Every marketer knows they are far more likely to succeed if they can not only generate accurate consumer insight but also apply it. However, as with many aspects of marketing, it’s easier said than done. A bottomless pit-like budget may well help but no credible marketer today can afford to continuously hoover up ‘all’ of the data available in the hope it will one day be useful. Marketers will usually invest in the right balance of data to enable them to understand their customers and explore ‘what if’ scenarios and will then invest in the data necessary to make these plans operational. As always, the risks are buying data you don’t need or will never use or being limited by your budget. The good news is that with Real Time Enhancement (RTE), marketers need only get the data they need, when they need it; the added bonus being, it’s likely to be more up to date too!
What RTE allows you to achieve
It’s all about personalisaiton, about being able to segment and target and be more relevant than the competition. By bringing the freshest, most accurate data to bear at the moment of truth, your ability to score, segment, target and serve is greatly increased.
The concept of getting only the data you need, only when you need it and always accessing the freshest data possible when it matters most makes perfect sense.
Up-to-the-minute insightful data
An instant uplift in accurate insight is just one of the many advantages of a real-time enhancement solution. The benefits of continually accessible real-time data include:
- Improved ROI overall
- Improved levels of customer retention resulting from a CRM strategy powered with more insight.
- More immediate, real-time results
- Easy integration and reduced risk
- Better management of budget
- Less waste
- Opportunity location and maximisation: Improving conversion through personalised marketing and engagement.
The benefits at each stage of Real-time Enhancement
Each stage of a RTE suite provides different benefits:
- Real-time Data Validation. Allowing you to confidently match and verify your customer records through Customer Data Integration (CDI) technology (Acxiom’s AbiliTec). All PII data (Personally Identifiable Information) such as names, email and home addresses are fraud checked, and validated.
- Real-time Data Enhancement. InfoBase, from Acxiom, is the most comprehensive consumer database in the UK and benefits from having more than twice the amount of real data collected yearly, than it’s nearest competitor. The more real data, the more accurate the insights. Within a comprehensive RTE solution, once the data has been validated, it can be enhanced in real-time with your choice of over 300 variables of demographic, lifestyle and consumer behaviours that you select to uniquely suit your needs.
- Real-time scoring. Real-time scoring is designed to bring the best possible return on marketing investment. Building on the data added during enhancement, the most valuable prospects and customers are identified and prioritised. This analysis gives the best prospects a score based on how closely they match the campaign, so provides maximum ROI.
- Performance and reporting. In the reporting stage, RTE benefits campaigns by introducing detailed intelligence. This provides clear, accurate analysis of individual campaigns, allowing flexibility to achieve the best results
How RTE can benefit you
Real-time Enhancement services are relevant to getting the fundamentals of marketing right:
RTE solutions allow you to identify your best prospects – the consumers most likely to engage with your brand – then send them the most attractive, targeted and personalised communications and offers based on their preferences.
If you understand what your consumers need in real-time, you have the flexibility to continually adapt to target them as they change. This supports long-term brand-consumer relationships, and maintains loyalty and retention. The Acxiom RTE suite includes an optional add on, which enables you to sell to matched but unconverted leads.
Multi-channel marketing campaigns
The perfectly timed and targeted nature of real-time protocols enables campaigns to coordinate marketing effort across all channels and touch points. This enhances synchronicity and prevents presenting a ‘schizophrenic’ approach towards consumers; where you recognise them and their preferences via one channel, but not across another. CRM systems, email platforms, ecommerce sites, call centre operations and more are accounted for and joined.
Enhancing existing opportunities
Not only does RTE enable access to prospective opportunities, but they allow you to locate and enhance the value of existing opportunities. Value is maximised through keeping track of current customers using predictive modelling. Relevant messages can then be sent to maintain communications, adding additional value and opportunities over time.