The definition of real-time marketing is evolving. The buzz around Big Data and the age of the “multi-channel, empowered consumer” has made marketers believe that a real-time and instantaneous interaction with consumers is the answer to all marketing situations. Yes, real-time is important, but there has been a subtle shift from a purely real-time mode of thought to that of Right Time Marketing.
Right Time Marketing is a sophisticated way to boost customer acquisition and retention, provide seamless customer experiences, and create revenue lift by understanding a customer’s characteristics, channel preferences and in-market purchase signals. Right Time Marketing is built on a foundation of rich customer data and taking the massive opportunity that marketing data presents and getting it right.
Right Time Marketing matches offline and online data sets to drive right real-time connections with today’s consumers. Traditional marketing discusses the 4 P’s – Product, Price, Place and Promotion. Big Data is based on the 4 V’s – Volume, Variety, Velocity, and Veracity. And Right Time Marketing has evolved to embrace the 4 R’s –Right Person, Right Channel, Right Moment and Right Answer.
With the constant influx of bigger and faster data, marketing data solutions have evolved from copy, paste characteristics to dynamic and multifaceted profiles that require input from a variety of constantly fluctuating sources. As consumers increasingly move to online channels for shopping, researching, and socializing, traditional offline ways of marketing are simply not enough.
Data-as-a-Service (DaaS) solutions integrate both offline and online data sets to deliver real-time data at just the right moment of opportunity. DaaS is a revolutionary way of mining today’s massive data ecosystem to find just the right data and delivering these assets to a company’s channel systems or digital marketing platforms at just the right time.
The importance of data to drive all aspects of marketing has become so profound that a majority of today’s marketers now agree that data is at the foundation of successful marketing strategies. GlobalDMA and the Winterberry Group conducted research study that demonstrated marketers’ commitment to data-driven marketing.
Key findings included:
When survey participants were asked to describe the primary focus of their data-driven marketing activities, 68.5% chose “Targeting of offers, messages, and creative content.” When survey participants were asked what factors were responsible for driving their investment in data-driven marketing, the 52.7% stated “Demand to deliver more relevant communications to customers/be more ‘customer-centric.'” In other words – the right message to the right person, at the right moment.
The evidence is clear – Right Time Marketing is the next wave of innovation to change the way industries acquire and connect with consumers. The question is, is your strategy ready to keep up?