Article

Larisa Bedgood
Larisa Bedgood 20 January 2016
Categories Data & Analytics

3 Ways Companies Use Real-Time Insight To Accelerate Growth

Forbes recently published an article titled “16 Marketing Predictions For 2016 from the C-Suite”, and unsurprisingly prediction #3 related to real-time.

Real-time analytics, real-time marketing, real-time insights, and other variations of the term have been gaining momentum and popularity as industries adjust to fit the needs of always-on consumers. Forbes recently published an article titled “16 Marketing Predictions For 2016 from the C-Suite”, and unsurprisingly prediction #3 related to real-time.

Brian Kardon, CMO of Thinking Phones, predicts, “Real-Time Marketing Analytics will Unite Online and Offline Behavior for Richer Lead Scoring and Nurturing in 2016.” And if trends continue on as they have Kardon’s prediction should prove to be very accurate.

The beauty of real-time is that it can be implemented in so many different ways to achieve different results. At its basis it involves fluid, adaptable techniques that change with trends, customer preferences, customer intent, and more. While there are endless applications, three of the most common ways we’re seeing real-time practices implemented are in social media, purchase journey consideration, and geolocation.

1. Real-Time Conversations On Social Media

Social Media may be the most obvious of real-time’s applications, because part of its allure is a brand’s ability to directly interact with consumers at any moment in time. By utilizing real-time insights brands are able to peak into real conversations that their customers are having about their products and services, and the most appealing part, they’re able to speak back.

Real-time insights in social media are used to monitor consumer attitudes, address complaints to repair damaged brand reputation, and find in-market consumers. The constant status updates by many consumers can take the guessing out of prospecting when individuals are literally saying to anyone and everyone, “I need the type of service you offer.” When it comes to maintaining brand image and finding in-market prospects, real-time and social media is a match made in heaven.
 

2. Real-Time Insights For Right-Time Messages

Real-time doesn’t necessarily mean immediate. While it can be used to address consumers as soon as they ask a question or make a complaint, as in social media, it can also be used to monitor a consumer’s location in the purchase journey and make a data-driven decision on when, what kind of, and how a message should be deployed.

Real-time insights can shed light on whether or not a prospect is ready for a hard sell or a soft nudge, as well as whether to send a message via email or to make a phone call.  Real-time can have predictive qualities when companies are able to pin-point consumer actions that indicate an impending need. For instance, a consumer who leaves evidence of consistent research on repairing mechanical problems in an older vehicle has the propensity to purchase a new car soon. An individual consistently researching the best colleges in the state may soon be in-market for a student loan.

By finding patterns in purchasing behavior among model consumers and applying real-time triggers, companies can get the upper hand on their competition by knowing what a consumer’s probable next step may be.

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3. Real-Time Insights From Geolocation

Research shows that 74% of adult smartphone users use their phones for directions or other information based on current location, and 30% of social media users set at least one of their social sites to include location in their posts. The reality is we’re in the age of the “check-in” which can be real-time insight gold for companies.

Using geolocation prompters when users download a retailer’s app for their cellphone allows companies to obtain permission to send relevant messages to consumers when they are at or near a company’s location or sometimes even at a competitor’s location. As the practice becomes more common place most consumers readily accept and even expect offers specialized to their location.

Real-time insight, in its various uses and formats, when used correctly can help marketers to make data-driven decisions to accelerate growth, find new customers, and retain current high value customers. If things continue to pan out as they have, by 2020 it will no longer be an option but instead a required tool in every marketer’s kit.

To learn how to start making data-driven decisions with real-time insights to accelerate growth, download this free guide.

 

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