Did you know 75% of online customers expect help within 5 minutes? Are you aware 79% of consumers say they are only likely to engage with an offer if it has been personalized to reflect the previous interactions the consumer has had with the brand? In an increasingly connected world, consumers expect real-time experiences from the brands they interact with, whether in-person, online or on the phone. Why should businesses care? It’s important because customer experience matters, and it matters even more than the products and services companies deliver.
Research shows that companies that reach their customers in their “moments of need” with personalized and contextually relevant experiences in real-time, see not only results but significant gains. In fact, increasing personalization in three or more channels can increase overall consumer spending up to 500%.
What is a Real-Time Interaction Manager (RTIM)?
So how do marketers increase personalization on multiple channels? They utilize tools like a real time interaction manager (RTIM). What’s the definition of a RTIM? According to Forrester, a RTIM is an “enterprise marketing technology that delivers contextually relevant experiences, value, and utility at the appropriate moment in the customer life cycle via preferred customer touchpoints." In order to be considered a RTIM system, the following key elements must be included:
Recognizing customers and orchestrating content delivery across channels (including contact centers and physical stores as well as digital delivery) and devices
Understanding the current context (including highly variable conditions like weather) merged with detailed customer history
Determining the appropriate action, offer or message. This would best be informed by predictive analytics (this customer is most interested in this next offer) combined with business rules (e.g., if this is recommended, it must be in stock).
Capturing interaction data for measurement and optimization
Essentially, a RTIM delivers the right message at a specific time.
Why Has the RTIM Become the Holy Grail for Personalized Marketing?
Forrester believes that the RTIM market is growing because marketing and customer experience professionals “see it as a way to address expectations for personalized customer experiences. Marketers increasingly trust RTIM providers to act as strategic partners, advising them on key enterprise marketing technology (EMT) investments.”
Let’s first start with what is not real time personalization. RTIM-driven personalization is not about using mass marketing techniques like broad demographics, behavior-based segmentation, or adding a customer name to a generic message. Smart marketers know mass marketing techniques are no longer enough to effectively capture customers’ attention or target them at a specific time in a particular channel within their journey.
Instead, in today’s world of omnichannel marketing, it’s critical to create a real-time intelligent picture of the customer, across all channels, online and offline. Modern marketers understand that a customer's activity at a particular moment in time, while important, doesn’t give a comprehensive view of the entire customer journey. It also doesn't give insight into their personal experiences and previous interactions with the brand.
79% of consumers say they are only likely to engage with an offer if it has been personalized to reflect the previous interactions the consumer has had with the brand. Tweet This
Why Purchase a RTIM from Teradata?
Teradata has been enabling real time personalization for some of the largest companies in the world. In fact, Teradata has been named a leader, for the third consecutive time, in the recently published Forrester Wave™: Real-Time Interaction Management. The Teradata RTIM was recognized for its market-leading capabilities in large-scale customer data management and advanced analytics.
Teradata RTIM, which is based on Vantage, provides marketers a mechanism for improving customer interactions, leveraging business rules, predictive analytics, and machine learning to continuously inform communications to customers in real time.
To optimize real-time offers dynamically, businesses need a single, complete view of their customers based on 100% of their data. They don't need just “in the moment” data but require advanced analytic capabilities to predict customers’ response. The ability to leverage all of the data, to uncover real-time intelligence at scale, is a capability only achievable with Teradata Vantage.
Using RTIM based on the Vantage platform, marketers have a single customer data and decisioning hub. Leveraging AI and machine learning capabilities, the RTIM continuously updates the intelligence about the customers and autonomously orchestrates offers in real time, wherever the customer is. With Vantage as the data and analytics platform, RTIM provides marketers with a 360° view of their customers, based on “in the moment” real-time interaction data from digital channels as well as behavioral, operational and transactional data from offline channels.
With over 100+ advanced analytic functions in Vantage, brands can now map customers’ journeys and identify "key moments" or “break points” such as cart abandonment or a service complaint. Further, they can also determine which attributes are indicative of certain behaviors and predictively score the likelihood of an action, for example, predicting churn. Not only can you gain these insights, but also use these analytic models to augment real-time decisioning.
Teradata RTIM customers have experienced huge gains through real time personalization based on a complete view of the customer. For example, in the instance of one Teradata customer, a well-known multinational telecommunications company (telco), the business was able to increase its offer acceptance rate by 6x-8x by dynamically updating offers for its customers. The dynamically updated offers occurred in real time on their website and mobile app. In another example, a large European bank who employed Teradata’s RTIM, saw a 50% increase in customer re-engagement rates. The same bank also saw their sales rate increase 20% when they utilized real-time personalization of their web content.
RTIM on Teradata Vantage
Teradata recognizes that organizations often utilize multiple analytic tools and systems within their ecosystem. RTIM on Vantage, allows you to bring analytic scores from external analytic tools and models into the decisioning process, helping customers maximize return on their previous technological investments.
Designed for business users, RTIM on Vantage empowers them to create and automate the entire analytic process themselves--from data ingestion and preparation, to model creation--in a drag and drop manner, without coding,using an easy-to-use workflow capability.
What Are You Waiting For?
Now you too can get to decisions faster, ensure consistency across all communications and meet your customers in their "moment of need.” With RTIM on Teradata Vantage, you can serve all of your customers, no matter the scale, with the reliability and performance that Teradata is known for. It’s time to enter the future of modern marketing, personalize your customer interactions and influence your customers experiences for the better.
Ritu Jain is Sr. Marketing Director for Teradata. In this role, Ritu leads Customer Experience business area and related analytic applications marketing. Ritu has over 18 years of experience in data analytics, customer experience management, retail, and supply chain. Prior to joining Teradata, she led global marketing strategy and sales enablement for multiple industries and solution areas for SAS and Alteryx. Ritu holds a MBA in IT and New Product Development from NC State University, and a Masters in Marketing from Delhi University, India.