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Consider the Behavior of Long-Time Customers to Predict the Prospect of New Leads

Brett Tadlock

VP of Customer Engagement

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Customer Buying Pattern
  • Learning about customer’s needs and what they want can be quite complicated and it is not a topic that can be summarized with a few simple subjects. Its scope is getting far wide and multiple strategies and terminologies for client satisfaction are being introduced with each passing day to ensure maximum customer satisfaction and brand loyalty. Customer behavior is one of the top factors that let you have an insight into the market trends and how you want to tread further to make sure you have the loyalty of customers.

    Customer Behavior

    A customer behavior regarding a certain product or brand is compiled on several factors like their shopping intervals, the amount they are spending in that interval on a certain type of product or their preferences and brand loyalty. The behavior does not only let you monitor the revenue being generated and estimate your profits but you can also learn a lot more regarding the customer needs, the life of your product, how much inventory do you need to influence the market and so on. The top long-time customers are those who are brand loyal to you or using your products/services over a long period and are satisfied with it. Of course, you want to know the factors that keep them loyal to your brand and put it to good use to grow your clientele and generate more long term customer-supplier relationships.

    Data Science is the Solution

    Data Science comes to the rescue and helps you get the right solution to observe and study long-term customer behaviors that you are looking to increase and make sure you can use the same for new clients as well. Data Analysis along with Machine Learning makes the process much more accurate and efficient for you ensuring that you are getting the right results that would be beneficial for you. Studying the behaviors through visualization makes them more comprehensive and the whole process gets easier for you to strategize accordingly to make sure you are giving customers what they want and create more long-term customers.

    Key Behaviors to notice

    When you are looking to predict the new customers that you expect to be top-customers, you must compare them with your current top long-term customers to make sure you are getting the predictions right and accurate. To do so, certain behaviors are to be noticed that is made possible with the help of Data Science at great convenience and much more accuracy to get you the results that are closer to actual predictions. The behaviors that you need to look for are:

    • Shopping Intervals: Shopping intervals and frequency of buying, is going to get you the insight on how often the long-term customers tend to buy your products and you can easily extract these behaviors with the help of Data Analysis through Machine learning and compare them through Visualization to make sure that you are getting the noticeable similarities on the customers you are expecting to be your new top customers.
    • Amounts being spent: The amounts being spent by your long-term customers over certain periods are also a great help in noticing the behavior they show towards your products and brand and you can easily use the patterns to predict the behaviors of new customers to get the insight if they can be expected to be your new top-customers.

    Post Sale Surveys

    Post sale surveys are a great help to any business-customer relationship and they get you a deeper insight as they are filled directly by the customers. You can use Post Sale survey results from your previous long-term customers to compare the results and predict the satisfaction of your new customers to make sure that you have the right goals set and a clear picture of the new clientele that you are expecting to be top customers.

    Contact NextBee to discuss further on the application of Data Science related to customer behavior.

     

     

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