How to Conduct Customer Behavior Analytics in Excel?

Consumer behavior analytics involves gathering and analyzing data to comprehend customer buying trends, preferences, and demands.

Every successful business must analyze what and how customers buy. It enables you to comprehend your customers better and tailor your offerings to meet their wants and needs.

Understanding how customers interact with your products or services provides key consumer insights. These insights aid in improving your offerings and fostering solid client relationships and loyalty.

Your goals will dictate how you approach this and how in-depth you go.

Table of Content:

1. What is Customer Behavior Data?
2. Why is Customer Behavior Analytics Important For Business?
3. Factors That Affect Customer Behavior
4. How To Perform a Customer Behavior Analysis?
5. Benefits of Conducting Customer Behavior Analysis
6. Customer Behavior Analytics Tools
7. How to Analyze Customer Behavior Data?
8. Wrap Up

What is Customer Behavior Data?

Customer behavior data entails studying how customers interact with a business’s products or services. This includes their purchasing habits, preferences, and decision-making processes. Learning about customer needs and preferences allows you to tailor your products and services accordingly. Consequently, improves customer satisfaction, and return rate and ultimately increases sales.

Why is Customer Behavior Analytics Important For Business?

• Identify Customer Wants and Needs

Customer behavior analytics can help you understand the following;

• • What customers are looking for
  • What motivates them to make a purchase
  • What factors influence their buying decisions

These insights into customer needs help you make improvements to deliver better experiences.

• Measure Customer Satisfaction and Loyalty

Customer behavior analytics will assist you in determining what motivates returning customers. This is essential for establishing solid client relationships and improving the bottom line. It helps you identify opportunities for improvement and devise ways to enhance the customer experience.

•  Gain Valuable Insights into Customer Behavior

Customer behavior analytics, along with marketing analytics, assists you in better understanding your customer base. These insights allow you to adjust and tailor your offerings to your customer’s needs and wants.

Factors That Affect Customer Behavior

1. Cultural Influences: Cultural factors, including values, convictions, and customs, unequivocally impact consumer behavior. Understanding the cultural background of target audiences helps assist organizations with fitting items, informing, and showcasing methodologies to line up with cultural preferences.
2. Social Influences: Social factors, including family, friends, social groups, and even YouTube analytics, have a profound impact on customer decisions. Recommendations, peer opinions, and social trends whether observed in personal interactions or through platforms like YouTube play a crucial role in shaping purchasing choices, making social influence a key factor in consumer behavior.
3. Psychological Factors: Psychological elements such as perception, motivation, and attitudes contribute to how consumers make decisions. Businesses can use mental bits of knowledge to make viable advertising messages, advancements, and client encounters that reverberate with their target audience.
4. Economic Factors: Economic conditions, such as income levels, employment rates, and inflation, influence purchasing power. Understanding the economic context helps businesses tailor pricing strategies and item contributions to meet the reasonableness and inclinations of shoppers.
5. Technological Influences: Advancements in technology impact how customers research, shop, and engage with brands. The rise of online platforms, mobile apps, and emerging technologies shapes the customer experience. Businesses that embrace and adapt to technological trends can gain a competitive edge in influencing consumer behavior.

How To Perform a Customer Behavior Analysis?

Here are the steps to conduct successful customer behavior analytics.

1. Consumer Segmentation:

Here, you divide a customer base into smaller groups based on similar characteristics, such as demographics and psychographic segmentation. This is useful for gleaning insights into each group’s specific needs and preferences.

2. Data Collection:

You can collect survey data using quantitative and qualitative methods, such as structured surveys and in-depth interviews. The data should be relevant to the research objectives and of high quality to ensure accurate analysis.

3. Data Analysis:

This entails employing statistical methods to examine the acquired data. This analysis can illuminate customer behavior, preferences, and decision-making processes. Then, identify areas for improvement and develop strategies to enhance consumer satisfaction and loyalty.

Benefits of Conducting Customer Behavior Analysis

• Increased Sales and Improved Profits

Conducting customer behavior analysis plays a vital role in predicting sales trends. Thus, you can build sustainable sales strategies and increase profits.

• Improved Customer Service

You can monitor store interactions and determine the level of customer engagement. From this, you can change how you serve your customers. Consequently, improve customer service to increase customer satisfaction and boost the bottom line.

• Improved Customer Holding

Improved customer retention is a key benefit of customer behavior analysis. You can make changes to improve the customer experience by understanding customer behavior and preferences. Consequently, increases customer loyalty which ultimately boosts revenue and profitability.

Customer Behavior Analytics Tools

Certainly! Here are the best and top 3 customer behavior analytics tools:

1. Google Analytics: Google Analytics is a broadly utilized and extensive web analytics tool that gives inside and out experiences into site traffic, client conduct, and conversion metrics. It offers features, for example, audience demographics, behavior flow, and event tracking to assist organizations with understanding how clients collaborate with their web-based stages.
2. Hotjar: Hotjar is a user behavior analytics tool that joins different features like heatmaps, session recordings, and reviews. It permits organizations to envision client connections, recognize areas of high commitment, and gather feedback to optimize website performance and user experience.
3. Mixpanel: Mixpanel is an event-based analytics platform that focuses on tracking specific user actions and behaviors. It provides detailed insights into user engagement, retention, and conversion funnels, enabling businesses to make data-driven decisions to enhance their products or services.

These three tools offer a combination of features for tracking and analyzing customer behavior within a marketing analytics platform, making them highly valuable for businesses seeking to understand and improve user interactions on their digital platforms.

How to Analyze Customer Behavior Data?

Customer behavior analytics is key to unlocking a deeper understanding of customer needs and preferences. It can also help you identify potential areas for improvement and growth opportunities. To effectively analyze this data, it’s important to understand what a data analyst does: they use various tools and techniques to sift through complex data sets, uncover trends, and provide actionable insights.

Excel presents customer behavior data in a tabular format. As a result, sifting through the data is a difficult task. However, you can quickly extract useful information from the data with the right approach.

This necessitates the use of a third-party tool to make analysis easier.

ChartExpo is the ideal tool for powerful data visualization and analysis.

Why ChartExpo?

Benefits of Using ChartExpo

• ChartExpo visualizations enable you to glean insights into massive amounts of data more easily and quickly. It allows you to create insightful charts and graphs with a few clicks. It also allows you to customize the visualizations to present your data effectively.
• ChartExpo offers a free trial, so you may test the features before committing to its $10 monthly subscription. Thus an excellent choice for businesses on a budget.
• ChartExpo has an intuitive user interface. This makes it easy for you to create insightful visualizations without the need for extensive technical knowledge.

How to Install ChartExpo in Excel?

1. Open your Excel application.
2. Open the worksheet and click on the “Insert” menu.
3. You’ll see the “My Apps”.
4. In the office Add-ins window, click “Store” and search for ChartExpo on my Apps Store.
5. Click on the “Add” button to install ChartExpo in your Excel.

ChartExpo charts are available in Google Sheets and Microsoft Excel. Please use the CTAs below to install your preferred tool and create beautiful visualizations in just a few clicks.

Example

Assume you have the following data on traffic (customer) flow. You want to track your website’s customer journey.

Starting Point	Platforms	View product & details	Add to Cart	Cart Status	Ending Point	Traffic
External Ad	Mobile App	View product & details	Add to Cart	Clear Cart	Exit	20177
External Ad	Mobile App	View product & details	Add to Cart	Checkout	Purchase	26674
External Ad	Mobile App	View product & details	Add to Cart	Click on another product	Purchase	11616
External Ad	Mobile App	View product & details	Exit			21965
External Link	Mobile App	View product & details	Add to Cart	Clear Cart	Exit	24979
External Link	Mobile App	View product & details	Add to Cart	Checkout	Purchase	6684
External Link	Mobile App	View product & details	Add to Cart	Click on another product	Purchase	12829
External Link	Mobile App	View product & details	Exit			27434
Direct Search	Mobile App	View product & details	Add to Cart	Clear Cart	Exit	11281
Direct Search	Mobile App	View product & details	Add to Cart	Checkout	Purchase	8102
Direct Search	Mobile App	View product & details	Add to Cart	Click on another product	Purchase	22124
Direct Search	Mobile App	View product & details	Exit			6305
Organic Search	Mobile App	View product & details	Add to Cart	Clear Cart	Exit	11376
Organic Search	Mobile App	View product & details	Add to Cart	Checkout	Purchase	12751
Organic Search	Mobile App	View product & details	Add to Cart	Click on another product	Purchase	25429
Organic Search	Mobile App	View product & details	Exit			7034
External Ad	Official Website	View product & details	Add to Cart	Clear Cart	Exit	13854
External Ad	Official Website	View product & details	Add to Cart	Checkout	Purchase	6357
External Ad	Official Website	View product & details	Add to Cart	Click on another product	Purchase	20156
External Ad	Official Website	View product & details	Exit			25474
External Link	Official Website	View product & details	Add to Cart	Clear Cart	Exit	17788
External Link	Official Website	View product & details	Add to Cart	Checkout	Purchase	9670
External Link	Official Website	View product & details	Add to Cart	Click on another product	Purchase	13131
External Link	Official Website	View product & details	Exit			11169
Direct Search	Official Website	View product & details	Add to Cart	Clear Cart	Exit	5747
Direct Search	Official Website	View product & details	Add to Cart	Checkout	Purchase	11817
Direct Search	Official Website	View product & details	Add to Cart	Click on another product	Purchase	26562
Direct Search	Official Website	View product & details	Exit			8389
Organic Search	Official Website	View product & details	Add to Cart	Clear Cart	Exit	28670
Organic Search	Official Website	View product & details	Add to Cart	Checkout	Purchase	11015
Organic Search	Official Website	View product & details	Add to Cart	Click on another product	Purchase	18522
Organic Search	Official Website	View product & details	Exit			8023

Follow through as I show you how to analyze customer behavior data in Excel.

• To get started with ChartExpo, install ChartExpo in Excel.
• Now Click on My Apps from the INSERT menu.

• Choose ChartExpo from My Apps, then click Insert.

• Once ChartExpo is loaded. Click on “Sankey Chart” from the list of charts.

• Click the “Create Chart From Selection” button after selecting the data from the sheet, as shown.

• The Sankey Chart will look as follows.

• If you want to have the title of the chart, click on Edit Chart, as shown in the above image.
• To change the title of the chart, click on the pencil icon that is available very next to Chart Header.
• It will open the properties dialog. Under the Text section, you can add a heading in Line 1 and enable the Show option. Give the appropriate title of your chart and click on the Apply button.

• To change the node color, click on the pencil icon available with the node. Expand the Node properties and change color from the Node Color property. Click on the Apply button.

• For saving changes click on Save Changes. This will persist the changes.

• The final chart will look as below.

 Insights

• The majority of the traffic, 146.27k, came from external advertising, equating to about 30% of the total.
• Mobile app traffic accounted for the highest amount at 256.76k, compared to the website app’s 236.34k.
• At level 3, all the traffic went to the product and detail pages. 377.31k users added a product to their cart, and 115.79k left after viewing it.
• Of the 377.31k, 133.87k completed their transaction and exited.
• 07k checked out, and 150.37k clicked on another product, suggesting they were interested in purchasing multiple items.

FAQs:

How do you measure customer behavior?

Regular market research and surveys will allow you to capture customer behavior or what influences them. Analyzing this data then allows you to understand your customers better.

What is Behavioral Data Analytics?

Behavioral data analytics involves analyzing data to reveal insights about customers’ behavior. This lets you precisely determine the customer’s preferences and purchasing patterns. Consequently, improve the customer experience, increase customer loyalty, and drive revenue and profitability.

How do I conduct customer behavior analytics in Excel?

To analyze customer behavior analytics in Excel, use ChartExpo. ChartExpo is a potent Excel add-in that allows you to create insightful charts and graphs. Its intuitive interface allows you to create and customize visualizations to present your data effectively.

Wrap Up

Analyzing consumer behavior is an effective technique to glean useful insights into your customers. You can forecast client behavior by scrutinizing past interactions thanks to the power of customer behavior analysis.

Studying your customers enables you to build customized customer experiences. It’s a significant step towards achieving customer satisfaction and fostering client loyalty.

A data visualization tool is the most efficient method for understanding consumer behavior. It facilitates a clear and concise presentation of data. This eases the gleaning of insights about your customer base.

ChartExpo for Excel is an unrivaled data visualization tool. It allows for the creation of insightful charts and graphs for your analysis using its robust features.

Now you have the necessary skills to conduct customer behavior analytics in Excel with ChartExpo.

What are you waiting for?

Install the tool and start creating your visualizations in no time.