Are real-time analyses and real-time attribution even necessary – especially when channels take different lengths of time to influence customer behavior? Many marketers are asking themselves this very question. However, the speed of the different channels makes real-time knowledge and real-time analysis no less important. This blog post explains why this is true.
REFORMED EXPECTATIONS AND NUMEROUS COMMUNICATION POSSIBILITIES
Intrusive marketing messages are hardly effective with today's customers. Instead, modern consumers want advertisers to anticipate their needs and respond faster and faster.
While this development is a challenge for companies, it pays off: the faster marketers can react to customer needs, the sooner prospects become happy customers and brand advocates.
The problem: There is an overwhelming number of marketing channels today. An advertising spot on TV is no longer sufficient to reach the desired target group. For marketers to send their message to the right audience, they need to find out when and through which channel they can best reach them. Targeted communication is the only way to maximize results and sales in the long term.
However, in order to meet this continuous drive for speed and targeted communication, marketers have to measure and adapt their campaigns almost in real-time. To do this, they need technologies that enable them to understand cross-channel influences and synergies. Only then do marketers see which combination of channels and tactics leads to the desired result and how they can optimize their budget for the entire marketing mix.
WITH REAL-TIME DATA TO RIGHT-TIME MARKETING
The use of technologies such as algorithmic multi-touch attribution can provide a decisive competitive advantage in today's divided marketing landscape. It enables advertisers to track users' online activities through various channels, including display, search, digital TV and radio or Email, and to allocate an exact value contribution to the conversion. The insights gained in this way not only maximize ROI, but also minimize acquisition costs and optimize strategies and budgets.
However, algorithmic attribution and optimization must be executed quickly in order to take advantage of changing market conditions, keep up with competitors and adapt to changes in customer behavior. To achieve this, advertisers need access to current and target group-specific performance metrics that enable them to quickly adapt tactics and strategies and offer customers the best possible user experience.
Although data-driven real-time attribution is not yet a practicable option, the analysis of target group and performance data in almost real-time is already feasible for marketers today. The necessary algorithmic models can be created daily and applied to the respective performance data. With up-to-date and accurate performance insights, advertisers can react even faster and optimize their campaigns with the right frequency.
REAL-TIME IS THE FUTURE
Whether individual product recommendations in the online shop or personalized Emails, real-time analyses are already indispensable in e-commerce today. In the future, the topic of real-time will become even more important for companies in order to better identify customer needs and serve them as soon as possible.
However, real-time data alone is not enough. For success in marketing, advertisers must be able to convert the data into insights. From the findings of marketing attribution, a seamless brand experience and relevant marketing messages can then be developed. This enables marketers to deliver the right message to receptive consumers at the right time through their preferred channels and stay one step ahead of the competition at all times.