The Importance of Real-Time Analytics and Live Redemption Rates

Imagine you’re driving with a blindfold on. It would be pretty hard to get where you’re trying to go. That is the challenge facing omnichannel retail marketers in our ever-evolving digital landscape. Existing data solutions are lagging, imprecise, and sometimes even irrelevant. This makes it difficult for marketers to access the information they need to be nimble.

Let’s dive into how time, precision and relevancy can move the needle forward or backwards.

Time

There are two ways to use data: proactively or reactively. When using performance data for proactive planning, delays aren’t as problematic. However, when using data in a reactive manner, timing is everything. Sales data is crucial to understanding how marketing efforts drive results. But it’s a lagging indicator of marketing performance. Due to the time delay in accessing the data, it can be challenging to attribute inputs to outputs. To pivot a strategy in real time, getting information as close to the point of conversion is key. This supports attribution and understanding how marketing efforts convert into sales. It also provides the team with enough runway to make meaningful changes.

Precision

Many data providers rely on self-reported data. Others leverage various information sources in an attempt to build a comprehensive picture. Both approaches leave significant margin for error between reality and the interpretation of it. Often, marketing teams are using data to create a hypothesis or starting point. If the data set is inaccurate, the hypothesis becomes weakened. This will have a negative impact on the downstream decisions made from that data. To best support proactive planning, make accuracy a priority when evaluating data providers. A commitment to data cleanliness from the start supports all future data-driven decisions.

Relevance

In the modern era, marketing teams have more access to data than ever before. In fact, they’re swimming in data. However, information without intent is purposeless. Sometimes, excess can even stop people from engaging at all. Brands must figure out how to separate valuable insights from noise. We live in a world of flashy dashboards and analytics. But it’s important to understand the data you’re evaluating. What does it unlock? How can it support the business? If this is unclear, the data will not have the relevance to be helpful. Crystallize your questions first and then seek out data partners who can help fill in the gaps. This will ensure you’re investing in tools that can support your long-term goals.

Looking Forward

One of the best ways to support retail marketers is to enhance the quality of the data they have at their disposal. When evaluating solutions, make sure to keep timing, precision and relevance in mind. Tools that deliver insights in real time can have a immediate impact on the business. Then, leveraging accurate, relevant data, brands can build a strong future strategy.