We live our lives in a constant rush - we're all about instant gratification. So why do we use incomplete, third-party data with high latency to power our marketing strategy? The purpose of marketing is to influence decision-makers and build brand awareness. And it's time to do it in real-time, meaning precisely when the consumer's attention is pointed to your brand - not four hours after. The immediate impact of landing real-time, first-party data in your legacy assembly CDP is far from subtle, it's absolutely game-changing.
Data is everything. It helps us understand our customers. It provides insight into what they want, what's trending with groups or subsets, and most importantly, how to deliver exactly what the customer wants directly to them at a time that's right for them. One caveat: for data to be useful, it must be accurate and timely. That's why real-time data is so important - it's the most accurate data available because it's happening in the moment. And if you're not using real-time data to power your marketing strategy, you're at a disadvantage.
There are a few reasons for this:
- You're using stale data.
If you're using data that's more than a few seconds old, it's already out of date. In the time it takes for that data to land in your system, the customer has already moved on. You're left trying to catch up, instead of controlling the in-the-moment interaction between you and your customer.
- You're missing out on valuable data points.
When you're using real-time data, you have a complete picture of the customer journey. You know what they're doing right then, and you can adjust your marketing strategy accordingly. With data that takes hours to land in your system, whether through less technology-forward legacy CDPs or from third-party sources, you're missing the key data points that could be crucial to your conversion rates.
- Your marketing efforts are less effective.
If your data is outdated, your marketing campaigns are likely less effective. You focus on what could be, banking on regaining the interest of your audience instead of focusing on what IS to serve the interest of your audience during their interaction. Simply put, you're unable to target the right people at the right time with the right message. As a result, your campaigns are less likely to convert, and you'll see a lower return on investment.
- You're at a competitive disadvantage.
If your competitors are using real-time data and you're not, you're at a serious disadvantage. They're able to make decisions faster and have a more complete picture of the customer journey. As a result, they're able to be more agile and adjust their marketing strategy on the fly to take advantage of opportunities as they arise.
- You risk making bad decisions.
When you rely on stale data, you run the risk of making bad decisions - you simply don't have the information you need to make timely, informed decisions. As a result, you could end up wasting time and money on marketing campaigns that aren't as effective as they could have been with real-time data.
So, what's the solution? It's simple: real-time data.
Real-time data, specifically first-party real-time data, is the most accurate and comprehensive data available. It gives you a complete picture of the digital identity of the customer and their interaction with your brand, so you can make informed decisions about your marketing strategy. And it puts you at a competitive advantage with the ability to be more agile and respond to opportunities in-the-moment.
If you're not using real-time data, now's the time to start. It's crucial to your success, and it's the only way to stay ahead of the competition. Transform your legacy assembly CDP with real-time data today.