There are many elements that can impact changes in customer behavior such as an adjustment in pricing, new offers, additional payment options, and new service features. Tracking these changes in your customers is a vital element for measuring success.
It is paramount that your business is consistently analyzing customer data to understand the behavior of your current subscribers. This allows your business to gain insight into your customers and as a result engage with them in a way that is relevant and likely to lead to higher conversions.
That data can also be useful in helping to attract new customers and developing marketing that appeals to an expanded based of potential subscribers.
Setting up tracking, through your current CRM system or specifically designed business tools, will require key metrics that need to be measured to be identified. Depending on your market and audience, those metrics can vary.
The basics metrics should include:
• Order size
• Time spent on the site
• Referring URLs
• Specific purchases
• Email open rates
• Use of discounts or offers
• Actions taken (such as downloading a whitepaper, etc.)
• Purchases of upsells
This data should be analyzed on a specific schedule (daily, weekly, monthly) to help gain insight into usage patterns. This will allow you to adjust campaigns and marketing to better serve your audience.