2018-03-20 14:55:41Marketing a BusinessEnglishDiscover why behavioural analytics are important to your small business. Learn about different analytics tools, and figure out how to...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/Marketing-Team-Reviews-Behavior-Analysis-Statistics-In-Preparation-For-An-Overhaul-Of-Their-Retail-Outlet-Stores.jpghttps://quickbooks.intuit.com/ca/resources/marketing/behavior-analysis/Using Behavioural Analytics in Your Small Business

Using Behavioural Analytics in Your Small Business

3 min read

Do you know everything you need to know about your customers? Behavioural analytics, the process of gathering and analyzing information about your customers, can help you understand how customers use your company’s website or app. It gives you the information you need so you can update your online presence in a way that creates a better customer experience and boosts your profits.

Why Are Behavioural Analytics Important?

You probably conduct at least part of your business online. At a minimum, you probably have a website and one or more social media profiles, but do you know why customers like one Facebook post but not another? Do you know when to push related products to an online shopper? If not, behavioural analytics can help. After all, the more you know about how your customers interact with your company, the easier it is to design effective websites, marketing materials, messaging, and more.

Imagine that you own an online retail store. Using behavioural analytics data, you can see that customers spend 10 minutes on your website before buying a $200 product and just two minutes before buying a $5 item. This lets you know that your customers want to research more expensive products. If you want to boost profits, you could add more information to your high-ticket product pages; this gives users what they need so you don’t lose them to other websites. Even better, since analytics can also tell you what pages customers visit before buying expensive items, you know exactly which pages to beef up.

Behavioural Analytics Tools for Small Businesses

While custom analytics can be pricey, there are ways to get the data you need while keeping your budget under control. Fortunately, there are plenty of affordable data collection tools on the market. If you run an e-commerce store, or if your company’s website is one of your biggest marketing tools, the best place to start is Google Analytics. After you sign up for an account and add a small piece of HTML to your website, you can access a huge amount of information about your customers, such as how many people visit, when they’re most likely to visit, and how they get to your site, to name just a few.

If you’re looking for step-by-step guidance, another great tool is Kissmetrics. This service scoops up data from your website, social media, and email marketing, and then analyzes the information to tell you how to improve. If you use a sales funnel, for example, Kissmetrics can identify where you’re losing customers and help you fix the problem.

Choosing and Using Metrics

Once you start gathering data, the sheer amount of information can be intimidating. If you try to track too many different metrics, it’s easy to get overwhelmed. Start by choosing one important business goal, and then choose a few relevant customer behaviour metrics. With those, you can see how customers react to different marketing, sales, and design strategies.

The metrics you choose depend on the results you want to see. Suppose you want to get more website visitors to your online store. The Landing Pages metric on Google Search Console shows you where users are entering your website. Turn to a program like Inspectlet to analyze those pages to see how people behave once they’re on your site. For example, if 90% of visitors click a Read More button at the top of the page, try replacing it with an Online Store button. Your Google Analytics Behavior Flow metric can then show you if users start clicking through to your store. If so, your strategy is successful — and if it’s not successful, you now have more data to build an answer that works.

Using behavioural analytics in line with your business goals helps you find successful marketing and sales strategies. Finding the right tools and metrics takes time, but the benefits are worth your effort.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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