In the era of big data, businesses are finding more and more ways to fine-tune products for their customers. There are several layers of information to glean insights from: web analytics, enterprise BI, and behavioral analytics. With web or app analytics, a company will gather data on clicks and page views, as well as a number of other metrics that indicate what kind of traffic the website is attracting. These include the number of unique visitors, downloads, referral sources, and page bounces. Using this data, the company can, for instance, aggregate data on hot topics and on the most valuable pages on its website. This basic data serves as the blueprint for a website that is pleasant to navigate and attractive to customers. And like a judicious accountant, web analytics allows firms to get a clearer view of what is driving sales performance.
But companies nowadays have an opportunity to go even deeper. With enterprise business intelligence, they can turn the lens back on themselves to reveal any inefficiencies within. Companies nowadays have a dizzying array of internal data at their fingertips, from sales forecasts to inventory levels and revenue or cost data. Slicing and dicing this data with flexible reporting and ETL processes allows businesses to learn valuable things about themselves.
Enterprise business intelligence is like the eagle-eyed consultant who swoops in to identify how the firm could improve. But big data has also given rise to an entirely new dimension of data analytics based on the real-time processing of customer patterns. Now, companies can observe customer behavior as it happens and respond instantly through dynamic webpages. The company’s own data on past customer journeys (where users go and what they end up doing) can help to create different types of behavioral profiles, called customer segments. Once the website learns to recognize a hesitant buyer, it can respond accordingly – such as directing the customer to a discount offer.
We call this form of analytics Predictive Behavioral Analytics and it allows companies to offer a user experience that is as personal as interacting with an affable customer service representative. It’s like having Don Draper assist every single customer that passes through your website.