Any form of analytics is useful for generating consumer preferences. However, streaming analytics takes it one step further by dealing with real-time information from multiple sources. A company that learns to effectively harness this information, has the power to react to consumer behaviour immediately and encourage the actions they want.
The importance of real-time analytics in consumer behaviour
Perhaps the most discussed benefit of real-time analytics in consumer behaviour is the ability to react immediately and be constantly relevant. As soon as consumer interests or values change, you can adapt your marketing tactics or even the products you sell.
As a result, you’ve always got what customers want, are talking to their needs, and encouraging them to buy.
What streaming analytics adds to the picture
Combining multiple points of data
With such a variety of ways of gathering consumer data, organisations aren’t limited to what they can collect themselves. With the Internet of Things, data is being collected in various locations throughout the day. From mobile phones, to fridges, computers in cars and a plethora of other devices, there is no shortage of ways we can gather detailed information about the habits of consumers.
There is no shortage of ways we can gather detailed information.
Insurance companies, for example, buy data from the companies who sell vehicles as well as from businesses that track how the car is used. Not only can insurance companies tailor their policies according to real-time consumer behaviour, they can adapt their offer according to how the vehicle is used and likely risk.
This variety of data also makes historical forecasts more powerful, as they now contain information gathered from multiple sources.
Always building a picture
Data collection tells us what consumers are excited about, what they’re concerned about and what’s generally occupying the thoughts of thousands. Organisations are capitalising by using that data not only to tailor their campaigns in the moment, they’re also using it to build a picture and look ahead. With constant access to real-time analytics, these predictions are constantly updating and tweaking so that even companies that can’t react the same day, can ensure that what they plan for the next few weeks or months is right on point.
Adapting your marketing tactics
Real-time analytics means you can post on social media and encourage shares by being highly relevant. Be the first of your competitors to react to what consumers want, understanding the latest trends and using them today, not next quarter.
But streaming analytics allows you tailor your message even closer. Right down to the location of the consumer or the technology they’re using.
Send visitors offers or surprises according to their location and profile.
For example, by tracking where your users are through their mobile phones, you can send offers or notifications through to their device when they’re close by. Send a discount voucher for example, to get them into your store. Disney do something similar by giving resort users wristbands as a form of pre-payment. They send visitors offers or surprises according to their location and profile – keeping consumers happy and encouraging them to keep interacting with the brand.
Handling streaming analytics
One of drawbacks of trying to use streaming analytics to inform your marketing and sales tactics is having the infrastructure to make sense of the data. There’s no value in the data as a table of numbers. Information becomes valuable when it’s properly analysed and translated.
Today though, a number of software options are available for non-technical users, presenting useful insight that businesses can act on. These tools deal with large-scale data management and present advanced analysis.