what is real-time data? and why it is your most valuable asset

Real-time data is fast becoming the cornerstone for most organizations. It provides marketers with credible evidence for their business decisions.

Examples of real-time data are live website visits, live trending topics by market, and live discussions with high user engagement.

While traditional data analysis produces past-based insights, real-time data analysis proves your knowledge of your industry today.

what is real-time data analysis?

Real-time data analysis is the act of finding meaning from information that is updated as it occurs.

The analysis of real-time data sets in motion real-time marketing. This means to market to clients and prospects at the exact time when they enter your market.

A fine example of real-time marketing occurred during the 2013 Super Bowl, when a power outage caused frustrated football fans to complain on Twitter. Oreo published a tweet saying “Power Out? No problem. You can still dunk in the dark.”

This said tweet was in fact part of a year-long real-time marketing campaign comprising memes from Oreo’s social media engine that highlights the most buzz-worthy topics online on any given day. Without these real-time data insights, Oreo would not have reached an extensive audience.

How can marketers use real-time data to create a competitive advantage?

Real-Time Data Analysis to Target the Right Customers

To target users with the highest potential to buy, real-time data can be used to identify customers to target by demographic and behavioral information, and to find the message which resonates best with them.

Before marketers could use affordable or free web analytics and marketing automation tools, they had to rely on focus group discussions to validate their campaigns.

Fast forward to today. Marketers can easily grasp behavior-linked metrics to uncover deeper insights than just shares and views.

On the Vital Design blog, Doug Ridley assembled a list of 5 essential Google Analytics metrics that marketers should understand to determine customer behaviour.

1.    Traffic Sources Overview

2.    Organic Search Traffic

3.    Bounce Rate vs. Exit Rate

4.    Top Landing Pages

5.    Exit Pages

Real-Time Data Analysis to Reach Customers

Many articles discuss the best times to publish on social media and to send business emails. This actually came into fruition due to real-time technologies.

These days, marketers use tools that find custom data about particular customer preferences. Hence, it is wise to add real-time tracking tools to your user outreach strategy. Let Design Prodigy make it happen for you.

Real-Time Data Analysis to Close Customers

In his book Shift Selling, Craig Elias describes how the buying process is predictable. Marketers can use this structure to reach people when they are most ready to buy.  

His buying structure looks like this:

1.   Status Quo: when target customers are content with the norm

2.   Point of Dissatisfaction: when target customers tire of the norm, but have not yet started seeking alternatives

3.   Actively Seeking Solutions: when target customers are evaluating potential solutions

Timing is everything. Elias notes that businesses who reach target customers at the point of dissatisfaction, they are most likely to win them over. This is because these customers have not yet searched for competing products or services.

The easiest way to advertise at the best times is to make a target customer list, then tracking them on many social sites as possible. But more advanced options are available. Design Prodigy can help you identify appropriate tools for your organisation.

Capitalize on Real-Time Insights

Real-time data lets you pursue target customers based on their preferences, sentiments, and needs. Real-time data collection can also be used to examine ad campaigns in advance. Do not wait for weekly or monthly results reports to start optimizing your marketing programs. Capitalize on the competitive advantage provided by real-time data analysis.
If you’d like to have a chat about how we make this happen at Design Prodigy, send us an email at info@dp.sg. Our growth marketers look forward to hearing from you.