Real-time marketing can boost conversion rates by 26% but 75% of marketers still feel unequipped to deal with real-time responses
Companies taking advantage of real-time marketing (RTM) experience a 26 per cent increase in conversion rates according to ‘The Real-Time Marketing’ report which surveyed nearly 900 company and agency marketers worldwide. Commissioned by Monetate and Econsultancy, the report revealed 84 per cent of company respondents and 82 per cent of agency respondents believed RTM provided a better customer experience, with 47 per cent of company and 46 per cent of agency respondents seeing improved customer retention by using RTM. Over a third (34 per cent) of company, and 29 per cent of agency, respondents also claimed RTM accounted for better brand perception. Mobile devices were found to have have contributed to a change in RTMs success taking it beyond just time to include variables such as weather, monetary/transactional data, location, behavioural data, segement/personal data, demographics, content viewed and device/browser data. “Thanks to the mobile revolution, the amount of data now available to businesses has increased exponentially, and what we have previously known as ‘real-time marketing’ is rapidly evolving beyond social to include the full range of channels available to digital marketers,’” said John Healy, chief operating officer at Monetate. “Real-time marketing means not selling to customers, but serving customers – providing moments of convenience, surprise and delight that create a bond between a brand and a person, anytime, anywhere.” Despite highlighting the advantages of RTM the survey found that three quarters (75 per cent) of those surveyed felt their organisation was somewhat ineffective, highly ineffective or had no capability to design customer experiences that took advantage of real-time responses. 67 per cent revealed that they didn’t think their marketing technology was good enough to execute real-time marketing, 55 per cent of marketers rated their organisation as somewhat ineffective, highly ineffective or incapable of collecting customer information as it occurs, and just 19 per cent of company and 16 per cent of agency respondents said they currently combined customer data insights from disparate sources into one centralised database.