One of the trickiest aspects of marketing campaigns is by far the calculation, determination, and demonstration of ROI. Is there a single efficient way to measure it? Offhand, most people would be quick to suggest Google Analytics- but wait not so fast! Behavioral Analytics is the new kid in town that’s worth paying attention to.
The quickest way to explain what Behavorial Analytics is would be to say that it is an enabler that allows marketers to visual all events within the customer journey. Google Analytics merely provides data on clicks, conversions, and shares. However, it’s Behavioral Analytics that makes sense of the “why” behind it all. For example, why did Tim place a huge order last week? It’s because he discovered your brand on social media last month, read a few of your blog posts since, browsed particular categories each time and signed up for the newsletter two weeks ago. You now know what worked. You know what is being perceived as meaningful by the consumer, leading them to like and trust your brand.
Okay great, now what? Well, you can use Behavioral Insights to deliver a more personalized customer experience. For example, you can give them a special pop-up discount, or maybe even a recommendation engine. As they make (or change their mind) on purchases, you will get a better understanding of why they might choose some products over others (brand/price point/materials/reviews/etc.)
Behavioral Analytics would also help you get into the mind of the customer to see what guides their decisions each step along the way. Maybe it was your email campaign… or it could have been the competitive offer, or the ad on social media. So yes, while there is the analytical aspect which you can get from Google Analytics, there is also the added bonus of a time-series analysis and context, which will allow you to optimize certain areas as needed.
The modern shopper no longer wishes to just make quick purchases and disappear. They look for experiences to make their journey meaningful. Their experience is in your hands, and it is up to you to shape their personalized journey for them in a seamless fashion.
Today, we’re happy to share that Syte raised $21.5 million in Series B Funding. Viola Ventures lead the investment, alongside high-profile investors Storm Ventures, Commerce Ventures, Axess Ventures, and Lyra Ventures. The total funding to date is $30 million.