Technological advances have offered digital marketers the chance to harness the power of real-time data to incorporate highly accurate stats in their marketing strategy. Digital marketers can become aware of customer interests and preferences in a short span of time. Moreso, using real-time data in digital marketing helps to make important business decisions.
Real-time data refers to the data that is collected at runtime – that is, the data is not stored but passed on to the end user as soon as it is generated. Real-time data provides a robust stream of time-sensitive information that can be mined for accurate insights to increase business agility and operational efficiency. For example, the location detail of a potential customer is an example of real-time data that a digital marketer can use to send relevant information about a product or store available in the vicinity. The location can change, and so will the information being sent to him or her.
Real-time data is a powerful tool that provides insights into several aspects of digital marketing. How can real-time data in Digital Marketing be used in the most effective way?
Real-time data is useful for analyzing customer preferences and demographics that allow you to learn about your target audience. When you measure the likes on your social media posts or keep a record of the downloads from your website, you can know the likes and dislikes of the potential customer.
For instance, brands today use real-time data to monitor the shopping carts in their apps or portals. They can record which products are garnering more attention from consumers and get substantial data on customer purchasing decisions. Therefore, if a user abandons their shopping cart, the company will know and can use the information for further interaction with the user. For example, retailers can offer customers special offers to entice them into buying a product they have in their cart or wish list.
Once you know the interests and preferences of your customers, you can use the real-time data in digital marketing to design strategies geared towards higher customer engagement. This helps to improve site performance, increase customer engagement and retention, boost sales and make more conversions.
Unlike Pay-per-click or page views that provide data after the event has occurred and over a certain duration of time, real-time data analytics allows you to know customer preferences, interests, and product performance in real-time. This helps you as a marketer to understand what works and what doesn’t fast.
Data collection through traditional methods such as pay-per-click; page views; etc., is important and cannot be dismissed altogether. However, it takes time for the data to be parsed and arranged into a meaningful form that explains the performance of the product, and by the time it is ready for interpretation, the marketing trends will have changed.
On the other hand, real-time data in digital marketing, and its analytics, provide insights faster and help when it comes to making split-second business decisions. Faster analysis of real-time data gives you the added advantage of being able to tailor your marketing campaign to get better results for your product as it provides you with a window of opportunity to get back on track with your marketing expectations.
According to a survey by Harvard Business Review, 58% of business leaders reported to have achieved higher customer retention by incorporating real-time data analytics into their business strategy. Digital Marketing can offer a more personalized experience with real-time data analytics.
Businesses can use real-time data in digital marketing to interact directly with customers through social media channels or via personalized email marketing. Timely response to customer queries is essential for a positive customer experience. For example, responding to customer comments and feedback on social channels is an example of engaging with the customer directly. If there are any issues, a prompt response is an effective way to pacify an irate customer and protect your brand reputation. This feedback from customers is real-time data used in marketing to assess the position of the product in the market.
Another powerful real-time data that marketers find useful to engage with their audiences is geolocation. Local marketing campaigns are based on geolocation as businesses need to target local consumers. A retail store can send emails about their discounts and offers when you are in the vicinity or when you are surfing the internet for similar stores. You can send mobile ads to targeted customers’ mobile phones as well as to those who are visiting or are close to your location.
Geolocation can be used by other industries in a very effective way just the same. For example, travel agencies or real estate companies can send personalized ads to customers based on their location to highlight better options. Or to showcase destinations with better weather conditions than the one in which the customer currently resides.
Real-time data in digital marketing is useful to make targeted customer-centric marketing campaigns to garner more attention from the consumer and influence his or her buying decision.
Real-time data is often used in conjunction with real-time marketing where the time to market is even shorter than in traditional marketing styles. In real-time marketing you make use of real-time data and events to fashion a marketing campaign around it. While the aim of every digital marketing campaign is to break the internet, it is not the benchmark for success. The focus should remain on customer engagement and retention which is the key to the success of any business.