There are two words for you if you're running a startup or a new business and want to offer the kinds of amazing customer experiences that generate sales and build loyalty. Real-time. You've probably heard it before, but it can't be overstated. The capacity to collect and respond to data about customers in real-time is increasingly separating strong brands from also-rans. Collecting, analyzing, and acting on real-time customer data is the key to real-time success. You can collect massive amounts of real-time data, but it won't help you unless you can act on it almost immediately. On the other hand, you can be completely prepared to act on data with decision management and other technology-based tools at your disposal. Still, without the proper data flowing in, they're useless. With that in mind, here are some things that businesses can do to incorporate real-time data and response into their operations, particularly in marketing and customer support.
There's a lot of data at your fingertips to use to make informed judgments about your next move with a customer when you know what they did in the past and not just what they're doing right now. This is why it's critical to get information from a range of sources that might tell you different things about your clients. A customer service agent's answer to a customer who is calling to complain about a product failure right now will be — or should be — different if she also learns that the customer has called about the same issue five times in the previous month.
The big-data experts suggest utilizing a customer data platform that delivers a uniform view of all the information and interaction data you collect to make collecting and analyzing real-time and other data from many sources easier. Prometheus monitoring can help in this too.
Nothing matches smartphones and social media as data sources for knowing what clients are doing in real-time. Using that data is like being able to personally follow customers around to find out their location and what they desire — and then make judgments based on that information. For example, Revive Vending, a self-service coffee shop chain, uses IBM's Watson Analytics to analyze customer tweets to figure out what they want to buy. This allows the organization to make judgments about anything from product inventory to special promotions based on real-time data about what customers are thinking and doing right now, rather than what they've done previously.
Collecting real-time data on your customers and company from a number of sources is only the first stage. In addition, you must be able to assess and act on data in real-time. After all, this is a world where 75% of individuals who contact a company for customer service via social media expect a response within an hour, according to Social Media Research. That may appear to be a short amount of time, but it seems like a long time in the real-time world of marketing and customer service. After all, United Airlines is said to be generating customized offers in response to real-time customer insights in just 200 milliseconds these days. Making the most of marketing opportunities these days requires the ability to act the moment before it passes you by.
It's critical to start looking beyond real-time as you develop a real-time consumer data strategy. That is to say, you should investigate predictive analytics that allows you to grasp the moment and forecast and seize the next one — even before your customer does.
According to Walker's consultants, replying to clients instantly will be insufficient by 2020. Rather, customers will want businesses to anticipate their future requirements as well. The rise of self-learning marketing technology, which McKinsey described in 2012 and is growing increasingly sophisticated today, will have an impact on this ability. It's marketing technology that learns from its actions, becomes wiser and sharper over time, and can better make predictions and conclusions.
Publish Date: July 31, 2021 7:52 PM