Static data and dynamic data are different from each other. Static data is the information collected at a specific point or considers it like a snapshot of a moment as a frozen piece of information. While the dynamic data or real-time data presents a bigger picture by always collecting, consuming, and analyzing data that comes from a variety of sources. From the platform of Wealth Guide Asia here it is the explanation and benefits of using real data in making of marketing strategies:
Let’s understand the static and real data with two examples:
- Usually, air-conditioned sales might be down in the winter season, but then skyrocket in the summer. Looking at static data for the winter season will surely make you assume the sales were suffering. It means that focusing on the small, static piece of information or data will make you miss out on the more significant scenario.
- For instance, an automobile company is going to launch a vehicle. To target a particular consumer, they require fresh and relevant data. Using the previous old data will not help the company to target the potential buyers in a specific time.
This digitalized world has made everything to happen at a fast pace. To compete and progress in the marketing world, small static pieces of information are not always enough to compete in the business world. The requirement of updated dynamic data in real-time is essential needs of marketing business where the shifts and changes are still remaining in trend. The active data provides more accurate and efficient information that helps make informed decisions. By honing in particular needs and performance, the real-time data targets the appropriate demographics. It is the cornerstone of any digital marketing strategy
Benefits of real-time data for marketing strategy:
Real-time data is lucrative. With automated systems and tools, it can be quickly passed to appropriate persons and promptly leverage it to produce current and useful information. Real-time data is helpful to:
- Who are the customers of your product? By accurate representation and depiction of the audience, it is easy to find the potential buyers of a product. The static data like preferences, habits, addresses, and more are also used to find the target audience.
- Find the right data to get the required answers. The main idea is to discover why competition’s wearable devices compete better by knowing the customers.
- To analyze the conversion funnel from a different perspective. Customer journey or their experience is the core of your business that is called funnel. Real-time data helps analyze this funnel from various angles and perspectives of the brand or business. Brands or businesses often try to match up with the needs of their customers. Still, they don’t make efforts to know about their experience. But real-time data allow brands and businesses to follow their customers during the complete conversion process and help them to move forward according to each touchpoint in the future.
- Provide a unique experience for every visitor. Customers get used to of personalization very quickly. They try to buy from a website that recognizes them with their names, knows their purchasing history of them, and get recommendations of the items they want.
- Identifies what is working and what is not? Real-time data allow brands to do predictive analysis to make accurate predictions about potential and regular customers.
- React and respond to the issues quickly. With real-time data, you get the idea about what is happening around and within the audience. It is beneficial to solve customer problems within no time before the customer becomes irate and vent about the experience via social media.
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