The Power of Right Now in Creating Successful Marketing Campaigns

Written by Marketing Evolution | Apr 16, 2019, 6:06:50 PM

Creating positive customer experiences and engagements is the number one goal of marketers today due to its strong connection to revenue. Leaders in CX outperform others on the S&P Index 500 by almost 80%. On the flip side, potential revenue lost due poor customer experiences is estimated to be as high as 20%. Whether consumers are engaging directly with your brand over social media or passively interacting by scrolling past display ads, each encounter helps solidify their perception of your brand and how likely they are to convert.

With this in mind, marketers have begun to experiment with new strategies and tactics to ensure a positive experience. These include technologies like AR and VR to grab attention, chatbots for constant service, and omnichannel strategies for seamless transitions throughout the buyer’s journey. However, while these all present value, what marketers should focus on first is leveraging right-time analytics.

Right-time analytics enables the success of these and other modern marketing strategies by offering insight into what the consumer wants or needs in the moment. By utilizing real-time data, marketers can easily optimize campaigns to connect with consumers with the right message.

Right-Time Marketing Insights Have Become Essential

Leveraging right-time analytics means having access to granular campaign data while the campaigns run. These insights are necessary to modern marketing campaigns in two key ways: First, they ensure the consumer is receiving the right message at the right time, enhancing the overall experience. Second, they assist marketers in optimizing campaigns for ROI and creating an agile marketing culture that is able to shift priorities and spend in-campaign.

Enhanced Customer Experience:

Timely insights allow marketers to discern what the correct message is at any given time based on a consumer’s past interactions with a brand and marketing material. This context is crucial for understanding consumers at an individual level. This goes beyond knowing their demographic information and moves into having insight into the copy and visual components of an ad that engages them, knowing which channels they prefer, when they are on those channels, and how they have engaged with your brand before – whether through clicks or actual purchase history. With context, marketers can deliver personalized ads that present value to the consumer in the exact moment the consumer is searching. This well-timed, personalized content, which is informed by their stage in the buyer’s journey, enhances the consumer experience and makes them more likely to convert. In fact, 87% of consumers feel that personally relevant content has an impact on how they perceive a brand.

Optimized, Agile Campaigns:

Getting timely insight into how a campaign is performing also allows marketing teams to adjust as the campaign runs, optimizing it for greater success amongst the target audience, rather than waiting until campaign completion to judge performance. With right-time analytics, marketers can make changes to where they are devoting money based on which components of their campaign are seeing the most engagement, avoiding wasted spend. These in-campaign updates informed by consumer context result in increased ROI, with context relevant messaging earning 6-7x more conversions than generic messaging. Marketing teams can then easily defend this ad spend to stakeholders.

Examples of Success with Right-Time Marketing Analytics

Many brands have begun to catch on to the power of right-time analytics to increase conversions and overall satisfaction. Their success demonstrates why timely analytics should be a focus for marketers as they aim to meet consumer demands with relevant, seamless omnichannel campaigns.

One brand that is using this data effectively is Kohl’s. Their Actionable Analytics Program leverages a variety of real-time metrics to help sales associates strategize on how to increase in-store conversions. The program evaluates relevant data such as what people in the area of the store are searching for online, what products are doing well at other stores, and more. With these insights, employees on the floor have been able to optimize visual displays to drive sales and anticipate how well a certain product may sell in their area.

Another brand having success with right-time marketing insights is Fruit of the Loom, which has taken to marketing products and predicting sales based on weather patterns. Combining weather data with data from regional locations, Fruit of the Loom has been able to determine weather that will increase sales, and can then more effectively market products in areas experiencing higher or lower temperatures.

Tapping into this data gives marketers a greater understanding of what their consumers need, allowing them to optimize their campaigns to meet these needs.

How to Attain and Leverage Right-Time Data

The challenge that many marketers face when trying to leverage this information derives from the volume of data that exists.

For many, the data creates a challenge due to the immense quantities of information produced by digital campaigns, which can take months to sift through. This places immense strain on data scientists, who end up spending more time correlating and wrangling data than actually analyzing it to developing strategies.

In order to make sense of these analytics, creating digestible information from which actionable insights can be derived, marketers must rely on an advanced marketing analytics software.

However, companies who have an analytics tool in place may also face challenges such as legacy technology. Thirty-six percent of marketing professionals cite legacy systems as the biggest roadblock to collecting real-time analytics. To overcome this challenge, marketers must work with key stakeholders across lines of business to digitally transform their analytics processes – moving away from legacy tools and embracing modern platforms that have the processing power to provide timely in-campaign data and analysis.

In many cases, these platforms will offer more than just right-time analytics. For example, our Marketing Measurement and Attribution platform can also provide more advanced attribution data, creative heat mapping capabilities, and brand tracking.

Final Thoughts

Leveraging right-time analytics benefits consumers and marketers, enabling more relevant, data-driven campaigns that drive conversions. This has been evidenced by several successful brand campaigns. As marketers aim to incorporate right-time data into their own strategies, they must ensure they have the technology and processing power to correlate this information as campaigns run – enabling data science teams to extract insights and make updates to campaigns in real-time.

View full post