In today’s fast-paced marketing landscape, staying ahead of the competition requires businesses to grasp the opportunities arising from evolving consumer expectations and technologies.
Marketing teams need to discover more data-driven methods of understanding their customers and creating marketing campaigns that drive contextual customer engagement.
This is where real-time marketing (RTM) comes into play. RTM is a highly significant marketing strategy that empowers marketers to instantly connect with their customers through relevant messaging, channels, and offers.
A real-time marketing strategy can increase customer retention, boost conversion rates, and improve brand perception for both B2C and B2B organizations.
In this blog post, we will delve deeper into the concept of real-time marketing and provide insightful examples to assist you in understanding what it exactly entails.
The New Era of Customer Expectations
In today’s fully digitized world, we have become accustomed to having easy access to information, products, and services.
As a result, customer expectations have transformed, reshaping the concept of customer experience. Customers now anticipate a higher degree of personalization and relevance. 72% of them only engage with personalized messages and offers.
They desire businesses that truly understand their needs, preferences, and behaviors, and can promptly provide tailored solutions that align with their specific objectives.
A staggering 81% of businesses recognize that customer experience plays a pivotal role in fostering loyalty, driving revenue growth, and achieving cost savings. Real-time marketing serves as a hidden superpower for businesses, enabling them to deliver exceptional experiences and make the most out of their customer relationships.
Therefore, it is crucial to establish a structured and systematic approach to real-time marketing across all communication channels.
The Current State of Real-Time Marketing
RTM is a data-driven and always-on approach to marketing. It involves creating and delivering hyper-personalized marketing campaigns that respond to current events, trends, customer behavior, or feedback in real-time.
The traditional way of implementing this real-time approach could be interpreted as responding to the target audience through social media during events or occasions. However, that was long before the emergence of big data, Artificial intelligence (AI), and marketing technologies.
Thanks to advancements in these areas, marketers today can take a comprehensive look at the customer journey, analyze available customer data, and utilize real-time interaction management to provide contextual engagement.
Now, let’s take a deeper look at the characteristics of real-time marketing to understand how it currently operates:
- Data-driven: leverages data and analytics to gain insights into the customer journey, segment the audience, seize opportunities, and gauge outcomes.
- Agile: demands a dynamic and responsive strategy that empowers marketers to swiftly and efficiently adapt to evolving circumstances and customer demands.
- Creative: entails crafting unique, captivating, and pertinent content that distinguishes itself and deeply connects with the target audience.
- Collaborative: involves fostering collaboration among various teams, including social media, content marketing, design, web development, sales, and customer service, to ensure a synchronized and cohesive content delivery.
Research shows that only 7% of marketers can effectively implement a data-driven approach to real-time marketing. This is because achieving success in RTM requires a combination of skills, tools, and processes. Marketing teams must utilize various sources of information such as CRM tools, marketing technologies, and website analytics.
By gathering up-to-date data from these sources, they can reap the benefits of real-time marketing and create customer-centric journeys.
Applications of Real-Time Marketing Across Industries
RTM offers great flexibility and can be applied to various industries, allowing businesses to customize it according to their specific goals and needs.. Let’s explore some examples to understand how it can be utilized in different ways.
Real-Time Marketing in Financial Services
In the financial services industry, customers now expect banks to serve as reliable and accessible financial advisors around the clock. These organizations often possess a wealth of customer data, which can be leveraged to achieve personalized and contextually relevant customer engagement through real-time marketing.
Here’s an example scenario:
- A customer starts a credit application on the bank’s mobile app but doesn’t complete it.
- When the customer visits a branch and takes a number, the branch representative receives an email with the credit application details.
- The representative reminds the customer about the credit option and offers an advantageous deal.
- The customer accepts the credit offer, receiving a real-time tailored offer at the branch.
Real-Time Marketing in Telecommunications
Telecommunication companies face various challenges such as profitability and increasing their Average Revenue Per User (ARPU) due to factors like market saturation, the substitution of traditional services, and price wars.
RTM activities can help telcos overcome these challenges by helping them create meaningful scenarios for their customers.
Consider the following scenario:
- An operator’s customer, traveling abroad, arrives at the international departures terminal.
- The real-time marketing system processes the customer’s location data (GDPR compliant).
- The customer receives an SMS with relevant international usage packages.
- If eligible, the system sends a push notification for a joint promotion with an airport restaurant nearby, allowing for cross-promotional campaigns.
Real-Time Marketing in Retail
In the retail industry, customers expect a seamless integration between online and offline shopping experiences.
Retailers must provide consistent and personalized interactions across all channels, including websites, apps, social media, and physical stores. Additionally, maintaining continuous contact with customers throughout their journey is crucial.
Consider this example:
- A customer has many items in their online shopping cart but hasn’t proceeded to checkout yet.
- The system sends them a reminder email, accompanied by a limited-time offer of free shipping.
- The customer decides to complete their purchase before the offer expires.
- The system then follows up with a confirmation email, expressing gratitude and including a coupon for their next order.
- This gesture leaves the customer feeling satisfied and rewarded by the retailer.
Let’s Partner Up to Help You Move at the Speed of Your Customers
As a leading Martech company specializing in customer journey orchestration with intelligent capabilities, we empower our customers to elevate their marketing strategies to new heights.
Evam’s event processing engine, Evam Actions, can be your partner in leveraging real-time marketing activities effectively, seizing the right business moments, and taking immediate action.
Would you like to learn more about how we can assist you? Please feel free to reach out to us anytime!