Updated: Jul 13, 2022
"A stitch in time saves nine," - this is a principle of rapid business development. Marketing specialists are looking for ways on how to make a product desirable and relevant. Or how to become a "black swan" and exceed competitors. Earlier, we wrote about urgent business solving in the Retail and Telecom domains. But there is one more instrument to do everything at once. Its name is Real-Time Campaign Management. RTCM is a useful solution, which needs to be clarified.
RTCM in Simple Words
Real-Time Campaign Management is a system of actions and programs that makes any offer suitable for a customer, based on his previous shopping experience, location, and other criteria. Because of it, a business can quickly react to changes in demand and give the right proposal at the appropriate time.
The first rule of effective RTCM is correct customer identification. As well is needed to be analyzed the following:
client's needs and behavior;
competitors' approach to interaction with clients;
available technology and software solutions.
Businesses should pay attention to these indicators to understand the preferences of a target audience and satisfy them. The more often and attentively any company uses received data, the better RTCM works.
Examples of RTCM Solutions for Banking, Retail, and Telecom
A message via app or SMS about taking a loan after repayment of the previous one.
The suggestion of premium customer service, based on the flow of funds on the client's accounts.
A recommendation to use a cashback system if a client buys goods/services from a bank partner.
An offer to purchase products similar to those a customer bought earlier.
A provision of territorially closest clients with a short-term discount or bonus. They can be identified due to geolocation tracking.
A proposal of extra-money when a client has run out of funds in the account.
Inform about the opportunity to take roaming on credit at once when a customer arrives in another country.
How RTCM Implementation Can Decide Business Issues?
You might notice RTCM solutions everywhere, which means that they are efficient. But what does a company get from integrating it? Let’s figure out.
Business begins to understand the target audience much better. The company has detailed customer profiles and constantly improves them. RTCM allows it to predict which suggestions will be relevant and satisfy a new demand timely.
Marketing strategy becomes more powerful because of a wide range of data for analyzing and always relevant statistics.
The personalized approach improves customer experience. Real-Time Campaign Management creates the effect of caring for each client.
RTCM helps to introduce digital innovations for a convenient connection with customers and other purposes.
All forehead can increase the level of sales.
Thus, Real-Time Campaign Management indirectly upgrades all methods of doing business. Today its use is not an option but a necessity in the context of rivalry.
5 Stages of Involvement in an Effective Real-Time Campaign Management
Stage 1. First, every product company needs to build a client profile to keep moving. Elementary samples help to find an audience interested in certain offers. The initial level of RTCM is to propose a product based on general customer data: age, gender, location, etc.
Stage 2. Following the existing profiles, the company begins to respond to the environment. It uses marketing campaigns, implements loyalty systems, and tries to expand the circle of clients. But it still does not delve into the analysis of customer behavior.
Stage 3. High competition forces a business to learn clients more carefully. The company carries out an in-depth exploration of customer behavior and experience. There are many classifications of clients, determining options for interacting with every group.
Stage 4. The company pays attention to the external context, planning a commercial offer. It determines what the customer will need following the nature and frequency of his purchases.
Stage 5. The offer is formed based on the client's demand here and now. It easily adapts to the environment and provides the perfect proposal in certain circumstances.
And Once More
RTCM is a complex solution on how to please every client. It helps to learn customer behavior, habits, and preferences. Business gets a sizable amount of such information due to digital communication with a target audience.
Using all necessary data helps to increase the level of service and makes a marketing activity more effective. Most companies use RTCM, but it doesn't give skyrocketing results. Meanwhile, Real-Time Campaign Management allows for predicting trends. It can make any offer valuable and take it beyond the competition. So the question is what goals each company sets for RTCM and how it plans to achieve them.