A new report from Monetate and Econsultancy concludes that UK marketeers report a 26% increase in conversion rates from real-time marketing.
In addition to this interesting finding, the report – which is based on feedback from mainly UK respondents – offers a range of useful real-time marketing, insights that are worth noting. In particular:
- 80% of respondents consider ‘real-time’ to be two minutes or less.
- More than half of respondents said they need to interact with customers more quickly.
- 29% of respondents are not engaging in any type of real-time marketing.
- 85% of respondents said it is fundamental, significant or important to their future business success to provide experiences that are responsive to customers based on real-time, in-the- moment behaviours.
- 45% of companies offer real-time responses via social media channels (either by in-house staff of agencies).
- 84% of companies see the primary benefit of real-time marketing being a ‘better customer experience‘ (vs 72% who cite improved conversion rates).
- The weather (38%) and location (29%) are given as two of the most effective types of data used for responding to customers in real-time.
- The lack of a unified database (41%) and company culture are cited as the primary barriers to effective real-time marketing.
There are lots of graphs and charts which don’t have much to do with real-time marketing, but nevertheless make useful reading. The report also gives a refreshingly detailed analysis of who the respondents to their survey were: mostly larger organisations, from a wide range of industries and including some (pharma/chemicals) that are presumably B2B.
I particularly like the buzz chart below, which accurately depicts the struggle that modern organisations have in meeting customer expectations.
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