It is a challenge to turn raw data into insight. Doing it in real time or near real time just ups the game for us. There are at least 3 factors to think about.
- Accurately anticipate customer behaviour
- Tailor customer experience at an individual level
- Grow sales, increase transaction values and maximize profitability
“Identifying the factors that drive customer behavior has long been the Holy Grail for Customer Insight professionals. Yet in today’s super-competitive marketplaces, it’s not enough. Speed is the new differentiator, and those firms that can acquire insight and translate it into effective real-time marketing stimuli will achieve competitive advantage.
“The ability to respond and act swiftly is an invaluable asset, and Forrester research has devised a framework that facilitates the transformation of data into knowledge at a pace that today’s customers demand. It’s called the Real-Time Actionable Insight Delivery RAID cycle.
Here is a great overview of how to visualize the approach.