Real-time marketing is all about relevance and arguably the most relevant form of marketing, achieved by listening to or anticipating consumer interests and needs and responding immediately with relevant content to external events and triggers. It is therefore a process that enables marketers to capitalise on real-time events and deliver a relevant message to the right person at the perfect time. Ideas must be developed in minutes rather than days or weeks. Here messaging centres around real-time feedback from customers or around current events that happen. The benefit of this type of marketing is that you can capitalise on trending topics that your followers can relate to.
Real-time marketing is considered as the “on-the-go” mode of marketing as it dynamically addresses the potential needs of the customers to close the deal or utilises any current event in the present times at a certain place to market the product. For instance, you are a marketer living in Bangalore. Now, consider at a particular point in time Bangalore witnesses massive blackout due to a severe grid failure. Then if you utilise that situation immediately to market your product then it will be a perfect utilisation of real-time marketing.
The social media platforms has helped revolutionise real-time marketing. Like any other marketing strategy, the real-time marketing has also evolved over the years. It has become more customer-centric rather than just following the latest trends or current events. Real-time marketing analyses all kinds of customer data available and judge the client’s behaviour to reach out to them.
The definition of real-time marketing has thus changed over the years as the big brands continue to experiment different ways to reach out to their audience. Though most of the people think that the real time marketing is about conveying the right message on the correct platform at the perfect time; but it is not entirely accurate. The “real-time content” is also very crucial to the success of this strategy. If your content is not engaging, then your marketing strategy will likely fail to produce the desired effect.
RealTime PR: It is the use of popular news stories, events, trends to get a key message across to the target audience as opposed to costly paid media. Essentially, it is a way to communicate a message, idea, etc. by taking advantage of and exploiting certain occasions such as things trending on social networks, memes, online and offline events as well as crises
In the New Rules of Marketing, Real-Time Marketing & PR will also enable you to:
- Engage reporters to shape stories as they are being written
- Deploy technology to listen in on millions of online discussions and instantly engage with customers and buyers
- Crowdsource product development, naming, and even marketing materials such as online videos.
- Develop a business culture that encourages speed over sloth
- Read buying signals as people interact with your online information
- Command premium prices by delivering products at speed
RealTime Sales: When it comes to conversion in particular, Real-time marketing is used to determine an optimal approach to a particular customer at a particular time and place. The data driven interaction with potential customers helps deliver the most appropriate offer for a given sales opportunity, reversing the traditional outbound marketing which aims to acquire customers for a given ‘pre-defined’ offer. The dynamic ‘just-in-time’ decision making behind a real-time offer aims to exploit a given customer interaction. More and more marketers are moving towards real-time marketing as the purchase cycle is getting shorter
When brands and businesses collect massive amounts of data from customers, they have to be utilised prudently. The data can also be used for proximity marketing, by employing in- store beacon messages. The user data gathered can also be used to leverage purchase history, thereby helping a business understand the customer’s likes and preferences better. This in turn will enable the business to market specific product to the customer, resulting in increased sales.
Significance of RealTime Marketing
The world of online marketing is ever-evolving. Trends come and trends go in the blink of an eye. Nothing is permanent when it comes to techniques that are adopted in a product’s marketing. But one trend that is here to stick – RealTime Management.
Real-time marketing includes collecting inputs from customers and delivering a relevant, personalised message back to them. Brands these days have started to take personalisation very seriously. Tailoring marketing messages to the preferences of each individual customer is what clicks. So, whether it is an email, or a tweet, or even a simple message delivered via whatsApp, personalisation has taken centre stage.
Real-time Marketing has changed the trend of target from homogenous groups to individuals with similar profiles who, for all their parallels, warrant very specific marketing that’s tailored to their needs. Markets have changed the type of communication, personalising location based marketing via PCs and mobile phones. When customers grow more comfortable with their devices, the data they give out to brands help the latter to make the overall consumer experience more enjoyable. And, This huge impact is created by real time marketing.
How to measure its effectiveness: Engagement is used as the main criterion for assessing effectiveness of real- time marketing (RTM) and is calculated as the sum of user responses (comments, reposts, likes, favourites on Twitter) per post per page using the following formula: Engagement rate = (N of comments + N of reposts + N of likes) / N of posts. The use of RTM was deemed effective or ineffective based on comparison of engagement with RTM posts (# of responses) versus other types of posts per page per month.
In short, real-time marketing is creating a marketing strategy focused on up-to-date events. Marketers make use of current trends and customer feedback, while working to connect consumers with products and services they could use. And it is only the beginning. The data driven contextual marketing is going to revolutionise the way the demand is created and converted with campaign centred around realtime event, interest and need