Business

How to Know Your Customer Better with Real-time Data

Ever wondered, what separates successful brands from also-rans? It’s the ability of a business, to collect data about customers and also respond to it – both in real time! One may collect loads of real-time data, but it’s of no use if one cannot act on it instantly.

Again, the reverse too holds true – one may be well prepared for action on their real-time data with the help of technology-based tools, but it’s of no use with the wrong data! Understanding customers with the help of data enable a business to make informed decisions.

Knowing or understanding a customer better, using real-time data is not as complicated as one might imagine!  However, it requires a thoughtful analysis of where and how one can collect meaningful data. It’s useful to know what a customer is doing at any moment along with understanding their history. Now, it all boils to the question, “How to know a customer better with the real-time data?” Let’s find out the different ways.

Analyzing Website. Analyzing one’s website may not be just enough to give the complete insights into what one’s customers like or don’t. It would be better to get interactive to ask and get straight answers from them instead! This can very well be carried out by:

•    Providing proactive live chat support,

•    Getting feedback on live chat sessions,

•    Providing dedicated feedback forms on the website,

•    Measuring customer service performance,

•    Calling customers regularly,

•    Using e-mail surveys for new customers, etc.

A link shortening or customizing service provided by MyLnk can prove to be very handy in using shortened or customized links within e-mails, websites or social media along with tracking them to further analyze in knowing customers better with real time!

Leveraging Big Data. Big Data is data sets that are huge and complex. Traditional data-processing application software is inadequate to deal with such data. They are analyzed computationally to reveal patterns, trends, and associations,primarily relating to human behavior and interactions. So, to understand customer experience and behavior better, it’s best to tap into Big Data sources.

The data leveraged from Big Data helps to gain critical insights, and thereby understand customers much better. If a process lacks the step-by-step blueprint of customers’ experience, then the analytics often go misleading, incomplete or inaccessible. A few tips that businesses should use when implementing Big Data strategies can be seen below:

•    Harvesting network traffic.

•    Embracing customers for what they do.

•    Capturing all that influences customer experience and behavior.

•    Focussing on data quality rather than quantity.

•    Adjusting captured data and processing on the fly to meet changing requirements.

•    Ensuring optimal user experience.

•    Captured data and analytics should not affect website performance.

•    Use granular customer info (behavior and experience), to render valuable insights.

•    Get complete picture by correlating data captured from the website, smartphone, tablet or computer.

The above tips mentioned going a long way in helping to gain insights from customer interaction, improves customer loyalty, and ultimately gives a competitive advantage. Big data indeed can be analyzed for customer insights that lead to better decisions and strategic business moves.

The above data discussed, is useful and helps in planning to post content for maximum reach and engagement thereby optimizing the conversion rate. A fast emerging tool – MyLnk, helps to customize and brand a link along with allowing one to see the click details for each customized link giving details of volume, time of day, the day of the week, location, device type, brand, etc.

Sending links that are longer; and look shabby, meaningless, and old-fashioned to customers and prospects via e-mails or WhatsApp messages or SMSes; is a big problem. Transactional marketing that is sales-oriented and based on the need for efficiency does not delve on developing a relationship with the buyer. Transactional data is used mainly to achieve this goal by making use of Predictive Analytics, Machine Learning, and Deep Learning to automate. But, customers today, expect personalized services along with security. Personalization comes to the rescue; it helps to deliver a personalized digital experience that enables consumers to improve in managing their day-to-day lives.

A link shortener service can help to combine transactional marketing and personalization effectively to deliver great a Return on Investment. The combination of Big Data and MyLnk is likely to deliver spectacular results in understanding a customer better in real time.

Behavior Analytics to Gain Insights. Customer behavior analytics forms the basis of gaining a clear knowledge about customers. By knowing which customers bought what, when and via which channels helps in gaining a competitive advantage. It equips any business to better equip themselves in making data-based marketing decisions.

Customer behavior analytics makes it possible for businesses to predict customer behavior and is a very useful tool in knowing what customers are likely to do in the future.

By analyzing the expectations and buying the pattern of customers and examining their history holds the key to achieving success in any business. Today, any business is constantly flooded with data due to the rise of the internet and social media. Also, digital marketing has replaced traditional marketing – from print ads and billboards to search ad and landing pages! This real-time data helps to understand and further to influence any customers’ decisions provided the data is captured and analyzed accurately.

A technique on the World Wide Web that can help to create a customized, meaningful and shortened links along with tracking clicks on it is a Link Shortener. Service to that effect is provided by MyLnk which is an innovative link shortener. Being a URL management platform, it lets one customize a link. It is the perfect solution for businesses to reach the right audience with branded and customized website links.

The analytics offered by MyLnk Link Customizer help to analyze the clicks to the various campaigns launched by a business. MyLnk has additional benefits around stats for each link – one can see click details like volume, time of day, the day of the week, location, device type, device brand, device name, etc. This type of behavioral data helps to gain insights and plan further to post content for maximum reach and engagement.

Identity and Predictive Analytics. Customer acquisition is one of the most critical events in the customer life cycle. Being the initiation phase, it’s very essential to identify a using Identity Analytics. This type of analytics allows to identify a customer and determine if they are a new prospect or a returning one. It also allows determining if they have modified their identity, purposefully or accidentally.

Such analytics can help avoid a potential fraud going forward. Businesses usually identify a customer immediately after they apply for a service. They typically pull up third-party data and correlate it with their internal one arriving at insights in determining if a customer is a high risk, medium, or low one.

Behavior profiling comes in handy in spotting the right customers at the right time to increase revenue. Businesses usually use Predictive Analytics to have a better hold over customer behaviors.

Further complementing to this, with personalized, targeted marketing campaigns help in increasing revenues. Predictive analysis is instrumental in keeping customers happy apart from avoiding their churning. Link shortening and redirection are beneficial to any marketing campaign.

Setting up a powerful server-side analytics engine is a costly affair, but thanks to MyLnk – the customized URL shortening service, has come to the rescue by helping provide detailed information about the clicks that a link receives along with other details. Thus, as seen, a link customizer multiplies as an Identity and Predictive Analytics tool.

Retailers having realized the new world reality, are now embracing it. To deliver an enriching customer experience, it’s become essential to focus on identifying and acting on the changing consumer behavior, in real time!

According to u to a study, 61% of companies surveyed, are now planning to implement newer analytical capabilities to understand their customers better over the coming years. The focus is to better understand customer purchasing patterns, trends, and preferences to later use them to enhance the customers’ experience and interactions that deliver greater business outcomes.

As consumer behavior keep changing constantly, real-time analytics empower businesses to identify and respond to these behavioral shifts quickly. This has enabled organizations to deliver engaging and relevant customer experiences for optimal business outcomes.

Real-time data is reshaping the way marketers will communicate with customers. Real-time data applications will dominate in the coming days. With the emergence of the social media campaigns, high-quality content, personalization, and the various responsive products; the expensive TV commercials, static billboards, marquee banner ads, and magazine spreads are going to be rendered obsolete, sooner than later. Knowing one’s customer hold the key for any business. Successful business owners understand what their customers want. Accordingly, they work out the most effective way of making their product or service available. As seen, understanding customer behavior plays a very important role, and knowing one’s customers better with real-time data is bound to excel and propel a business in furthering their revenue.