Strategy: Behavior Analytics
What is Behavior Analytics?
Behavior analytics is one of the many steps on the road to establishing an empathetic view of your customer’s journey. More succinctly, it is an essential step to discover “What to fix”.
It empowers you to stop guessing and use data driven values to understand your customers interests and pain points.
How does it work?
It provides quantifiable data that illustrates the customer journey and helps to establish baselines for behavior KPIs as well as prove the effectiveness of defined goals, marketing efforts and overall spend.
When applied correctly it provides insights that define personas and segments of customers.
When coupled with qualitative data such as customer feedback it can help round out a complete 360-degree view of the health of your customer relationship.
Understanding your customer’s behavior through Behavior Analytics is essential to defining a strategy for improvement and a roadmap to success.
Key Take Away
Measuring customer behavior is essential to defining a strategy that:
- Understands customer interests and needs.
- Identifies pain points and frustrations.
- Optimizes marketing efforts and communication.
- Defines user personas and segments.
- Understands customer churn and lifetime value.
Impact of quantitative analysis on Verisk ClaimSearch applications
Loyalty
92%
Increase in NPS score
Security
7M
daily hacking attempts identified
Engagement
3 min
decrease in time on task