Do you know what behavioral marketing is? Imagine you were eyeing the latest pair of sports shoes and suddenly started getting ads related to them. Has this ever happened to you? It gets tempting when you see such ads, and you just can’t resist your urge to buy them! Some people find this creepy, and some take it as a positive sign to buy them! How do you think you receive such relevant ads? Why do you mainly see this ad other than any other? Don’t you think this is one of the most innovative ways of marketing? If the viewer sees something that they are habituated to, they mind end up purchasing it!
Let’s understand Behavioral marketing in depth further:
What is Behavioral Marketing?
Behavioral marketing is a method companies use to reach their target audience based on their past actions and behavior. For instance, if you love pampering your skin, you constantly lookout for skincare products. If you are observant, you might see many ads related to skincare.
Why do you think you should use this method if you are an entrepreneur? Mainly, if the ads are relevant to your users, there are high chances of the user reacting positively to the ad. That being, they may end up purchasing your product. Though all of this sounds simple, collecting the data and applying it theoretically in your actions is challenging. You can build user profiles based on the data that you collected from various sources like:
- Cookies
- User browser history
- Purchasing history
- Website analytics
- IP address
- App data
- Social search data
Behavioral Marketing Examples
Online
Many platforms help in analyzing consumer behavior while they visit different websites. One such engine that we know about is Google analytics. This platform tracks clicks and every move of the user on your website. For example, Amazon recommends products based on the last purchased products.
Retail
Retail marketing is another great example of behavioral research. A customer may enter a shop showroom with two decision mindsets. One is that he is aware of the product he wishes to purchase. The second is that he will look about before making a decision. When conducting behavioral research, the person exploring is our target client. This consumer will tell us what people seek when shopping for something.
Conclusion
In Behavioral Marketing, market research plays an extremely vital role because customers become pros in technology before visiting a retail store. Also, while they are browsing through a website, they are very clear about the product that they are looking out for. Also, if you need to know about the growing competition in the market. If you want to stay ahead of the curve, you need to know competitive positioning.