At their core, real-time data and insights refer to the sophisticated, data-driven insights made available to digital marketers and businesses at lightning-fast speeds. These insights are used to inform and shape the customer experiences across all aspects of the digital ecosystem—from ad-buying and delivery to campaign measurement and optimization.
In short, real-time data and insights are the fuel that powers the flawless online experiences that consumers have come to expect and demand.
However, what exactly qualifies as “real-time”? While it’s not an exact science, businesses can use a few benchmarks to get a sense of their real-time status.
For starters, real-time data insights are delivered in under 100 milliseconds. Next, they are delivered at least a few times a minute. Finally, they are available 24/7—not just during regular business hours.
But how does a real-time data and insights strategy benefit you exactly? Today, let’s explore that. Here’s what you need to know:
The Power of Real-Time Data
Businesses that can acknowledge, react to, and meet their customers’ needs in real-time are the ones that succeed.
The reason? It’s simple. When you can deliver a seamless and tailored experience, you’ll see a significant increase in engagement and conversion. You’ll also see an increase in overall customer retention. This means fewer lost leads and prospects, more revenue, and more satisfied customers.
Develop High-Converting Customer Profiles
You can understand your customers better when you have real-time insights at your fingertips. You can then use that data to create highly personalized experiences. For example, imagine a customer who previously made a purchase. You can use that information to offer deals at a convenient time for them—like a $25 off coupon when they’re ready to make their next purchase.
Too many businesses get stuck in their marketing silos. They don’t have a holistic view of their audience, and they don’t know how to reach their audience most effectively.
But when you have real-time data and insights at your disposal, you can create better customer personas. You can then use that data to create campaigns that speak directly to those personas.
Boost Campaign Performance
When you have real-time data and insights at your fingertips, you can better address your customers’ issues. Not only that but you can also better target your customers.
For example, let’s say you’re running a Black Friday campaign. To maximize the campaign’s performance, you might use your real-time data and insights to identify the source of your customer’s pain points. You might find that many of your customers are struggling to figure out how to save the most money—or where to get the best deals.
With this information in hand, you can tailor content to boost your campaign’s performance. For instance, you could publish a blog with shopping tips. You could also send a newsletter with a list of the stores that will have the best deals.
Connect with People Across Different Touchpoints
One of the biggest challenges marketers face is that they don’t know where their customers are.
But by leveraging real-time data, marketers can identify how their customers interact with them across different touchpoints. This can include direct mail, email, websites, social media, and more.
The Bottom Line
Real-time data and insights enable your business to connect with your customers in a way that was never before possible.
This means that you’ll be able to deliver a personalized customer experience at just the right time. You’ll also be able to make the most of your marketing, sales, and customer service efforts. When you leverage real-time data and insights, you’ll see an increase in engagement and conversion while reducing your customer churn.
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