The value of real-time data

Traditional data collection quickly loses relevance because it is restricted to providing only historical insights into consumer behaviour, and can’t keep up with the fast-paced nature of consumer behaviour. Real time data insights enable you to truly personalise each customer’s user journey so that it is always relevant.

Consumer insight is extremely valuable for businesses in all industries, and getting these insights in real-time enables businesses to keep up with consumers’ rapidly changing lives, interests and lifestyle and adapt their offerings in line with their current needs. Improving customer loyalty is a crucial driver of revenue. A mere 5% improvement in customer retention can result in between 20% and 100% profit increase in multiple industries.

The Inadequacies of Social Listening

We have reached a point in the digital age where there is so much data and in order to derive meaningful insight, businesses must find the right tools and the right focus. Businesses have been focusing too much on social listening. While social listening tools do give insight into consumer behaviour, they do so in a way that tends to reflect trends and enable business decisions to be made based on collective information.

Think of social listening as the very surface level of the process of gaining insight into consumer behaviour. It literally skims the surface, monitoring social media channels to capture mentions of a brand, topic, competitor etc. Big data analytics tools go beyond this and analyse tens of thousands of data points, including social media and third-party consumer data, to provide much deeper insights and real-time information about consumers individually in order to enable more informed business decisions.

Social listening discovers what; Big data analytics tools, like PROFILE, discover the why and how as well and provide real time data insights that you can utilise.

 

The Key to Personalisation

More than a third (36%) of consumers are interested in personalised products or services, according to research by Deloitte, and 65% of retail executives have seen an increase in ROI since implementing personalisation strategies. Personalisation can include anything from recommending products and services to tailoring website landing page layout. For this to be successful, it must be consistent across channels to create a seamless experience regardless of whether the customer is online, in store, or using the app. Real-time data derived using Big Data analytics tools allow businesses to gain unique and valuable insights into consumers including their interests, lifestyle and personality, enabling them to tailor products, offerings, and communications, and assess risk and detect fraud based on the freshest data available.

 

Real time data insights can lead to instant benefits in customer acquisition, retention, and marketing.

–       Identify best prospects

–       Target consumers with personalised communications and offers based on their preferences

–       Understand what consumers want in real-time and adapt as they change to maintain loyalty and retention

–       Create a seamless user journey by coordinating marketing efforts across channels

 

PROFILE delivers real time data insights to ensure you don’t miss important life events or changes:

–       New mentions of employment

–       Mentions of payday

–       Life events such as new child or marriage

–       Positive events such as holidays

–       Change in contact details

–       Change in location

Author Ahmed Amin