How Real-time Analytics Can Greatly Improve Your Marketing Performance?
Real-time data allows you to have a look at the bigger picture. It helps you observe the real-time situation as it happens in the real world.
Real-time data is different from static data. In static data, you essentially take a stagnant, still, and specific piece of information. For example, you realize that the sales ratio is quite lesser earlier in the morning compared to the sales in the evening. Based on the static data of the morning, you miss out on the bigger picture. Consequently, this static data misleads your marketing strategies.
This is where real-time data comes into play. Real-time data allows you to have a look at the bigger picture. It helps you observe the real-time situation as it happens in the real world.
Likewise, real-time analytics play a pivotal role in improving customer experience, as it allows to collect the information as the customer is “in the journey” with you. Say, a customer is shopping at your store and you collect information about the customer during this journey. Unlike prolonged surveys, this real-time information will help you reshape your strategies and address the customer’s queries in real-time. This could be sending the customer to the right department or giving a befitting answer to the customer’s questions.
As a result, this real-time data and real-time analytics will develop a great customer experience (CX). In turn, this will help you in improving your marketing performance.
All you Need to Know About Real-Time Data
What happens if a customer leaves the cart without shopping at your online store? If your answer is “Well, it goes unnoticed most of the time,” you are missing out on real-time data.
The table below explains the sales increase of giant companies in 2021, thanks to real-time data:
|Johnson & Johnson||19%|
Source: Statista – Increase of Sales in 2021 because of Real-time Data
It is pertinent to mention here that Wendy’s, the renowned fast-food restaurant chain, remains popular for being proactive on social media platforms. “Wendy’s responds to every single comment,” wrote one Facebook user, giving a 5-star review to the giant fast-food chain.
Real-time data is any useful piece of information that you collect as it occurs in the real world. For example, a customer scrolls through your online shop and exits without making any purchase. As this happens, your sales reps keep track of that. This is what real-time data is all about.
As a result, you will have efficient, swift, and result-oriented marketing strategies that you can deploy in real-time. Due to the excellent efficacy and efficiency of real-time data, marketers largely rely on real-time data.
Real-time Marketing Can Help You Drive Potential Customers
Just like real-time data, real-time marketing refers to gathering, analyzing, and processing information instantaneously – as it occurs at the moment. Simultaneously, real-time marketing allows marketers to deploy new strategies based on the gathered data. However, the objective of real-time marketing is to connect customers with a relevant product or department at the moment, based on their real-time demands.
A report from eMarketer, a US-based market research company, shows that as much as 60% of consumers abandon shopping due to delays and inconveniences of the moment. Instant gratification is the crying need of every customer in today’s world of technology. And no other marketing strategy can do it better than real-time marketing. With the available social media platforms like Facebook, Instagram Twitter, and TikTok, marketers can gather real-time information about consumers and can drive craze.
You can implement real-time marketing through:
- Listening to your audience.
- Taking real-time feedback as the customer shops with you.
- Analyzing trends in your industry.
- Staying connected with consumers on social media platforms.
- Having the right tools to evaluate your marketing strategies.
- Monitoring your competitors.
- Making your marketing measures flexible and adaptable.
A prime example of real-time marketing can be staying updated with worldwide trends and turning these trends into a marketing message. Since everyone has the urge to go with the ongoing trend, they will likely turn into your customers.
Likewise, you can turn these customers into your “Super Fans” through real-time marketing. You can get instant feedback from them as they make purchases. You can, likewise, ask them to share their experience of doing business with you. Let this cycle of real-time marketing revolve and see how it drives potential customers.
It is real-time data analytics that allows you to stay updated with the concerns, needs, and demands of your customers. Once you are “in touch” with your customers, you can make potential improvements in your marketing.
How You Can Use Real-time Data as a Marketer?
How can you make use of this real-time data? Well, you can use this real-time data in several ways. Firstly, you can reassess your marketing strategies and deploy alternative strategies. Secondly, you can reach out to your customers and ask for feedback. Based on the real-time feedback, you can counter the potential shortcomings and mold your marketing strategies.
Read on for our list of 4 ways that you can use real-time data as a marketer:
1. Have a Keen & Real-time Eye on Your Competitors Via Scoretize
It is not unheard of that your competitors give you vast room to improve your marketing performance. For instance, you can take inspiration from your competitors that are likely succeeding in the marketplace. Similarly, the flip side is also true. Your competitors keep track of your weak points and get the advantage of it.
That is why it is inevitable to have a keen eye on your competitors. You can monitor your potential competitors through real-time data. An efficient of monitoring your competitors with real-time data would be to analyze:
- Who are their customers? Meaning, what background do they come from?
- Why do they purchase from them? In other words, what is the objective?
- What are the strategies of the competitors that drive customers?
- Where do you lag behind?
However, it is pertinent to mention here that you must have the right tools to monitor your competitors. This is where Scoretize comes in. Scoretize is a user-friendly tool that is used for competitor analysis. Used by the small, medium, large enterprises, and SMEs worldwide, Scoretize allows you to have a thorough analysis of your competitors.
Furthermore, Scoretize is a handy tool that will help you in competitor analysis at an enterprise level. Given the latest analysis features, we urge marketers to utilize Scoretize and make the most out of their competitor analysis.
2. Unique Experience for Every Visitor
It is no secret that real-time data will help you in providing a unique experience to every visitor of your shop. How? Real-time data will help you in keeping track of the “personalization” of your customers. Trying to make each shopping experience unique will eventually pay off.
Stats from Lotame show that:
- 65% of customers shop from those who know their first names.
- 70% of customers prefer those brands and retailers who recognize their preferences and taste – and recommend relevant products.
These two can only be possible through real-time data.
3. Customization of Website & Online Store
Not every customer has the same preferences. Some customers prefer timely responses. Others prefer a quick and all-encompassing shopping experience. Imagine a customer logs into your online shop and skips without making the purchase. How real-time data will help you there? Well, it will give you a track of personalization and preferences.
Consequently, you can “customize” the shopping experience for your customers. Keep in mind that rigid and stubborn shopping experiences are no longer relevant today. Customization and adaptability are the hallmarks of successful marketing – which are almost impossible without real-time data.
4. Know What Marketing Strategy Works & What Doesn’t
An important usage of real-time data is it allows you to assess and reassess your marketing strategies. For example, one of the possible reasons for quitting shopping with you could be the customer has got married and is moving on with the family. While signing up with you, he/she was a youngster and had no family concerns. It is real-time data alone that will help you identify such scenarios.
Consequently, you can reshape your marketing strategies to keep such customers engaged with your brand.
Creating a unique and inevitable customer experience is the ultimate goal of every brand. This is only possible through real-time data. It is real-time data alone that allows you to engage with your audience and helps you resolve their concerns and issues.
Quick response, better service, personal care, trust, and reliability are some of the things that every customer yearns for. Achievement of these can be possible only through real-time data.
All the steps of an audit of your current digital marketing strategy, and how we can help