Why real-time is the right time
Today’s marketers have an increasing need for speed.
Consumers want brands to be faster than ever in anticipating and responding to their needs, with almost two-thirds (64%) expecting companies to interact with them in real time. The faster marketers can respond to a consumer’s dynamic needs and changing behaviours, the quicker they can turn prospects into delighted customers, and customers into vocal advocates.
This quest for speed and agility takes place against a background of fragmentation and complexity. Marketers can no longer reach the majority of their target audience by advertising on a couple of TV networks as they did in the past. There are an overwhelming number of channels today, and marketers need to make sure their messages are delivered to the right audiences, at the right time, and through their preferred channels if they want to maximise results and return.
To meet this on-going need for speed, marketers must be able to measure and adjust their campaigns in near real-time across multiple marketing channels. Using technology that will allow them to understand cross-channel influence and synergies, marketers can determine which combination of channels and tactics will drive desired outcomes, and effectively optimise spend within and across their entire marketing mix.
Advances in algorithmic attribution
The marketing landscape may be more fragmented than ever before, but it is also more measurable. Using algorithmic, multi-touch attribution, marketers can track the activity of individuals across a variety of addressable channels including online display, paid search, digital TV and digital radio, email, and even direct mail, and accurately allocate credit for a conversion or brand engagement activity. The granular performance insights gained through algorithmic attribution enable marketers to maximise ROI and minimise acquisition costs by rapidly shifting budgets and amending strategies – assigning more spend to tactics, channels, and audiences that are performing well.
Algorithmic attribution and optimisation must occur quickly to take advantage of changing market conditions, keep up with competitors, and adapt to changes in customer behaviour. Having access to up-to-date, audience-based performance metrics means marketers can swiftly adapt tactics and strategy – delivering engaging experiences and maximum value to both prospects and customers.
While instant attribution is not yet a feasible option, analysing audience and performance data on a close to real-time basis is certainly achievable and can help marketers achieve the best return for their campaigns. Algorithmic models can now be rebuilt daily and applied to each new day’s marketing performance data. These daily model rebuilds provide marketers with fresh and accurate performance insights, so they can respond faster with the right contextual messages, offers and content. In other words, it’s this real-time data that enables right-time marketing.
The necessity of real-time
Some may question whether real-time attribution is necessary, particularly when individual marketing channels differ in the periods of time they take to influence consumer behaviour. But the pace of different channels does not diminish the importance of real-time insights.
With access to accurate, up-to-date data and insights, marketers have the information they need to optimise at the right frequency. What’s more, today’s increasingly digitally savvy consumers will only become more impatient with intrusive and irrelevant marketing messages. To deliver seamless brand experiences and the relevant dialogue consumers expect, marketers must equip themselves with robust, real-time attribution insights now, before they start losing customers to faster-moving competitors.
With speed and agility highly sought after in the marketing world, real-time attribution puts marketers a step ahead of their competitors. The ability to rapidly turn data into insights ensures marketers deliver the right message to receptive consumers via their preferred channel, and at the optimum time.