Customer Behavior is quite hard to understand and the most complex part is to analyze it. The same customer can behave differently even in the same scenario just because of the slight change in variables. This principle applies to all kind of products and services irrespective of the market vertical or any other factors.
For eg: You are offering your service as a subscription for $5 a month. While just making a very slight change to $4.99 will abruptly change the equation and the behavior. This is why as a businessman or founder, you must always work on customer behavior modelling and get the data analyzed by professionals in order to get a good picture on how your customers are going to behave and how to channelize the same to incrase your sales.
The MNC's or Million/Billion $$ companies often work a lot in this manner to find out how its customer is behaving, had behaved in the past and how the same is going to behave in the future.
The solution often comes at a price because there are only a few experts in the world who have the ability to work on Customer Behavior Models and can make a calculative model that how the customer is going to behave for a particular business. However this often does not guarantee that the projections will be 100% correct but yes they are more than 80% correct as the analysis itself takes a lot of time, research, surveys, historical data and skills.
These calculations led the companies to frame exceptional Sales & Marketing Strategies that is more focused and channelized and thus results in business growth.
If you ever wonder, why the advertising of multi-billion $$ companies differ from others. For eg: Google, Apple & Mircosoft.
If you closely take a look at the advertisements (Print, Online, TV etc.) you will notice these advertisements are very much different from the rest of the thousands of companies. This is because these Multi Billion $$ companies works very closely with the Customer Behavior.
Every business, per my understanding, must do this activity in order to understand the customer and the behavior of that customer in order to increase Sales & Revenue.
Author:
Comments