3 Ways to Increase Sales With Real-Time Analytics
Imagine you own a brick-and-mortar store. You can quickly gauge certain demographic information about each consumer who walks through your door that may help you sell to them. But what if you also had details about their past purchases, previous visits to your store and every other interaction with your brand on hand? Not after they make a purchase, leave your store and maybe never walk through its doors again. No, right then, while they're stilll engaged with your brand.
This is essentially what real-time web analytics will do for your online store. Here are three ways that access to real-time analytics can help drive your brand's sales:
1. Customer-centric decision making. The most important knowledge you can gain from your web analytics is a deep understanding of who your customers are — behaviorally, demographically, psychographically, etc. This insight is going to factor into every single business decision you make. Having this insight in real-time will enable you to make those decisions on the spot.
The type of customer data you want to pay attention to will vary from business to business depending on what your goals are. However, one universal rule is that it's imperative to track actions (not just page views) like adding a product to a cart, clicking a sign-up button or performing a product search. Tracking these actions gives you more meaningful insight into the behavioral profiles of your customers. You know what they're actually doing. If you're not tracking these actions with your analytics program, then you're missing out on an entire dimension of customer insight.
This behavioral data will enable you to segment and target your audience. While demographic segmentation is useful, you need to take a holistic approach to profiling your customers by also including their behavioral history and patterns. Knowing what a customer did in the past is one of the best ways to predict their future behavior. Knowing what she's doing right now is the best way to leverage all of that information.