Behavioral Marketing is used by online publishers and advertisers to increase the value of campaigns through information collected on an individual’s web-browsing behavior, such as visits or searches they have made. Advertisements to be displayed are then selected for that individual. Behavioral marketing provides greater efficiency in overall media planning. It also provides additional features to target consumers. Successful behavioral marketing agencies target consumers by serving ads to predefined segments or categories. These are built with data compiled from clickstream data and IP information. Behavior targeting is a much more cost-effective way to reach consumers without wasting ad space, energy, time and money.
A really good example of behavioral marketing in use is Youtube. Whenever a person watches a video on Youtube, they leave a digital footprint. Youtube uses this information to suggest videos for the individu.al to watch which has the result in the search list. Let’s suppose a person clicks on a video featuring a dog jumping into a box, Youtube knows the individual is interested in watching similar videos of dogs playing with boxes. The individual searches also include how many videos the person watches. A user’s previous likes, IP location and comments are taken into consideration.
The beauty here is that technology has the potential to deliver a totally different web experience for each user, where content is uniquely tailored based on an individual’s personal data.
User profiles are constructed based on data such as:
1. Website Analytics
3. Browsing History
4. Search History
5. Social Data
6. Purchase History
7. Login Details
8. IP address
9. App data
All of these need to be collected, analysed and turned into actionable insights.
The most important part of a behavioral marketing strategy is setting goals. The main goal is to analyze the purpose of using behavioral targeting. Increasing the traffic of the website, attracting new customers or retargeting those who have already visited the website. The idea is to create customer segments, measure success and set the right expectations for them.
Why is Behavioral Marketing so important?
The importance of behavioural marketing cannot be understated. Behavioral Marketing allows one to target an ideal audience in way that is relevant. It provides a tailored offer that makes it easier for people to open emails and click on content. According to exact drive, open and click-through rates can vary significantly with the help of targeting. Using website click data can be useful for targeting in email marketing.
Behavioural Targeting Based On Different Behavioural Types
1. Specific searches: If a user searches a specific term, DMPs record that information so it’s available to determine the person’s ultimate goals and more thoroughly outline their behavior.
2. Purchases: Information on what people have on their shopping cart and actually followed through purchasing that helps advertisers to predict what products they are interested in next.
3. Time gaps: The amount of time between visits for a particular user on a specific website helps marketers know whether the site is integral to their lives or if they only visit it occasionally. Information on time gaps often changes advertising strategies.
Making the most of Behavioural Marketing
1. Boost up your online sales through email retargeting – A key benefit of email marketing is the detailed analytics one can get. Add goal-tracking to checkout pages for an even more detailed picture, and see the exact revenue produced by each email campaign.
2. Attract the right audience with targeted content – one way to attract the right audience is sending a write content to the right audience at exactly the right time. Marketers can personalize campaigns using such as past purchases, subscribe location, subscribe gender, income level and Average order value from previous purchases.
For example- Adidas used behavioral marketing to target subscribers based on their location, content preferences, shoe usage, and past purchases. After a customer makes a purchase, one asks customers what kind of runner they are and how many miles they usually run. With this data, one can then send the customer reminders about when they should shop for their next running shoe as well as targeted offers about relevant products.
3. Increase your earnings with suggested products – According to the identity management software provider Janrain, 74% of customers are becoming increasingly frustrated when they receive marketing content that falls outside their interests. Focusing on individual shoppers rather than mass segmentation can let companies send product recommendations that drive purchases.The recommended products based on the intent and preferences of each visitor.
Benefits of Behavioral Marketing
1. The ability to innovate – Behavioural targeting often works side by side with geographical targeting, creating a broad-based view for customer. Another benefit of behavioural marketing is ability to identify consumer patterns and interests and provides key insight into ideal customer, while also allowing one to innovate through additional offers that are crafted around their interests.
2. The ability to anticipate customers needs – Knowing the current customers will also help to anticipate what ones future customers want. By understanding browsing habits, one can get valuable data on how the average person interacts with website. Once we are aware with customers needs, we can predict trends, identify possible challenges and consistently work to provide both current and future customers with tailored offerings. This will help us to reach the customers soon.
Now that you’ve brushed up your knowledge on behavioural marketing, you can now use this effective technique to generate quality leads for your business. After you’ve figured out the consumer journey, you can present your audience with the right set of advertisements based on the timing and their thought process. Try implementing it in a couple of your marketing campaigns and monitor your results. You are bound to be surprised with your findings.