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Take the advantage with Behavioral Big Data

This article sheds light on the advantages available to B2B companies when it comes to Behavioral Big Data. The benefits of gathering information on trends and actions of customers is immense. The ways to collect this data is also relatively simple and the results can be astonishing.

 

There is lot of information going around in the online world. But, do we know which is the most important for our business? The answer certainly leads us to our customers, the core of our business! So, let’s think together: what do we need to know about them to generate attraction?

Without any doubt, the market segmentation helps us to investigate and define who they are, where they live, their feelings and thoughts. But, more information about their behavior is available today and you have to take the advantage of it. How many web pages do they visit? How long do they stay on each? Which ads they click? Which thing they download? Now with Behavioral Big Data all this is possible, it is just a matter of knowing how to transform this into a competitive advantage for your business!

What is Behavioral Big Data?

BBD captures daily people’s actions and interactions: human intentions, feelings, thoughts and social aspects. It involves human subjects, like medical data. Taking this information and transform our understanding of individuals, communities and societies.1

If you are an industrial marketing person, you should be aware that this technology collects and generates valuable information. Do you know that BBD is used by government agencies, who collects data for security? In addition, BBD is used for monitoring employees performance (time spent on different websites, calls, e-mails, etc.). Telecommunication companies, insurance organizations, banks, hypermarkets… all of them uses Behavioral Big Data for marketing purposes. Why not industrial B2B ones?

Understanding customer behavior is now easier than before, and it helps industrial companies to build the accurate digital strategy, in order to select the right message, build awareness and make online advertising.

How can we take the advantage?

Internet gives us amounts of information: comments, birth dates, photos, messages, localization, payment information, how much time people spent in your website, in which pages. Every customer leaves his “footprints” in your website. Therefore, Behavioral Big Data must be stored in a way that makes it accessible and amenable for analysis. This is the major challenge for many companies.

For example, think about the moment when a quote is prepared, always people adds lot of information there! Prices, technical specs, logos, commercial conditions, etc. However, is all this information necessary really? We do not clearly know which page does the customer reads first or how much time they spent in each page… Today this is possible thanks to BBD.

Therefore, to start taking that advantage, it is necessary to order and follow certain steps to set what you are looking for:

  • 1st business intelligence: a deep research of what is happening in your market
  • 2nd business analytics: taking that information and make conclusions
  • 3rd personalization actions: think about your purposes (improve my products, more sales, increase my profit) and decide what are you going to do.1

If you follow these steps and you are clear about where you want to go with the information you are using, you can surely reach the marketing objective you are looking for

How to get Behavioral Big Data? There are many ways!

Some studies published on different websites, for example: government sites provide a lot of economic and citizen information, but in another way, many companies make their research studies public. There are also data mining contest platforms, which are contests for several companies that share tests that includes BBD.

Another tool is web scraping, which are automatic programs responsible for collecting data from a website. Some websites place barriers so that this does not happen, but in most of them we can get this information. Some studies were the result of a partnership between individual academic researchers and a company. Another source for BBD are largescale online surveys that made possible by cheap and user-friendly online tools.1

To obtain this information it is necessary to keep in mind that many of these studies require legal approval and compliance with certain protocols and this is something that you should pay attention! Remember that behavioral big data includes information about humans and the implication for researchers using BBD is that they must protect the data very well.

Last but not least…

The availability of large amounts of rich, granular behavioral data has been changing the way human subject studies 1 conducted in industry and in academia. Another thing to take into account is that marketing and behavioral science background helps for a better understanding of the information, because BBD is about humans! If more activities that are human go online, new types of behavioral big data become available.

Now, setting up your targets, your selected segments and your goals is simpler than before, and your results sure will be more effective. Always remember that the Behavioral Big Data in your possession is one of their most valuable assets for your company. We expect to aim small and medium companies to collect consumers’ information through BBD!

 

Notes:

1 Galit Shmueli (2017) Analyzing Behavioral Big Data: Methodological, practical, ethical, and moral issues, Quality Engineering, 29:1, 57-74, DOI: 10.1080/08982112.2016.1210979

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4 Replies
  • jitendra

    March 27, 2018 at 20:27 CET

    Appreciated. Good to know about BBD as it is new for me.

  • Ruben Diez

    April 11, 2018 at 13:58 CET

    Great article about an attractive issue ! Very instructive!

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