The Race to Real-Time Marketing

The Race to Real-Time Marketing

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For the fastest marketers, real time means responding to customer actions in a near instantaneous fashion. But nearly everyone agrees there’s room to speed up.

For the fastest marketers, real time means responding to customer actions in a near instantaneous fashion. But nearly everyone agrees there’s room to speed up.

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The Race to Real-Time Marketing The Race to Real-Time Marketing Infographic Transcript

  • Regardless of device 99% In any digital marketing channel 98% 34% 54% For the fastest marketing teams, real time means responding to a customer action in a near instantaneous fashion. For others, responses are slower. But nearly everyone agrees that there’s a lot of room to speed up. HOW FAST DO YOU NEED TO BE? Within a second Within a few seconds Within two minutes Real-time marketing, noun: The practice of targeting customers in a near instantaneous manner, and using specific data points to personalise messages and product offerings across all channels and devices. Sound like a lot? It’s not. With the right tools, real-time marketing is easy... and the opportunity is huge—especially for those who get there first. A recent study shows only 8% of marketing professionals are using real-time data to impact their marketing. But those who are using that data to create valuable, relevant and in-the-moment customer experiences are seeing a 26% lift in conversion rates. Taken together, these figures create a clear message: the race to real time is on. | 12% 19% Better customer experience Improved conversion rates Improved customer relations 49% 20% Within a day 12% How do you define real-time marketing? Even when marketers are clearing those hurdles, they’re lacking the training needed to finish strong. Most report that they’re struggling to create strategies and tactics that take advantage of real-time capabilities. Ineffective Effective Highly Effective Conceiving business strategy and tactics to take advantage of real-time capabilities 6% 71% 23% Designing customer experiences that take advantage of real-time responses 5% 74% 21% How would you describe your organisation’s current effectiveness in the following areas? Is your marketing technology good enough to execute real-time marketing? Do you combine disparate customer data into one centralised warehouse? 1. Focus on a goal. You’ll accomplish more in your race to real-time marketing if you set yourself clear goals. Find quick wins that contribute to the success of your business: Are you looking to improve customer experience based on device? Across channel? Based on prior behavior? Based on in-the-moment behavior? If you can prioritise your answers to these questions, you’ll be able to focus on each individually and accelerate your real-time marketing initiatives. 2. Use high-impact data. Use the data that aligns with your goals to better understand what makes your customers tick. This will help you evaluate your current customer experience, consider changes, and improve conversion rates. The five most effective data sources for real-time marketing are customer segments, transactional information, device/browser, current location, and content viewed. 3. Invest in the right technology. Find the technology that helps you eliminate your barriers and accelerate your business. Only 29% of in-house marketers believe they have a strong data capability, and that number drops to 21% for marketing technology. If you’re in this boat, prioritise finding a marketing solution that will pull together disparate data sources and allow you to take marketing actions in real time. Are your real-time marketing efforts sufficient to get the best business results for the foreseeable future? Organisational barriers Talent Preparedness Those willing to sprint out of the blocks are facing a series of hurdles. But they’re not as large as some might think. They can be cleared with the right technology and the right partnership. WHAT’S SLOWING YOU DOWN? It’s not just about capturing marketing gold. Real-time marketing helps the customer win and keeps you in the race for their attention longer than before. WHAT’S THE PRIZE? Cost Lack of knowledge/skills Poor marketing technology Company culture Lack of a unified customer database No 67% Yes 33%No 67% Yes 33% No 81% Yes 19%No 81% Yes 19% Consumers increasingly expect us to provide relevant information: Crowd-Pleasing Performances 84% 47%72% Three training tips to speed up your race to real-time marketing. Source: Econsultancy/Monetate Real-Time Marketing Report THE RACE TO REAL-TIME MARKETING