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Website provides a gold mine of consumer data, everything from browsing
behavior and patterns, to demographics, transactional histories, sources of online traffic, the effectiveness of search marketing,
changes in conversion, keyword drivers, cross selling propensities and average order values. Metrics and adjustments to consumer
behaviors are paramount, the key challenge is deciding on what core business drivers each marketer or enterprise needs and
wants to capture in order to drive the growth profits for their company or client.
As far as strategy goes – total transparency is the only recourse for enterprises and marketers – in
other words don’t make claims that cannot be delivered – the Web and social networking can destroy a campaign
or company within days if not hours. This is because the Web is a rapid self-evolving marketing ecosystem
in which the consumer drives demand, product design, service features, price structure and total production. Web
analytics can be done in-house by enterprises or outsourced to consultancies such as Omniture. Today, the 24/7 consumer and marketplace drive the success of products or services.
A successful strategy should align its products and services to this fact. Knowing this ahead of
time will ensure a successful behavioral analytical strategy for marketers and enterprises. Designing and
implementing a framework for creating and leveraging streams of consumer behaviors requires advanced planning a tried approach
of define, design and build for both marketers and enterprises. Key building blocks to a behavioral analytic
strategy include a business vision, goals or missions, objectives or milestones, as well as tactics, techniques and a plan.
A quick definition of these processes is warranted at this time:
Business Vision: More often then not it is increased
sales or profits, but it should also be improved customer service and relevancy
Goal or Mission: This can be qualitative in nature, such as
“improve the consumer experience.” Objective or Milestone: This must be quantitative, cross-selling, up-selling ratios metrics to accomplish a goal
or mission. Tactics: These are the executable action items
needed to carry out the overall strategy, and are used to achieve objectives. Techniques: These are the systemic procedures by which tasks are accomplished. Plan: Lastly, we arrive at the set of tasks that lead to the achievement of all
the objectives.
Ever since cookies were first baked up by Netscape the monetization
of consumer behavior has relentlessly advanced in order to make relevant and targeted offers to returning customers.
However, reliance solely on cookies has its limitations, since it focuses exclusively on online behaviors.
It is equally important for marketers and enterprises to also make attempts at collecting some level of demographic
information and/or to aggregate that cookie information with other operational and transactional information, such as those
from call sites or CRM systems.
For example,
eLoyalty.com has developed
and trademarked the term of “Behavioral Analytics” for a call site alert system. eLoyalty’s Behavioral
Analytics™ automatically creates alerts to identify customers who have significant customer service
issues. Enterprises are able to automatically identify customers who have multiple unsatisfactory contact center interactions over a
short period of time, or who were upset and require a follow up call or email. These new capabilities will enable Behavioral
Analytics™ customers to rapidly identify and remedy previously unidentified customer experience issues, as well to better
understand first call resolution rates and patterns – these new capabilities will be delivered and supported as a managed
service by eLoyalty.
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