Behavioral marketing
July 23, 2009 by Marney
Filed under Business GROWTH, Featured, Resources
Behavioral marketing in general is the study of how people browse online. This collection of browsing habits is invaluable because when you know what your consumers’ interests are you can better market your advertising efforts to reach interested parties and retain old customers. It is a growing field in the online business world, but it is quickly becoming an invaluable tool in the advertising world since it reduces advertising costs while increasing sales revenues.
A great example of behavioral marketing is found on popular auction sites such as eBay, Amazon, and even online websites such as Target and Walmart. It can be as simple as displaying customers “who bought this also bought this…” boxes. The principle is that if enough people made these similar choices you may as well as a customer thus the company receives two sales from one customer instead of the initial sale they intended to make.
Sometimes you also may see behavioral marketing in websites such as eBay which may recommendations of items that you may want based on your previous browsing history. The thought of both methods remain the same, and both are highly effective techniques of behavioral marketing if used correctly.
In essence, behavorial marketing takes the challenge in advertising out of searching for the needle in the haystack. You can spend massive amounts of money looking for consumers who are interested in your product out of the millions you advertise to and maybe only find a handful, or you can drop a few more needles in by simply directing your efforts at the area you know your consumers are likely to be.
Facebook utilizes this principle well in its screen side scrolling ads which appear after your webpage is scanned for content so it can judge which ads are most appropriate to your page similar to the concept behind Google AdSense.
The truth is that the internet world is a specialized area of business, thus if you want to succeed you have to be willing to cater to individuals specialized interests and needs.
Excellent Podcast!! i actually like your concept of “dropping few more needles in the haystack………..or you can drop a few more needles in by simply directing your efforts at the area you know your consumers are likely to be”Its a great idea actually, we always concentrate on our TG we dont even think of anything else, I myself is huge fan of Facebook for its marketing and advertising tactics what i like most is the Ads dont look like Ads even they are so very well blended in the page.