with ads as they browse on the Internet. This helps to optimize different factors such as targeting, formats, and messages, as well as budget allocation. In short, advertising effectiveness.
Analyze search terms
Although there are tools that measure traffic generated by certain keywords, this information is limited to the words per se and does not reveal much about user behavior. On the other hand, with behavioral data, you can understand how your target audience uses search engines to obtain information and make purchase decisions.
Get e-commerce metrics
When we talk about e-commerce, behavioral data allows us to know strategic data such as:
- Which competitors attract more visitors to certain products?
- What products are the bestselling on "X" site?
- What is the conversion rate?
- What is the average purchase ticket?
Undeniably, behavioral data has come to stay. Brands find this type of data a powerful weapon to create effective strategies that not only attract their consumers but also delight them.
Would you like to incorporate this kind of data into your company? Get to know Wakoopa's services! Our state-of-the-art technology will allow you to know everything about your online consumers' behavior, in a practical and easy way, regardless of the device they use (smartphone, tablet, laptop).
All our data meets the most stringent data privacy regulations worldwide, such as the GDPR (General Data Protection Regulation). Get in touch with us and enhance your brand strategies with real data from real people!
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