3 examples of changing trends and the importance of real-time analytics.
I remember hearing the phrase “If it ain’t broke don’t fix it” when I was child. At the time it seemed rational, but just as times change, so too should our ideas. Just because something isn’t broken doesn’t mean you can’t still improve it…
The world is not the same place it was a year ago, or even a day ago, so why would you expect your customers to be? By using real-time analytics you are able to perfect language and strategy to directly address a changing world. It is not a case of ‘fixing’ but refining and evolving. Here are three examples of changing trends which highlight the opportunities available to benefit from real-time analytics.
1. Unstable times call for empathetic copy?
You need only flick on the news now and again to sense the growing uncertainty and unrest that is almost omnipresent. To take this further you can look at online searches for emotionally charged keywords such as “depression” and “anxiety” to see an absolute real- time reflection of this growing feeling. If you place the consumer in the middle of this emotional outpouring it follows that brands which react to this trend more quickly are likely to reap the benefits. If given the choice between a colder, cooler company and a company which shows empathy and understanding, won’t those consumers who are - as we can see through real-time analytics - more emotionally responsive than they were a year ago favour the second company?
2. Are customers less loyal to brands?
Customers certainly no longer seem to subscribe to the “If it ain’t broke don’t fix it” idiom. The days of customers blindly sticking by a favoured brand have long gone, thus the brand itself must ensure it constantly evolves to keep custom. A change in 2018 reflecting this can be seen in the shopping habits of customers buying paid subscriptions for TV and Film streaming services. Customers are far less likely, even compared to a year ago, to sign up for long term contracts when given the option for monthly subscriptions. That this swing occurred substantially within the space of a year suggests a constantly shifting mentality. Does it follow that brands using real-time analytics had the upper hand in reacting to this latchkey loyalty and harnessing the custom of the free range shopper?
3. Can brands profit from failure?
It might seem a strange question, but depending on your target market the answer may be a resounding YES! Following on from the benefits of empathetic copy we can also learn from changing attitudes to the very human notion of failure. In a growing age of AI a developing trend shows a growing appreciation of human endeavour, effort and failure. In short…
PERFECTION CAN BE IMPERFECT.
The knowledge and appreciation of a brand working through mistakes has been shown in 2018 as a surprising bonus for customers, a factor which has developed almost proportionally with the rise of AI. At Databowl we of course know the value of modern technology… this is at the heart of much of what we do. But to apply this knowledge about human reaction to modern tech (using the information modern tech gave us!) we can shift our approach… we can freely talk of the incredible human endeavour that went into making our software the very best in the B2C Market.
Why wait for data?
I’ve used these three marketing trends in a broad sense to show the importance of real-time reaction, but we can also apply these same principles on a micro level. In a sense it is a question of the “age” of the data we have available. If we react to old data then it follows our strategy will be outdated. Similarly, a lead captured three months ago will likely be less responsive than a lead captured three minutes ago. By using Databowl’s real-time analytics you can be sure to react to all data more quickly than your competitors.
“If it ain’t broke don’t fix it.” Well how about you simply refine it until you improve it? And then improve it again? And then see how trends develop and make it better once more? With Databowl’s real-time analytics you can react to new data as quickly as possible, and as shown with these three examples, tailor your individual approach to all new data in a unique way.
How do you ensure your marketing strategy is up to date?