Businesses need to analyze data and customer behavior in order to increase the bottom line or ROI of their industry.
Innovating with user analytics can help your company understand client’s behavior from both a marketing standpoint and a security basis.
Today, many behavior analytic software platforms are giving your company the ability to track user activity across platforms and obtain an accurate view of user behavior before you make critical decisions either in security processes or marketing.
Security Influenced by Data and Behavior Analytics
Why is it necessary to analyze user behavior?
A definition of user and entity behavior analytics states that user and entity behavior or UEBA is a security process as well as a marketing tool. Analytics software is a cybersecurity software that takes note of normal conduct of the users and, detects any irregular behavior or times when users stray from their usual patterns. The software then analyzes what is going on and why there are abnormalities. By analyzing these abnormalities, companies can find if there are security issues with their company, if they are being hacked, or if something is wrong.
User behavior analytics or UBA analyzes data logs that include network and authentication logs that are collected and stored in the management systems. This data is used to identify patterns of traffic. Changes in patterns in normal user behavior and can indicate malicious intent. UBA platforms give the cybersecurity team this data, and they can act on anomalies.
Applying user behavior analytics for only one user will not find a malicious activity but running it on a large scale will provide a company with the ability to detect cybersecurity threats or malware. These threats include insider threats, data exfiltration, and compromised data. Any of these security threats will cause your marketing campaigns and production lines to make the wrong decision.
Using Analytics in Marketing Data
Data has also been proven to be the backbone of every marketing campaign and concern.
How that data is used is the difference between success and failure of a company, as well as the security and safety of a company’s critical customer activities.
On the marketing front, behavioral analytics in a company’s business are used to influence product decisions and marketing strategy. Understanding customers and clients are the roles of a product manager and business intelligence. The questions that are answered after using behavior analytic platforms include, Are people using my products? How do they use these products? Did we make the right assumptions and create the things that people wanted most? Why are their differences in customer interaction?
Behavior analytics is a method of analyzing the way customer interact with website, mobile, and web applications. You can see what someone is looking for by their journey on the Internet. These analytics will influence what products you develop and produce.
UBA system appeared in business in the early 2000s as tools to help marketing and production teams predict customer buying patterns. Now, user behavior analytics tools have two main functions. One is to determine a baseline of normal activities that are specific to the organization and its users. Data drives marketers to analyze customer behavior to make smart decisions. The second reason for data analytics is to determine products.
However, the problem with traditional analytics is each platform gives you a different set of data. To harness the power of behavioral analytics, companies need a centralized data warehouse that unifies all the data and cross-references this data so you can get an accurate picture of what a consumer is looking for or if there is a security issue.
By focusing on analytics, there are several benefits to making your marketing campaigns profitable. You can see customers who:
- Only shop for items on sale
- Users who are likely to churn (cancel)
- Customers who make in-app purchases
- Clients who buy gifts for others
- Customers who come to trade shows.
Additionally, behavioral analytics platforms have ten advantages:
- Understand your customer on a deeper level. Analytics can show you how profitable your marketing campaigns are and can personalize product pages to your audience.
- Segment your customers according to different segments. You can use analytics to effectively base your campaigns on behavioral trends, not just demographic information.
- Reverse engineer objectives or using behavioral analytics to find objectives. For example, you want to increase sales among hikers. You isolate the hiking segment to find the impact that behavioral patterns have on hiking clothes sales.
- Use cohort reporting for marketing optimization. A cohort is a group of people that have similar characteristics. A single cohort report allows marketers to understand people’s behavior.
- Data analytics is also beneficial to find out which consumers will cancel by identifying behavioral patterns that come before the cancellation. It will also help companies increase their monetization by identifying people who will make in-app purchases and who will cancel a purchase.
- Have all data in one place. Marketers face a huge challenge in having their data fragmented among different platforms. One platform that can mine all the data from different platforms and give it to you in one report is a huge advantage in your marketing campaigns.
- Analyzing behavior and data will give your ROI in real-time analysis. Merge revenue data from eCommerce, affiliate network, or other analytics tools. You can then see the ROI of all your marketing initiatives.
- An analytical, behavioral data platform will establish a system to get an instant answer to questions before you launch a product. You will quickly learn the acquisition, retention, engagement, referral, activation, revenue, monetization, and conversion number you need.
- A data analytics platform will automate and customize all the reporting processes. With a platform that brings all the data together, you don’t have to spend so much time on developing reports. You can see different reports and analyze them quickly and with business intelligence.
- Data included in a single report will give marketers and production managers the time they need to develop new products, organize marketing campaigns, and be able to email these reports to many different departments before the reports have changed.
Using Data Intelligence has indeed become a most for businesses in order to improve and advance in the market. By following the data analytics it can be provided with insights into patterns, changes and trends, so organizations are able to develop ideas and directions that are information-based. Have you started applying data intelligence to your business yet?
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