How to Record and Use Behavioral Data to Improve Conversion Rate
Improving conversion rate is a primary concern for all marketers and entrepreneurs. It stands true for both digital and offline marketing. However, the scope and issues are much bigger in digital marketing, and so are the challenges. Even if you get thousands of visits on your website, it would be useless if a significant percentage of it does not convert.
Marketers use behavioral data to improve conversion rates. Behavioral data refers to unique customer behaviors, their needs and wants, pain points, and how to resolve these issues. For instance, it is very common for people to browse through a website and not buy anything. There might be many reasons for it:
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- The buyer is researching different products before deciding on one
- The buyer is comparing prices
- The buyer has no real intention of making an immediate purchase
- Your website appears unreliable to the buyer
- Your shipping charges or time is suitable for the buyer
- Your website failed to give a good user experience
With so many possible reasons, it is impossible to narrow down on a few without using behavior analytics like WatchThemLive. If you are not using behavioral targeting, you cannot draw new customers or retain existing customers.
How behavioral data helps in CRO (conversion rate optimization)
There are many factors determining conversion rate, as we discussed above. However, some reasons are beyond the marketer’s control. For example, an aware consumer is very unlikely to buy something without proper research. For that reason, no amount of behavioral targeting would work for consumers in their research phase. However, the other factors can be combated. If your website lacks the important elements that I’ve user experience, you can start working on it. With website visitor tracking, you can understand how frequently someone visits your website and what they look for.
Let’s take an example to understand the correlation between tracking behavioral data and conversion rates:
Heatmaps are a subcomponent of landing page optimization tools. To put it in simple words, heatmaps are a diagrammatic representation of where visitors click the most on your website. For instance, your website might have different menus for different purposes. If more people are checking out your products than trying to schedule a call, it highlights a problem with your customer experience. When you see people showing more interest in a few product categories, it hints at the fact that those products are becoming popular.
When you analyze data from heatmaps, you can optimize your landing page in a way that forces visitors to check out their preferred menus. If fewer people are booking a consultation call, you can highlight it on your home page and incentivize visitors to click on it. There is a lot you can do with information from heatmaps.
Now we will move on to another example – session replay software:
Unlike heatmaps, session replay tools take you through a visitor’s course of action upon entering a website. You can see everything they do, where they hesitate, where they go back, and where they convert. It is a rich source of data that says a lot about customer behavior patterns. While heatmaps quantify the data for you, session replay tools let you analyze all the movements to figure out smaller details. It is a great tool to understand what your visitors want and how you can tailor your website accordingly.
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The importance of behavioral data
Marketing without behavioral data is like taking a shot in the dark. You do not know whether the problems you are trying to solve have any relevance among customers. You can also get narrowed down by your individual biases and opinions. Behavioral data tells us exactly where we can improve and where we are doing well. In the present marketing landscape, behavioral targeting is non-negotiable.