Slow, expensive, time-consuming, minimally effective, and so yesterday, are all adjectives that can be used to describe the way many companies still use static demographic data to target marketing campaigns. It’s been done that way for so many years that it is difficult (and uncomfortable) for companies to think about how the level of expense they have invested (and continue to invest year after year) in data warehouse initiatives aren’t paying the kind of dividends they would like to think they are getting – and just maybe there is a fast, inexpensive, and far more effective way to target marketing campaigns, using live data.
Live data has always been the most effective way to target marketing initiatives, especially email marketing. Simply think about how loyal customers are generated from thank-you notes sent to customers immediately after they make a purchase, or even when they visited a store and didn’t make a purchase.
What has changed in the last year, and what makes the use of live data today revolutionary, is that there are significantly more readily available sources of live data than ever before: it’s simple to collect live data, and even easier to automate the campaign process that triggers email campaigns to individuals based on live data they generate. Note: triggering snail mail campaigns based on “live” data is also more effective than demographic data, but it doesn’t have the impact of online campaigns due to the lack of immediacy.
Live data includes online behaviors such as when your customers or subscribers visit your website or your Facebook page, send your company an email for any reason, make a purchase or return a product, re-tweet one of your tweets, or read your blog, view one of your videos on YouTube or post a photo on Pinterest, fill a shopping cart but don’t complete the purchase, click on one of your banner ads, download your app to their cell phone, “like” your company, “share” your content, forward information about your company to their friends and colleagues, and hundreds of other actions.
And live data has real depth. What specific page on your website did they visit, which specific link(s) did they click on, what was the actual content of the email they sent, which video did they view on YouTube, and which tweet did they re-tweet? While many of these actions show intent to buy, others simply provide opportunities to get to know your prospects and customers better, so you can reach out to them with relevant content, and generally set the stage for future purchases.
Live data goes way beyond showing companies what products and services consumers have an interest in purchasing or learning more about. Live data also exposes intent to buy and urgency to buy, allowing companies to set up a scoring process for consumers the way B2B companies view lead qualification. Live data also shows companies how people buy; do they respond to quick sales, or are they influenced to buy mostly from friends and colleagues, are they quality researchers or do they buy based on price?
Even in the days before most data warehouses ended up in the main frame junk yard, people were trying to get to live data paying the highest premium for hot lists, people who took actions recently.
With live data, recently means less than one second ago, and the response to recently will happen in less than one second. Initiating live data campaigns costs a tiny fraction of traditional data warehousing costs, involves far fewer internal resources, and delivers immediate results.
The live data revolution is on us today and the companies that take advantage of the opportunities drive a hell of a lot more revenue at a fraction of the cost. Think about building a live data marketing engine for your company today!