The Internet of Behavior (IoB) is the gathering of data that offers important information on client behaviors, interests, and preferences. The data collected from users’ online activities is essential to understand how they behave. The IoB uses this information and other factors like demographics and psychographics when creating marketing strategies tailored just for them.
The internet has changed how we interact with each other in society; it has also altered how marketers collect consumer behavior data. What does this mean for businesses?
This article will explore some key points about behavioral data analysis and discuss what it means for business owners looking to improve their customer experience by better understanding their customers’ needs and desires.
What Is the Internet of Behavior and How Does It Work?
The Internet of Behavior (IoB) collects and analyzes essential information on client behaviors, interests, and preferences. From a behavioral psychology point of view, this means understanding how consumers interact with their environment to ultimately influence future behaviors, both online and offline.
This data is collected via various digital sources such as websites or apps. Data can be gathered from a variety of sources, such as:
- Clickstream data (the items that consumers view and click on when visiting websites or using apps)
- Social media monitoring (posting comments about brands in social networks; liking pages; following individuals with the same interests), and server logs.
This information is then analyzed to understand consumer interests, preferences, and behavior. For example:
- Consumers might visit a fashion retailer’s website several times a week but never purchase anything; this would show up as many page views without conversions in the clickstream data. The company could then send promotional emails to convert these consumers into buyers by offering them a discount code.
- Consumers might like several pages of their favorite social media; they could then be sent promotional messages for trending items and appreciated by other individuals, encouraging them to buy something they might not have otherwise purchased (e.g., my friends love this product too).
- Server logs would show when consumers visit the site, how long they stay on each page, and what search terms were used to find the website. The company could use this information to understand their customers’ purchasing preferences by seeing if certain products or services correlate with extended visits (which indicate interest in that product/service).
- Consumers might link their social media accounts to a brand’s website and then be prompted to share pictures of themselves using the product. This would give brands insight into not only how consumers use their products, but also what types of images other users post so they can better target content at these individuals in future ads (e.g., if lots of people post pictures of themselves using the product while on holiday, this might encourage brands to create a new ad campaign geared towards getting people excited for upcoming vacations).
- Consumers might make a purchase and then be prompted by an app or website to review their experience. The data gathered from these reviews could help companies better understand the benefits of their product/service.
- Consumers might click on a link in an email to visit the brand’s website but then abandon their cart if there are no reviews for that particular item or it doesn’t have many likes compared to other products within its category. This would highlight how vital user feedback is when purchasing items online so brands can ensure they are collecting reviews and encouraging customers to like their products.
- Consumers might search for a product on Google but not purchase it because the price is too high; brands can use this information to understand how consumers interact with pricing. In future ads, they offer discounts where possible or highlight other benefits of choosing their brand over competitors.
- Consumers might visit a retail website in the middle of July or December, indicating that these times are when they want to shop. Brands can use this information to understand how consumers interact with their marketing campaigns. They know what types of content to share at specific times throughout the year (e.g., during December, brands might share Christmas-specific marketing content).
The Pros and Cons of This Technology
It can help brands;
- Understand client behaviors, interests, and preferences.
- Identify the best times to market products/services to clients.
- Know if their marketing campaigns are having any effect on consumer purchases or online behavior.
The downside of this technology is a risk for invasion of privacy because data can be linked to specific users. That could result in consumers losing trust in brands, which would cause them to stop purchasing their products/services.
How the Data Gathered From the Internet Can Be Used
- Companies can use the data to understand their clients better and engage with them more appropriately, leading to higher customer satisfaction.
- Marketers could also use this information for unethical purposes by creating targeted marketing campaigns based on specific individual’s behaviors, interests, or preferences (e.g., if someone likes lots of pages related to health and fitness, marketers might use this information to create targeted ads that suggest they should eat more fruits/vegetables).
- Some companies could also choose to purchase data illegally, which would be unfair because it would give them insight into consumers’ activities without their knowledge. This type of action can result in consumers losing trust in brands, which would cause them to stop purchasing their products/services.
- Companies could choose not to continue engaging with consumers if they become aware that the collected data is used for unethical purposes (e.g., companies often make it clear in their privacy policies what information will be gathered and how it might be shared).
Benefits and Applications of This Technology
- Companies can use the data gathered from consumers to improve their marketing campaigns, attracting a larger audience and engaging with them more appropriately, resulting in higher customer satisfaction.
- Marketers could also use this information for good by creating targeted marketing campaigns based on specific individual’s behaviors, interests, or preferences (e.g., if someone likes lots of pages related to health and fitness, marketers might use this information to create targeted ads that suggest they should eat more fruits/vegetables).
- Some companies could choose not to engage with consumers if they become aware that the collected data is used for unethical purposes (e.g., companies often make it clear in their privacy policies what information will be gathered and how it might be shared).
How You Can Use This Information to Your Advantage in Life
If you want to learn about yourself, this is a valuable technology – it gives insight into your digital footprint. It helps businesses gather information on their customers’ behaviors for marketing purposes.
The Internet of Behavior is a term used to gather data from user behaviors online, which can be considered an advantage or disadvantage depending on your point of view. This information could explain certain aspects of users’ behaviors and preferences that might seem confusing at first sight to some people.
The Internet of Behavior provides us with data collection regarding online user behavior. This has exciting implications in the life of an individual as well as in businesses.
Security Tips for Protecting Yourself Online
- Keep your passwords secure.
- Change the default password on any device you are using
- Use different passwords for each account, especially the ones related to banking or financial statements. You can use a program like LastPass or KeePass that generates safe and complex passwords for all of your online accounts. Then store them in an encrypted file.
- Don’t use the same password for all of your accounts
- Avoid using public computers or internet cafes to access personal information on any account you have, as it is easier to hack into those systems and take advantage of them. Use a secure computer only to check private data online, such as bank statements, etc.)
- Avoid using public WIFI, as it is easier for someone to hack into
- Use a VPN service when accessing the information on the internet. This way, you can protect yourself from hackers trying to steal your data.
- Update your computer and all of the software you are using on it
- Avoid downloading any information that might seem fishy or seems like it is not hosted on a safe website
- Never click any hyperlink if it has been sent to you via an email by someone you don’t know. If there is something significant regarding your account or financial information, the email will usually come from a reputable source
- Be careful about what you’re sharing on social media, and be extra cautious of any hyperlinks that might look like they are coming from friends but end up taking you to suspicious websites.
- Remember that anything that is shared online can always be found if someone looks hard enough for it.
- Use two-factor authentication (two steps verification) on any account that supports this type of security. This adds another layer of protection by asking you to enter a code sent via text message or email when trying to log in from an unrecognized device.
- Make sure your computer is protected with updated antivirus software
- Always keep your antivirus software up to date
- Check for any suspicious activity in your accounts every few weeks. If you notice something out of the ordinary, report it immediately and change all passwords if necessary.
Conclusion
It is essential to be aware of the implications of the Internet of Behavior in our lives and how it has significant consequences for businesses trying to gather data regarding their customers’ behaviors. As a user, you need to be cautious about what information you share online. This way, we can take advantage of this valuable tool positively and benefit everyone involved.