Social listening, monitoring, and measuring have become critical to get the bigger picture in marketing. Analytics is gaining a stronger foothold all the time.
Do you know what are all the purposes real-time analytics can be used for, and what insight it can give you?
Analytics is everywhere now.
According to Markkinointi&Mainonta, VTT Technical Research Centre of Finland has created a system, OnTrack, with the purpose to track the behaviour of customers inside the stores. The aim of OnTrack was to improve the targeting of marketing investments. This way, brands and stores were able to enhance the presentation of their products, as well as the impact of their marketing campaigns.
The system in question was based on depth cameras, through which information on the customers' behaviour in store was received. Information is gathered, i.e. on how many people are passing the objects of interests, how many are slowing down or stops near it, as well as how long people are spending time there. With the help of the system, brands and stores were able to assess the impact of their marketing activities on consumer behaviour, and thereby target them in a smarter way.
This is marketing using behavioral analytics to better understand customers and tailor campaign strategies to fit to how customers are reacting in the real-world shops. Similar types of data has been gathered and analyzed from online stores for much longer time already but getting analytics from the floor shops was a new innovation. Until then, the only data that brands had received related to the impact on marketing activities has mainly been based on sales results, whereas information on consumer behaviour was based on the perceptions of the store staff.
In the same way as behaviour analytics can be used for tracking real-time consumer behaviour in stores, similar analytics is also needed for social media and brand insight.
By tracking what consumers are writing about your brands and products in public social media platforms, as well as in what tone they're expressing themselves (sentiment), you can get a holistic social insight into its brand. Sometimes, customers may be saying something extremely negative about your brand, and in these cases, it is essential to react real-time to stop from leading to any type of crisis - think of the latest Uber example. Adjusting your communication strategy to how your customers are perceiving your brand is critical to your long-term success.
Monitoring what consumers are discussing about in general related to your industry's topic can also help you in identifying what is trending at the moment. Adapting to what your target customers want, need, and wish for, will allow you to serve your customers better and create long-term brand loyalty.