According to a McKinsey research report, companies making use of user behavioral data to generate insights were able to outperform their competitors by 85% in sales growth, and over 25% in the gross margin!😯
What is Behavioral Analytics?
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RSVP bit.ly/3eg360rTPF
What is Behavioral Analytics?
A 🧵
RSVP bit.ly/3eg360rTPF
We would first need to understand what is behavioral data and how it is captured.
This data is typically created and stored in the form of an “event,” i.e an action that was taken, with “properties,” meaning metadata, used to describe the event.
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This data is typically created and stored in the form of an “event,” i.e an action that was taken, with “properties,” meaning metadata, used to describe the event.
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User actions (say clicks on a website or swipes on an app) are classified as events.
Behavioral analytics pinpoints precise actions taken by users, organizing this raw event data into timelines that can be used to get the journey taken by each user on your platform. 🚴
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Behavioral analytics pinpoints precise actions taken by users, organizing this raw event data into timelines that can be used to get the journey taken by each user on your platform. 🚴
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In short, it is all about personalizing your products and services for the users. ✅
Yet to do this, you would need to find out how your users are using your products and services.
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Yet to do this, you would need to find out how your users are using your products and services.
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Let’s take a look at some ways behavior analytics might be used 🤔
Say MakeMyTrip decides to track user events on their website. Users might have explored visiting a location with an airline, say SpiceJet ✈️, but then abandoned the process before purchasing!
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Say MakeMyTrip decides to track user events on their website. Users might have explored visiting a location with an airline, say SpiceJet ✈️, but then abandoned the process before purchasing!
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MakeMyTrip uses this information by sending an email to the user.
This email could have a flight discount or offer,
or some useful information on the destination of interest in order to inspire a booking from the user.✅
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This email could have a flight discount or offer,
or some useful information on the destination of interest in order to inspire a booking from the user.✅
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A lot of us have heard about/used Email Marketing Campaigns right!!?
Take another company, say Zoomcar sends out an email campaign that includes a PDF attachment containing information about a range of cars. 🚗
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Take another company, say Zoomcar sends out an email campaign that includes a PDF attachment containing information about a range of cars. 🚗
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Using behavioral analytics they are able to track the user events. They can find out who clicked on the attachment, how long they kept the PDF open for, how far they got through the document, and where they spent the most time.
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This data is then processed and sent to the sales team, who are now better placed to open conversations with prospective users.
Dialogue becomes more interesting to users, and the sales team can pass on relevant information and targeted offers to different users.
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Dialogue becomes more interesting to users, and the sales team can pass on relevant information and targeted offers to different users.
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If you found this interesting, there is an amazing workshop lined up this week by @TheProductfolks on understanding Behavioral Analytics!!
Check this out bit.ly/3eg360rTPF
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Check this out bit.ly/3eg360rTPF
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