Social purpose: Oxygen for your brand health vitals
If trust is the new currency, then we’re in deep trouble. Here's why.
Responding to and predicting the customer's needs on a real-time basis using increasingly sophisticated data interpretation is the challenge, Altimeter's Charlene Li says
Real-Time Marketing (RTM) isn’t just about responsive or event-based campaigns but about truly understanding and anticipating the needs of the individual customer, Altimeter’s founder said.
Speaking at the Adobe Digital Summit in Salt Lake City in March, Altimeter managing partner and author of business books Open Leadership and Groundswell, Charlene Li, declared the age of RTM upon us, urging marketers to transform their operations from tactical, well planned campaign centres to responsive and predictive cross-functional teams that can engage with customers quickly and effectively.
“It’s the old adage of marketing 101 – getting the right message to the right person at the right time,” she told the audience. “RTM is the marketing of relevancy, achieved by first having a listening platform and understanding the conversation being had by your customer, then anticipating what that customer needs and sparking conversations. As a marketing organisation, you need to be constantly prepared.”
The future of RTM is data-driven, customer-centric communication that relies on building not only a profile of your individual customer, but also trust with them, Li explained. Data analytics and interpretation will play a huge role, as will new media channels such as Facebook, which open up personable ways to individualise the customer outside of their age group, marital status and transactional history.
“We are just at the very beginning of understanding that level of relationship and its aspects. The information is tremendous and the opportunities are fleeting,” Li said. As proof of how important real-time is, she pointed out responding to a customer within five minutes is 60 times more effective than if you’d responded in 24 hours.
“The challenge as marketers is keeping up with the dynamic customer in the influence loop of purchase, experience, loyalty, advocate, awareness, consideration and evaluation and moving people through that loop faster and faster. It’s not about driving transactions but also driving influence.”
The other big challenge facing marketers is agility and resilience. Li said most marketing organisations today are hierarchical and rigid. “What RTM requires is an adaptable organisation, one that takes changes as they are happening and has the systems, trust relationships and pre-approvals in place to say who can make these actual decisions and make things happen on the fly,” she said.
“RTM is going to be a forcing function for breaking down the silos and encouraging cross-functionality.”
4 ways of gearing up for Real-Time Marketing
Li defined four areas where marketers can focus to meet the real-time marketing challenge.
It’s also important to train marketers to create judgement. Li recommended constructing ‘sandbox covenants’ or internal agreements about which risks you can take, and which you can’t.
Follow CMO on Twitter: @CMOAustralia.
If trust is the new currency, then we’re in deep trouble. Here's why.
Over the past decade, disruptors such as Amazon, Apple and Australia’s Atlassian have delivered technology enhanced customer experiences, which for the most part, have improved customers’ lives and delivered unparalleled growth. Can they do the same for healthcare?
Some commentators estimate that by 2020, 85 per cent of buyer-seller interactions will happen online through social media and video*. That’s only two years away, and pertinent for any marketer.
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
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