Offers in the illusive REAL-TIME
Regardless of the industry or customer type, everywhere we go our discussions with clients gravitate towards the topic of real-time offers.
First, let me qualify what I mean by real-time.
Real-time is not:
- Picking from a group of offers available and presenting the one most relevant. There are many ways to accomplish this and although not every company has this ability, it is available.
- Putting an offer on your customer UI or website.
- Simply serving a predefined offer on a mobile device.
Real-time is augmenting an offer to be the right value proposition for a given customer at the time of interaction.
Example?
Customer X is going to make a purchase and is currently investigating offers from various organizations. Internally customer X knows that this purchase will bring him some measure of value. Customer X would purchase and commit to a 2 year contract with your company if you offered him 20% off instantly.
Customer Y is making the same purchase decision. Customer Y would also purchase from your company if you waived the startup costs however is unlikely to commit to more than 1 year of service.
Real-time is looking at historical patterns and augmenting the offer to meet the customers needs when a purchase decision is made. Predicting that Customer X should be offered 20% off for 2 years instead of 25% off.
The combination of profiling customers into complex sub groups based on historical preferences and performance and augmenting value propositions to meet the needs of the customer is much easier said than done. But companies that deliver this value and do it in multiple communication channels simultaneously take market share.
The first step to REAL-TIME is creating a partnership between your analytics group and technology teams. We stand in the gap between technology and analytics. We understand complicated data structures and the technology limits your organization has to work within.
If your organization is looking for ways to make a significant marketing impact with their marketing technology, contact us today.