Marketing 0

Build a Real-Time Analytics Capability
Agile marketing has a quick response mechanism. The first thing to
build, therefore, is the analytics capability. The objective is to
identify problems that need solutions or opportunities for growth.
For this purpose, businesses must have a customer data capture that
monitors changes in real time. Social listening tools—also known as
social media monitoring—can be particularly useful to track

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discussions about a brand or a product on social media and online
communities. The tools filter unstructured social conversations into
usable customer intelligence, such as keywords, emerging trends,
polarizing opinions, brand sentiments, campaign visibility, product
acceptance, and competitor response. The data is also enriched with
geotagging, which allows companies to track insights by regions and
locations.
Companies also need to track changes in customer behavior reflected
by traffic and transactions. Companies can follow customer journeys
on their websites and analyze e-commerce purchases in real time.
For companies with physical assets, point of sales (POS) data are the
most common to evaluate if a particular product SKU is getting
traction from the market. Using RFID tags on products, companies
can get a better picture of the pre-purchase customer journey. For
instance, retailers can gain insight on how long it takes customers to
decide before buying a product and the journey they take before the
product gets to the cashiers.
With permission, RFID tags can also function as wearables to track
customer movements and improve customer experience. Disney
embeds RFID into Magic Bands to track visitor movements in its
theme parks. The Mayo Clinic uses RFID on the patient's wristband
and staff's badges for the same purpose. B2B companies use RFID
tracking to manage logistics and optimize the supply chain.
These traffic and transaction data are useful to quickly analyze
causality between campaigns and results, or between product
launches and sales. In other areas, the goal is to find the best
product–market fit. The metrics to measure success must be
meaningful and actionable so that companies precisely know what to
refine from the campaigns or products. The real-time analytics
empowers companies to experiment and get validated learning
quickly.