Real-Time Data Is Changing the Face of Analytics

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Right now, a potential customer is viewing your website. And, at the same time, a previous customer is posting on social media about their most recent experience. Oh, and did you hear, your closest competitor just decided to reduce the cost of their flagship product.

Even if you are aware of all of these activities, do you have a plan in place for how to respond? The customer landscape is changing quickly, and the key to success is often taking quick action. And that is why real-time data analytics are so valuable; it provides you the chance to act within seconds instead of minutes, hours or even days after an event occurs.

Today’s analytics solutions are designed to take in data the moment the event occurs and process it quickly to provide usable information in mere moments. This means your company can act as quickly as possible.

Improved Customer Relationships

Many businesses fall short when it comes to creating relationships with their customers. Outside of the traditional sales experience, it can be challenging to act on information that can help forge a stronger bond and increase loyalty. A key to this is based on responsiveness.

The moment a customer sends an email to the company, posts to their social media account or otherwise reaches out for help, real-time data analytics give you the opportunity to act quickly to resolve issues. The quickness of the response lets customers feel heard and can help preserve the relationship through swift resolution.

Targeted Product Recommendations

Often, the upsell is a vital part of most company’s sales approach. However, some programs designed to recommend products or services don’t actually use particularly personalized data in the equation. Often the products or services featured as recommendations are based solely on the activities of other customers who have viewed or purchased the same product, and that can lead to less-than-ideal results.

Instead of putting so much weight into how other customers have acted based on something as unreliable as viewing a product, real-time analytics can delve deeper into a customer’s unique shopping experience. For example, if they view or choose a series of products, you may be able to identify what spurred their visit in the first place. Separating shoppers looking to complete a regular refill on a particular item from those experiencing a significant life change can help you select options that best suit their needs as individuals instead of lumping them into an inappropriate category.

Improved Marketing

Understanding why a customer has reached your site as well as how they act once they arrive can help create more effective marketing campaigns. The length of time a customer views a particular page as well as where they go after their initial arrival can provide information that is as valuable as knowing which ad brought them to your site. And, the cumulative data can help adjust campaigns practically on the fly.

In the end, real-time data gives companies a new level of power over the customer experience. And, when used properly, it can translate into bigger sales, better relationships and more new business.

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