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In the business world, there are many forms of marketing that companies can implement to encourage customers to buy. Behavioral marketing is one robust method of gathering data to segment and target audiences.

Behavioral marketing can also help prevent consumers from being inundated with unwanted or unrelated ads. With this type of marketing, businesses focus on individual patterns of engagement to identify their customers’ specific needs.
In this post, you’ll learn what behavioral marketing is, its benefits, and examples of how businesses today utilize the strategy today.
Table of Contents

What is behavioral marketing?
Types of Behavioral Marketing
Behavioral Marketing Segmentation
Behavioral Marketing Examples
Behavioral Marketing Stats

This data is gathered through web analytics, cookies, search history, and other insights.
By finely segmenting audiences based on specific behaviors or user profiles, organizations can provide relevant content and offers rather than sending general messages.

Types of Behavioral Marketing
When it comes to behavioral marketing, there are many strategies that a company can implement.
While some tactics are effective, many can be combined to create a robust behavioral marketing plan. Let’s look at a few of the most popular types of tactics.
Product Suggestions

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Everyone has seen it happen when shopping online: You go to check out, and a window pops up showcasing items that are often bought with what’s in your cart. This suggested selling technique is an excellent way to engage potential customers in cross-selling or up-selling opportunities.
And, this tactic is incredibly effective. Cross-selling and category-penetration techniques like product suggestions can increase sales by 20% and profits by 30%, according to McKinsey & Company.
Product suggestions fall into behavioral marketing because an action (putting something into a cart) leads to targeted selling suggestions.
Remarketing

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For companies that utilize Google and Facebook for their marketing efforts, remarketing and retargeting strategies could be a unique approach to driving sales.
Remarketing strategies focus on taking pages or products a customer has viewed and showing them again once the potential buyer has left the website. This additional opportunity for consumers to see your products again could help drive traffic to your website or convert product sales.
Let’s say you visit the Asian Art Museum’s website to plan for your next San Francisco trip.
A few minutes later, you see an ad for the museum when you’re scrolling on Facebook. The ad you receive on Facebook is based on a past behavior (visiting a website). That’s remarketing in action.
Email Marketing

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Many organizations currently utilize email marketing as part of their marketing strategy, but few take advantage of the power of behavioral segmentation. One prime example of a behavioral segmentation email marketing strategy is abandoned cart emails.
By targeting customers who have items currently sitting in their cart for an extended period, your team can send content and emails specific to those products or categories.
Ultimately, this creates a more personalized experience for the consumer.
Demographic Targeting
Of all the behavioral marketing tactics, demographic targeting is one of the most widely used throughout the business world. Ultimately, organizations utilize criteria such as age, geographical location, education level, and even gender to create an image of a user.
Companies are even starting to look at other criteria, such as the website you visit, to help build a better vision of the type of products you might be interested in.
Marketing Automation
Data is precious to marketers, and as companies build out massive information caches, they can get better at generating and serving relevant content to consumers.
With marketing automation and machine learning technology, businesses can leverage their databases to forecast consumer behavior even months in advance.
However, data collection is a complicated and nuanced issue, and online privacy is becoming increasingly important as audience listening tools become more advanced.

Behavioral Marketing Segmentation
An important facet of the behavioral marketing method is thinly segmenting audiences. Behavioral segmentation might be determined differently depending on your organization’s marketing goals and ideal market.
However, there are a few common ways that companies split up markets, including:

Purchase behavior
Customer loyalty
Benefits sought
Customer journey stage
Engagement level
Occasion
Usage

1. Liquor Loot

Effective segmented email marketing isn’t always serious. Just take a look at this abandoned cart email from Liquor Loot. The email has a joking tone as it lists the benefits of buying a bottle of whiskey.
In fact, by providing fun and playful reasons why a potential customer should consider signing up for the Whiskey Loot Box, they are likely to get engagement from those who were on the website but didn’t complete the purchase.
2. Dyson

Known for its incredible lineup of vacuums and sweepers, Dyson has done a great job of utilizing behavioral marketing. In the image above, you can see an example of one of their abandoned cart emails.
By providing a recap of the items that a shopper was thinking about buying and making it easy for them to return to the purchase screen, Dyson can recapture lost sales before they are gone for good.
3. Nike

Nike has long been seen as a leader in the marketing space. Most people know of the company’s creative use of advertising campaigns featuring athletes to inspire millions of kids and adults to get up and be active.
However, Nike has also built out an incredible digital marketing strategy.
The remarketing ad featured above seems simple but can be a powerful tool to drive potential buyers shopping for shoes back to the Nike website.
4. Trivago

In today’s day and age, it’s common for consumers to visit a company’s website multiple times before deciding to purchase. This trend is especially true for businesses that focus on travel and transportation — which is why remarketing ads are essential.
Many people visit Trivago’s website to look up vacation destinations, but most people don’t often purchase the first time they look at a location.
So to ensure that the company stays top of mind, Trivago utilizes remarketing ads on Facebook and Google to showcase new updated offers for hotels in location spots a customer was previously searching.
5. Amazon

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Amazon has cornered the market on effective suggestive advertising. Throughout its website, you’ll see advertisements and sections that recommend products based on items you’ve purchased in the past, looked at, or have sitting in your cart.
You can also see what past buyers have purchased as a complement to the item in your cart.
By creating this level of personalization, Amazon has converted people from buying one item to doing most of their shopping through the online retailer.

Behavioral Marketing Stats
Looking for more proof of the power of behavioral marketing? These statistics demonstrate the growing popularity and benefits of behavioral marketing.

Organizations that leverage consumer behavior data to generate insights outperform their competitors by 85% in sales growth, according to Microsoft.

92% of consumers agree it is important that every interaction they have with a brand is excellent, whenever or wherever they happen in the decision to purchase from a brand or retailer.

49% of customers say they will likely become repeat buyers after a personalized shopping experience with a retail brand, according to Segment’s 2022 State of Personalization report.
Segment also reports 47% of companies personalize communication based on real-time behavior.

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Companies that grow faster drive 40% more of their revenue from personalization than their counterparts, according to 2021 research from McKinsey & Company.

McKinsey & Company also reports that 71% of consumers expect personalization. That includes product recommendations and targeted promotions.

Implementing Behavioral Marketing
Your customers expect a personalized experience. Behavioral marketing is one way you can get there. As you start your journey, remember the importance of transparency.
Customers should know what data is being collected and what your brand is using it for. With these considerations in mind, you’ll be well on your way to building an effective behavioral marketing strategy.
Editor’s Note: This post was originally published in Aug. 2019 and has been updated for comprehensiveness.

Welcome to Breaking the Blueprint — a blog series that dives into the unique business challenges and opportunities of underrepresented business owners and entrepreneurs. Learn how they’ve grown or scaled their businesses, explored entrepreneurial ventures within their companies, or created side hustles, and how their stories can inspire and inform your own success.
Black-owned banks have been pillars of the Black community since the late 1800s when they were founded to fight against the economic inequality Black Americans felt in accessing financial services.
Despite being in a new millennium, these banks are still some of the few institutions that offer equitable support for Black business owners. Read on to learn more about the history of Black-owned banks and how you can use them to start your business.
The History of Black-Owned Banks
Freedman’s Savings and Trust Company was the first bank to serve formerly enslaved persons in 1865. Capital Savings Bank opened in 1888 in Washington, D.C., as the first bank organized and operated by Black Americans. A year later, The True Reformers Bank in Richmond, Virginia, became the first chartered Black-owned bank in the country.
Maggie Lena Walker became the nation’s first Black female banker when she founded The St. Luke Penny Savings Bank in Richmond, Virginia, in 1903. A few years later, nine businessmen founded Mechanics and Farmers Bank (now M&F Bank) in Durham, North Carolina, in 1907. They were among the 134 Black-owned banks that served the Black community from 1888 to 1934.
Unfortunately, the number of Black-owned financial institutions has decreased significantly, as Black-owned financial institutions declined over 50% from 2001 to 2018, and there are only 19 Black-owned banks today.
However, many Black entrepreneurs find the support they need with these businesses, and they are valuable tools for developing financial literacy and starting entrepreneurial ventures. Below we’ll discuss how you can use Black-owned banks to start your business.
How to Use Black-Owned Banks to Start Your Business
1. Open accounts
Black-owned banks offer many account options for business owners. You can open business accounts at banks like Alamerica Bank and Carver State Bank that offer in-person branches and online and mobile banking to access your accounts from wherever you are, whenever you need to.
2. Apply for loans.
Banks like OneUnited Bank and Harbor Bank of Maryland make it easier for Black entrepreneurs to access and grow capital with lending programs.
For example, OneUnited Bank offers lending programs in the form of small business or commercial real estate loans.
OneUnited Bank and Harbor Bank of Maryland were among some Black-owned banks that provided PPP loans for business owners during the early days of the pandemic. Harbor Bank of Maryland funded 694 PPP loans that totaled $66 million throughout the pandemic. Most of the loans were issued to Baltimore, Washington, D.C., and Virginia businesses.
3. Build credit.
Many entrepreneurs use credit to establish their businesses, but, unfortunately, financial institutions disproportionately deny Black Americans credit opportunities, or they receive less credit than they request, according to Federal Reserve data.
Given this, Black-owned banks are an essential source of credit for Black entrepreneurs. Many offer a range of credit card options, and some Banks, like Citizen Trust Bank, help customers learn about building and maintaining credit.
4. Receive financial education.
Black-owned banks offer opportunities outside traditional banking services, like education and financial literacy programs for underserved communities.
Industrial Bank, for example, works to strengthen the economy through partnerships and financial education seminars for Black-owned businesses. It reinvests over 60% of its assets into its communities every year, and teams of experienced bankers provide hours of financial education seminars for customers.
M&F Bank also offers a financial literacy course that helps small business owners learn how to partner with financial professionals, grow their businesses, and develop financial skills.
5. Get support.
Uplifting the community has always been a priority for Black Americans. Black-owned banks prioritize supporting their communities by providing training opportunities and jobs for their customers.
Carver Federal Savings Bank is a great example, offering community-focused banking for underserved neighborhoods. It focuses on developing reliable, long-term relationships with its customers, strengthening the overall economic advancement of Black Americans.
Black-owned Banks Lie at the Forefront of Change
Black-owned banks can be the best source of success for Black entrepreneurs, helping people develop financial literacy, build credit, and get the capital they need to pursue their ventures.

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