Not long ago, marketers could only see their advertising data analytics after the campaign had ended, leading to a lot of wasted media spend. Today, real-time tracking gives advertisers a huge advantage. Not only can they see a campaign’s performance as it happens, but they can also draw conclusions and make immediate updates.
Perhaps one of the most significant benefits of real-time tracking is its ability to improve a company’s overall marketing ROI and cost efficiency. When you can shift and change tactics, budgets, and channels in response to patterns or problems, you have far more control and freedom over where your advertising money goes. Plus, you get better at learning when to shift budget away from or toward audiences based on the data you’re seeing.
But increased ROI isn’t the only reason to appreciate real-time tracking. Other benefits of real-time analytics include:
- Quickly identifying when customers change their behaviors.
- Testing and trying strategies or platforms right away without facing major risk or backlash.
To give you an example of how real-time tracking can work, consider Digilant’s very own case study using foot traffic analysis to optimize tactics used to drive visitors to different stores. The Digilant team implemented various marketing strategies including audio ads, banner ads, and a foot traffic study to aid a fast-casual restaurant looking to bring in more patrons.
The team was able to track in-store visits throughout the length of the campaign, which resulted in a large uptick in foot traffic. With real-time tracking, the restaurant was even able to determine the day and time it was busiest and optimize its marketing efforts to meet consumers’ needs more effectively.
Common Misconceptions About Marketing Analytics
Given all these positive outcomes, why aren’t all marketers embracing real-time tracking? Many still believe the myth that analytics is a time drain. Certainly, real-time tracking produces a lot of data. However, real-time tracking grows easier with the right tools, partners, and advisors. After some time, it becomes a habit, not a burden.
Another misconception about real-time tracking is that the data will only validate the marketing department’s expectations. This is highly unlikely because most companies don’t have all the answers prior to implementing advertising data analytics tools. Therefore, real-time tracking allows them to uncover untapped information that can lead to new campaigns, new channel testing, and new audience opportunities.
A final real-time misconception is that it’s too confusing to understand. To be sure, analytics isn’t a walk in the park. It takes proper investment and time to reap the benefits. Fortunately, having a solid analytics platform and user-friendly dashboards makes obtaining, validating, organizing, and implementing data far simpler.
Bringing Real-Time Tracking Into Your Marketing Department
If you’ve been searching for a way to refine your advertising and marketing initiatives, real-time advertising data analytics and tracking can be a true game changer. Below are four ways to make real-time tracking work in your favor.
1.Choose the right technology.
Finding the right technology is a necessity. Not all advertising data analytics platforms are created equal. You need to pick one that will support your specific business needs.
As you’re evaluating analytics tools, you’ll discover that many don’t give you the ability to update and track customer profiles and related data in real time. Additionally, some platforms make you wait too long to receive any pertinent insights or information. So be sure you’re getting accurate real-time tracking rather than near-real-time tracking. There’s a serious difference!
2. Strive to use your data to understand your audience.
Once you get your real-time tracking tool in place, you’ll begin to receive lots of data. It’s up to you to figure out how to put all that data to use. A prime suggestion is to use real-time data to complement your static data. Static data includes items like home addresses, preferences, and demographics. Real-time data lets you dive a little deeper and better understand customer habits and trends.
The more input you have regarding your customer base, the more tailored and customized you can make your ad campaign. For example, you might be launching a new product. With real-time advertising data analytics, you can see which audiences your campaign is resonating with. Then, you can invest more dollars toward similar audiences, which will move the needle of your advertising spend data in a welcome direction.
3. Leverage real-time tracking to adjust to buying patterns.
Nothing feels worse than finding out that a campaign flopped. Real-time analytics allows you to follow customers and react to changes they’re making in their buying behaviors. Rather than invest in touchpoints that aren’t impactful, you can get the most out of your marketing budget.
If you’re not sure how to make adjustments when you’re first relying on real-time tracking, talk with a trusted partner or advisor. It takes experience to know when and how to make changes that will make a difference in how leads are moving through your sales funnel. Be patient. Predictive analysis isn’t perfect, but it can help you make the most of opportunities.
4. Create personalized customer experiences based on incoming data.
Personalization is of growing importance to B2C and B2B customers. As a result, it’s a necessity for all brands. Real-time data systems deliver insights that you can use to improve your company’s customer personalization experience.
As you gather, organize, and implement real-time data from your campaigns, ask yourself how you can expand your personalization techniques. How can the data help you make content more timely, authentic, personal, and unique to individual users? Brainstorm solutions and try them out. Conducting A/B split tests in real time can net you instant feedback to inform your next moves.
Marketing in the 2020s has taken a turn for the better thanks to real-time tracking. Knowing your marketing and advertising campaigns helps you avoid blowing your budget or running down dead-end rabbit trails. You’ll gain more confidence and enjoy improved ROI, too.
Want to learn about Digilant’s real-time tracker for your business? Get in touch with our team today.