A couple of years ago, I remember a colleague feigning shock when they learned that I wait a week or two for packages to be delivered and two to six weeks for books to be available to borrow from the library. They, on the other hand, rarely wait for anything. If they need something, they have it delivered within the hour or the same day.
Viewed statistically, I’m an outlier in today’s age of speed and convenience. Almost everything has become on-demand—from your TV shows, ride shares, and groceries, to physicians, and teachers. Technology has made this possible with companies building business models around real-time apps. Whether in live events, gaming, telehealth, or fraud detection, real-time decisioning and analytics tools that allow you to effect change in real-time can provide significant advantages.
Most people don’t have the patience to wait. And for good reason. Those who can deliver first will, more often than not, win. But this isn’t a new concept. After all, “the early bird gets the worm” is an idiom that’s been around since the 1600s.
Assuming catching a worm isn’t the actual endgame in your life and career, here are the top five business benefits of taking action in real-time.
1. Striking While the Iron is Hot: Stop Missing Out on Opportunities
You’ve heard the term "strike while the iron is hot." If you cannot immediately respond to a customer request, you’ve missed an opportunity to stand out. And nowadays, it’s not only about being at the right place at the right time but also about the actions you can take in response to their request.
Take running an online auction site, for example. You suddenly get a rush of people bidding on an item, which means you have their attention now. Is there something you can do to leverage this opportunity and promote a similar item? Or, what if, during a live event, you had an unexpected turnout? Wouldn’t you want to set up an offering to capitalize on the increased interest at that moment?
Nowadays, jumping on such an opportunity can take weeks and the involvement of your development team to make it a reality. But what if you, the mere mortal responsible for growing adoption and revenue, can make these adjustments on the fly?
2. Enhanced Customer Experience: Providing Information Instantly
Have you ever been in a situation where you’re researching a product but couldn’t find the information you needed on their website? You’re forced to reach out to someone via chat or email. And then, by the time you get the information, you’ve moved on to other projects, don’t have the time, or—more often than not—have gone with another company. Being able to create automation allows you to ensure you are providing the information needed based on rules you created and having resources available to answer chats or questions in real-time.
Imagine a patient seeking immediate advice on a health concern via a telehealth platform. If the platform can provide instant access to additional information or a medical professional, the patient’s concerns can be addressed immediately—preventing further complications and providing peace of mind. And in the end, you’ve gained loyalty.
3. Immediate Impact: Adjust Quickly Based on Real-Time Data
Does it take you weeks to execute a plan from start to finish? And after you execute plans with limited resources, do you then have to wait a few more weeks to monitor results? When that doesn’t quite work out as expected, you need to tweak it—restarting the “change-then-wait” clock all over again. You may have lost users by this time, and new user adoption has gone down. Taking action in real-time allows you to immediately see the true impact of your actions, allowing you to adjust immediately if it’s not going as planned.
In online gaming, developers need to be able to monitor player behavior in real-time and adjust the game environment instantly. You need to be able to plan ahead and also react in real-time. For example, if a particular level that you just released is too difficult, gameplay can immediately be tweaked to enhance the player experience and retain engagement immediately in real-time.
4. Proactive Issue Resolution: Preventing Customer Frustration
Losing a customer often happens when issues are not addressed proactively or promptly. While informing customers about issues before they contact you is beneficial, sometimes they contact you first. If you don’t respond immediately or aren't available to listen and resolve the problem, you risk losing them. Having the ability to do something about their problem with tools that let you make changes in real-time ensures customer frustration is kept at the minimum. Customers appreciate knowing you are there to listen, help, and do something about it.
Consider an e-commerce site where customers are frequently purchasing products during flash sales. If customers encounter an issue with their order, such as a billing error or a problem with delivery, real-time tools can detect and resolve these issues immediately. For instance, an automated system might flag an unusual transaction pattern and alert customer service to contact the customer before they even realize there's a problem. This not only resolves the issue quickly but also reassures the customer that their concerns are being proactively managed, leading to increased trust and loyalty.
5. Improved Customer Retention and Loyalty: Winning with Responsiveness
Sometimes, you win because of your responsiveness, even if you don’t have competitive pricing or are missing features. Responding quickly to customer inquiries or issues not only improves customer satisfaction but also builds a reputation for being reliable and customer-focused.
On a social commerce platform where creators and influencers play a significant role, responsiveness is key to retaining customers. For example, imagine a popular influencer promoting a new product during a live stream. Viewers may have questions about the product, want to know more about the purchasing process, or need assistance with placing an order. By offering real-time support through chat or instant messaging during the live stream, the platform can ensure that viewers receive immediate answers and assistance. This level of responsiveness not only helps complete sales on the spot but also strengthens the bond between the customer, the influencer, and the platform, creating a loyal customer base that trusts the platform.
Conclusion
Taking action in real-time is no longer just an advantage; it’s a necessity for businesses to succeed. Whether it's enhancing customer experiences, adjusting strategies on the fly, resolving issues proactively, or building a strong brand reputation, real-time decisioning and analytics products, like PubNub Illuminate, are essential for staying ahead of the competition.
PubNub Illuminate is a powerful real-time decisioning and analytics tool that empowers you to take action, monitor results, and adjust rules—all in real-time. What sets it apart is the seamless integration of both decisioning and analytics within a single product. While many solutions offer either analytics and visualization or decision-making capabilities, Illuminate combines both, making it simpler and more efficient for end-users.
If you want to stay competitive and responsive, consider exploring what Illuminate has to offer. It’s a comprehensive solution that enables you to make informed decisions, track outcomes, and adapt quickly—all in real-time.