Real-time marketing. Is real-time the right time?

Real-time marketing techniques developed during the mid 1990's following the initial deployment of customer relationship management (CRM) solutions in major retail and investment banks. Just five years ago, a quick search on the term real-time marketing would barely yield any results. Now, with the explosion of Internet and social media as a medium for marketing, it has ignited the interest of various businesses and financial institutions. Banks now cautiously seek to leverage on these popular channels of communication to better connect with, understand and tailor their products to existing and potential customers, especially in the area of CRM.

In recent years there has been a wave of new software technologies, as well as increasing accessibility of technology, data, analytics and advanced marketing expertise. Banks have capitalised on this as they realise the value that come from enriching consumer interactions as a whole by creating personalised offers, which is the basic premise of real-time marketing. Real-time marketing that is implemented across mobile platforms can also be used to respond to customers in a relevant and engaging manner, an experience that is much appreciated by customers and can help banks gain a competitive advantage over their rivals.

However, real-time marketing can be expensive and time-consuming, as the technology and know-how related to this tool is only now experiencing a boom. Furthermore, customers may also be turned off by an onslaught of constant, personalised marketing aimed at them at any given time or opportunity.

The Asian Banker would like to hear your views on this topic, whether you agree or disagree with the motion. Vote and contribute your thoughts to be part of this debate. Read opinion articles from highly distinguished guests published by us. We will conclude the debate with a teleconsultation session on the 5th of July.