While marketers recognize the value of real-time marketing, less than half (40%) regularly respond to timely news and trends on social media, according to a new study by Wayin.
The 2015 Wayin Real-Time Marketing Report is based on a survey of 200 real-time marketers at companies with more than $100 million in revenue. Marketers reported that they understand a valuable strategy requires timely executions--75% defined “timely” as within seconds or minutes--but a slew of challenges remain.
“The most common roadblocks to utilizing social data in real time are limited budget or resources, staff that isn’t able to act quickly enough, and a lack of search analytics tools,” said Jordan Slabaugh, Wayin’s VP of marketing, in an exclusive interview with CMO.com.
Indeed, almost half of real-time marketers said they are unable to respond to breaking news on social media within 30 minutes, while almost a quarter (24%) said it takes their teams an hour or more, the study found.
These marketers need to catch up, as real time is paying off for those brands that are able to respond in a timely fashion, the study stated. More than three-quarters of brands (78%) with the highest return on their real-time marketing investments said they leverage breaking news on social media, compared to only 57% of brands with low ROI.
Ninety-eight percent of marketers excelling at real time reported a positive impact on revenue, and 89% said they can tie overall business goals to their use of social media data in real time, Wayin found.
“Marketers are seeing meaningful results and significant ROI from their real-time marketing efforts,” Slabaugh said. “Social for social’s sake won’t generate a significant ROI. Real-time marketing must be integrated into a company’s broader marketing strategy to reap its full reward.”
Ninety-three percent of marketers agreed they need to respond to trending social media content more quickly to improve their real-time marketing efforts. Thirty-nine percent of marketers said real-time social search tools are critical for an effective real-time social media strategy. The problem is, 41% lack the search analytics tools they find so crucial.
“Marketers need strong capabilities in order to execute real-time marketing, including an agile team prepared to take timely action and adequate resources of budget and infrastructure,” Slabaugh told CMO.com. “Based on insights from brands seeing the highest impact from real-time marketing, CMOs should be prioritizing three areas for success: connecting real-time efforts to core marketing goals, investing in the technology that provides both intelligence and the ability to take action, and integrating real-time activities across all key marketing channels.”