Recently I helped conduct a study on the subject of convergence analytics that included a survey. The survey got responses from hundreds of people, and one of the questions we asked was about the popular phrase "real time" and what it means to different people.
The response was surprising: "real time" apparently can mean anything from under one second to a week!
This means that "real time" is probably a stand-in for "right time." Because what we are actually talking about is utility of information. If the campaign data got to you six weeks after the campaign was over, that's not real time or right time; that's nowhere, because you can't take any action on it.
Bound up in the concept of real time is the utility of the information as it relates to action. Data is actionable only if it comes at the right time. So, depending on what kind of action you need to take, "real time" will mean "soon enough so I could do something with it."
For media companies, or companies needing to adjust campaigns on the fly, real time means very, very quickly. In fact, some content management systems want to suck in data up to the minute and adjust content during the visit or even during the appearance of a banner. In these cases, real time can mean instantaneous.
For companies that don't need to react quite so quickly (or that can't), then real time probably means within a couple of days or within a week. This will allow them to use their analyst skills and their content creation tools to remake their content before and during a certain "freshness" period where the updated content will have relevance for the audience. But it doesn't necessarily tie to an offer that's adjustable on the fly.
For companies that are managing large, complex campaigns, especially those that involve apps and interactives, then real time means something a little different. These companies have real development cycles: they're launching software. Many of the most complex interactive experiences now being measured could not make use of data on the same day or even the same week.
They will collect data over a period of weeks and then review how well the experience performed so that in the next content revision (which may take weeks or months) they can adjust the content based on statistics like which were the most popular parts of the experience, the effectiveness of Facebook referrals, and overall time spent in the app or experience. In these cases, an immediate offer (except perhaps a coupon) is rare and the goal is more about spending time liking the brand than selling directly.
Especially in the case of apps, the fact that they have to recompile the app and submit it to (for instance) Apple means that real-time data is unnecessary for them - a needless luxury. They may not know for weeks whether the changes in their app have resulted in anything meaningful, and as with most software developers, they will have to be OK with that.
"Real time" is a selling feature in many digital analytics offerings today. Some even offer almost cinematic views of behavior on maps in truly real time - within seconds! You can see where and in what intensity behaviors are occurring; especially with social media. This can be a good background in helping make geographical segmentations. But is it something you really need?
It's long been suggested that vendors put features into their products because they can. Real-time capabilities are one of these. But you need to decide what's right for your organization - and what "real time" means for you - before buying into the "real time" paradigm.
Time image on home page via Shutterstock.
Last Week to Save on SES London Tickets!
SES London takes place February 10-13, 2014. Learn to engage customers and increase ROI by distributing your online marketing efforts across paid, owned & earned media. Join the leaders of today's digital marketing & advertising industry. Find out more ››
*Saver Rates expire this Friday, Dec 13.
Andrew is a digital marketing executive with 20 years' experience servicing the enterprise customer. Currently he is Managing Partner at Efectyv Digital, a digital marketing consulting company, and Managing Partner at Technology Leaders, a web analytics consulting firm he founded in 2002. He combines extensive technical knowledge with a broad strategic understanding of digital marketing and especially digital measurement, plus hands-on creative in the form of the written word, user-experience and traditional design.
His practice is dedicated to building customers' digital marketing success and helping them save money during the process.
He is a writer, a public speaker and a visual artist as well.
His book "Digital is Destroying Everything—and What Comes Next" will be published by Pearson in the Spring of 2014. He writes a regular column about Analytics for ClickZ, the 2013 Online Publisher of the Year. He wrote the groundbreaking "Dawn of Convergence Analytics" report which was featured at the SES show in New York, and the second report in the series will be featured at the same show in San Francisco.
In addition to speaking at SES, he has presented at eMetrics; and his session was voted one of the top ten presentations at the DMA show in Las Vegas. He is speaking again at the DMA in Chicago in the fall of 2013.
In 2004 Andrew co-founded the Digital Analytics Association and is currently a Director Emeritus. He has designed analytics training curricula for business teams and has led seminars on digital marketing subjects.
He was also an Adjunct Professor at The Pratt Institute where he taught Advanced Computer Graphics for 3 years. Andrew is also an award-winning, nationally exhibited painter.