On average, 68 percent of marketers respond to real-time trends and specific current events in social media.
Using these two elements of data in a company?s marketing communication strategy is what we call real-time marketing nowadays.? In book terms, ?Real-time marketing is a marketing method performed on-the-fly to determine an appropriate or optimal approach to a particular customer at a particular time and place. ? Whereas, Real-time data is the information that is delivered immediately after collection, there is no delay in the timelines of the information provided. According to Golin Harris study – the real time marketing not only makes an impact on standard marketing objectives like ? word of mouth, purchase behaviour, consumer attention etc. It also boosts up other marketing initiatives either paid or owned by the business-like web, social media etc.? So, to be precise, real time marketing is all about you being aware of what?s going in the world and structure your business accordingly.
As a business, you are required to be responsive, sophisticated, smart, creative, and manage to implement all these together in very short time frame. That?s when real time data comes into picture, it helps in making your marketing activities faster and simpler. Online data collection provides the organizations an ability to offer spontaneous online ads in response to individual?s activities such as searching and purchase of products/services online.? It is often utilized for tracking and navigation and is processed with real-time computing although it can be stored for later analysis use. This method of marketing can gain more and more fame for the companies, by driving huge user traffic, with the help of rapid technology development and social media. Recent marketing trends have clearly shown that real-time marketing has been one of the most efficient ways of gaining the race to the preferred user behaviour and gain their loyalty. This strategy can be used for both technological and marketing aspects. When a user undergoes some online activity, the data is stored, and ads are designed based on the information received through the data. It is essential to stay relevant with the changing trends in the external market environment. As expectations and needs of customers keeps changing every day, it makes harder in staying relative. Increased marketing tactics have given the customers, the power to choose in giving their attention to specific brands. To surpass and maintain a competitive advantage, you need to level up your game.? Also, this technique can be understood in two-ways. Firstly, instant digital marketing response to events happening in real life. If it?s well strategized and implemented, then it might increase brand or product awareness among its target audience. Whereas, the second approach would be the automated responses to customer behaviour, offering them with personalized and contextually relevant offers that helps in gaining customers attention and loyalty.?
Speaking of? Digital marketing, it is a concept that can defined as ? ?A process of advertising through digital channels. Channels include ? Social media, mobile applications, website, email, search engines and any other related digital mediums.? Digital marketing is a technology that enables people in maintaining rich connections with large number of people. marketing is an integrated process that businesses use in value creation for the customers and build solid customer relationships in return for a reciprocation of value from their customers. The internet plays an essential role within this process, that?s where the concept of digital marketing arises. Therefore, it is defined as ? ?The process where the businesses and potential customers use the internet for value creation and products, as well as interchange them.? So, in simple terms it can be described as a sub-process of marketing. You might have heard many terms like ? online marketing, internet marketing and e-marketing. All these terms are just synonyms for Digital marketing. . Digital marketing involves important elements such as ? content marketing, search engine optimization (SEO), search engine marketing (SEM), e-commerce, campaign marketing, social media marketing, pay-per click advertising, email marketing, mobile marketing, affiliate marketing etc.? Digital technologies had revolutionized the way marketing is being done. Any type of information around the globe, can be accessed through distinctive mediums available online with just a click on compact devices like mobile phones, tablets.
Real-time can be the future of digital marketing, and it can be defined in many different ways from one marketer to the next. In truth, the basis of real-time digital marketing involved a highly personalized digital marketing strategy that is tailored in real-time according to customer?s mindset and needs. Here?s an example, where real-time attitude in digital marketing had made many other brands working towards receiving same sort of attention. How many of you are aware of Oreo cookies? I am guessing, everyone had at least one in their lifetime. The product did not just win our hearts, it also had set an excellent example for real time marketing. During Superbowl 2013, New Orleans faced a huge power out issue. Oreo?s marketing team were quick enough in seizing the opportunity to market their brand on Twitter. They tweeted an image of the cookie in the dark with a tagline ?You can still dunk in the dark? and captioned their photo as ? ?Power out? No problem?. It was an instant and massive hit among the twitter user base. The ad had an impact on social media advertising and the company was praised for their sheer minimalistic charm. This instant marketing technique had put them on the top of the list for their creativity.?
Why is real time marketing important?
When you conduct real time marketing, it will enable you in enhancing your ability to find new customer base. Many social media platforms have these hashtags and filters, heavily used by the online users these days. With the help of these elements, you can track and discover your potential customers. You can have a clear picture on who are purchasing your products/services and you can court them as your customers. Similar method can be used in knowing the issues with competitor?s products/services.? The data received from these tools, can help in determining the performance of your brand?s product/service. Based on this information, you can make required modifications to your marketing strategy or resolve problems. You can actually stop the damage before it gets worse. In simple words, real time marketing data will help you in knowing if your products/service is meeting the expectation of the existing customers and also helps in finding new leads for the business. Overall, it helps in bridging the gap between customer expectation and business performance.
Another aspect will be the art of providing personalized service to the customers. Personalization has become very essential these days. Through real time data, you can provide unique personalized experienced for everyone based on their online activities. Once a customer is treated in a different manner, they value the personal service received and there are high chances of them remembering your brand. Utilize the real time data, such as – the purchase & search history of a customer and provide him/her with personalized emails, messages of information related to their previous product/service search. This can instil some value for the customer towards the brand. Unique experience can help in building loyal customer groups for any organization.
How is real time marketing plan developed and implemented?
To develop a real time marketing plan, the marketing team needs to decide their parameters of their users, such as ? keyword search, demographics, products/services purchased or placed in the cart, average time spent on a website, discussion regarding the products/services on social media platforms like Facebook, Instagram, Twitter, etc. Based on the information received through these parameters, instant marketing messages are designed and sent to the users in the form of ads, text messages, email offers etc. Another approach would be creating social media presence for the business and encouraging users to like and follow the platforms. Once the users are on board, customized messages can be created and posted. Lastly, part of real time marketing can also include an ?opt-in? option on the company?s official website and ask customers to sign in for the membership, and members who have joined will be receiving text messages, latest news offers, exclusive information etc.
Real-time marketing in practise
All the customers are emotional beings looking for context, relevance and connection through the brands they choose. One of the effective examples in using real-time data marketing would be utilization of dynamic banners within a viewed website, depending on customers behavioural activities online. The data received from geo locations, what the customer downloads, views and purchases online can facilitate in matching the company message to the current situation in which the customer is in.?
Another type of real-time data marketing would involve push notifications, which helps in increasing the user?s involvement and encourage the user in making a purchase. Even in B2B sector, real-time marketing can take place, such as ? alerts for the sales department turns out to be exceptionally practical, and when a lead who has lost interest enters your website again to reviews the price list can be provided with new customized offers.?
Here are some real-time examples of famous brands adopting real-time marketing
ASOS is an online fashion and cosmetic retailer. They have gained enough reputation and has a well-established brand image in the market. Surprising thing about this brand is, they have not adopted a real time marketing strategy. Instead created one to stop the brand from receiving negative publicity. Wondering how is that possible? In March 2018, the company had misspelled the word ?online? on 17,000 of their packaging bags. To avoid backlash, instantly they have responded with a tweet saying ? ?Ok, so we *may* have printed 17,000 bags with a typo. We?re calling it a limited edition?, with an image linked to the tweet.? This brilliant approach had left people humoured, instead of causing any disaster for the brand. They actually took a step forward, acknowledged their mistake and took ownership of it. Through this they have actually gained free publicity for the brand. If seen from the perspective of Real-time marketing, unlike the others, ASOS unknowingly had created a real-time event.
The second example would be SNICKERS chocolate.? During 2014 World Cup in Brazil, one of the Uruguayan players had bit an Italian player. Snickers had taken this unusual situation as an opportunity to conduct their marketing activities and published a campaign with a visual on half bitten snickers? chocolate, with a tagline saying, ?More satisfying than Italian? and the Uruguayan players name as their hashtag. This post had made it big on Twitter as it had referred to the current situation at that time and emotions of its recipients.
An effective marketing strategy in real-time translates into increased interest in the brand and its offer. It helps in building the customer reach at a global level and acquire new customers. Above examples prove that, this method has the ability to strengthens the brand image, reduce the gap between the brand and the customer. Online users start to connect the event with a specific brand because of the advertising, after some time these two elements become inseparable. This is a great technique in both promoting your own business and increase its popularity at a relatively lower cost.?
Benefits of real-time approach in digital marketing
With traditional process of collecting the data, analysis and reporting is done to know where the issue has started. This can cut down the enormity of the issue in the first place. In order to overcome that, the businesses are required to be more proactive in problem solving as they are faced with unpredictable events majority of the times. Real time data can help in knowing the cause of the problem and can give us time in reacting and resolving the situation instantly.
It is very essential to keep par with your competitor businesses to maintain a stability in the market. Through real time data, you can have complete knowledge on how your competitors are operating in the marketing, get to know new updates on your competitors change of strategy or what the customers feel about their product/service compared to yours. This information can help in improving your performance standards by identifying the gaps and utilizing them as a business opportunity.
Multiple data sources
This system of analysis in real time can help in aggregating all the information related to a company into a single system. In this manner, accessibility of information becomes simpler and the time spent in gathering data is reduced.
Saving on costs
Through real time data – time spent on gathering data, analysing and reporting can be minimized. Problems occurred on customers end can be resolved immediately, saving both time and money for the business. Cutting down on few steps in a process or few unwanted procedures can ultimately lead to decrease in the money spent by the company. Not only it helps in cost cuttings, but also increase the productivity of the business.
In earlier days, there used to be extensive reporting to analyze the condensed information. Whereas, with real time information management programs analyzing process has been made easier, giving the employees more time in concentrating on other important tasks, which will ultimately lead to increase in the productivity of a business. Also, all the information will be condensed and stored at one place making the analytical processes more effective and agile.
360 degrees customer view
You can get 360 degrees view of customer?s perceived expectations and feedback on your product or service. This view can help for the development of new product/service of the business, also re-modify the existing one to accommodate their needs. A happy customer is a greatest advertisement for the business. Keeping them satisfied can increase your chances of gaining competitive edge over your competition.
Internal performance motivation
Employee performance can be improved if they receive a proper feedback and are aware where they are going wrong. With the help of real time data, employees can track their mistakes and have the chance to make on-the-spot corrections, in order to better their performance standards. They can check their performance levels and what is expected out of them. This data helps in depicting where personalized attention is needs and where do the basic requirements needed to be met.
Yes, Real-time attitude in digital marketing is worth the interest. As it offers a solution, enabling marketers to adapt their messages to a specific context. Real-time marketing has the ability to cut through the noise and provides a space for businesses to contact with people in the right place at the right time. Through all the above campaigns, there?s a lesson for everyone of us to learn that real-time provides a platform for organizations in communicating with the customers and increase their satisfaction levels, which ultimately leads to increase in both awareness and visibility for the brand.?