Shams Raza manages the Marketing 2.0 Conference team and is passionate about keeping up with the latest advertising and social media trends. The upcoming edition of the Marketing 2.0 Conference will cover burning topics such as personalized marketing, the rise of fraud, scams, and spam in the advertising world, as well as the evolution of customer behavior in the post-pandemic era.
About 80% of consumers expect a memorable experience from a brand or business along with their reliable products and services. Considering the expectations and behavior of the customers, conferences for marketing professionals highlight the importance of analyzing customer behavior.
Customer behavior analysis is the study of an individual's buying habits, taking into account all the factors that encourage or discourage their shopping. In short, it tells the business how the customers are shopping, and using these insights, they try to upscale their shopping experiences.
Before diving into the importance of customer behavior analysis, let's learn about the factors that affect custom shopping behavior.
Factors Influencing Customer's Shopping Behavior:
* Personality Type
Personality is an individual's unique set of characteristics that determines their responses to the social and physical environment. This is why we can relate to the fact that different personalities have different shopping habits. Businesses try to understand other behaviors to promote customers' shopping within their stores.
* Psychological Responses
These responses play a significant role in the customer's shopping habits but are difficult to predict. As humans, we undergo different emotions, and it's difficult to predict how one person will behave or respond in a particular situation, so predicting for many customers seems like an impossible task, as has been discussed at marketing events and conferences.
* Social Influence
This refers to the recommendations by friends, suggestions by bloggers or influencers, emails with product reviews, or simple testimonials on the shopping site. All these can influence an individual into buying something or nothing. These are basically external influences that can affect the buying behavior of an individual.
After learning about the factors influencing the customer's shopping behavior, let's get a better insight into the need for customer behavior analysis.
Customer behavior analysis is the comprehensive report of the customer's qualitative and quantitative interactions with one's company. This analysis helps a business understand their customers, their buying behavior, and how the customers interact with their company. Let's discuss other benefits of conducting a customer analysis, highlighted at marketing events like the Marketing 2.0 Conference in the USA and Dubai.
Invaluable Benefits Of Customer Analysis:
* "Know thyself. Know the customer. Innovate." – Beth Comstock
With the growing need for personalized content for customers, one needs to know about their customers to understand their behavior completely. To boost the customer's experience, businesses need to conduct customer analysis and provide them with the services and products of their choice.
* "Don't find customers for your products, find products for your customers." – Seth Godin
Today's marketing is about building products around the customer's needs and desires. Businesses can gain loyal customers for a lifetime by creating valuable outcomes for their customers.
* "Content builds relationships. Relationships are built on trust. Trust drives revenue." – Andrew Davis
Data obtained from customer analysis can help businesses know their customers and create content according to their interests. All the campaigns and marketing strategies can revolve around those selected sets of individuals, which can bring more engagement with potential customers. As highlighted by various marketing events and conferences, engaging content has the power to connect people and build trust for the business, which, one way or the other, leads to business growth and revenue.