Scott uncovered an interesting correlation: Companies that participate in real time are more successful. During the period he measured – closing price on December 31, 2009 through closing price on September 3, 2010 (when the book
Real-Time Marketing & PR
went to print) – the stock prices of 67% of companies that operate in real time were up, while only 42% of companies that do
operate in real time were up 2010 year-to-date.
What is Real Time?
According to Scott, “Real time means news breaks over minutes, not days. It means ideas percolate, then suddenly and unpredictably go viral to a global audience. It’s when companies develop (or refine) products or services instantly, based on feedback from customers or events in the marketplace. And it’s when businesses see an opportunity and are the first to act on it.”
Real-time communication is causing organizational changes and is impacting how companies organize staff and implement strategies. In an interview Scott conducted with Coca-Cola, Petro Kacur, senior manager of marketing communications, said, “There has been a convergence and blurring of lines between traditional ‘communications’ and ‘marketing.' This has changed our view of the communications function and how we engage with our consumers. We are moving from a monologue to a dialogue. In recognition of these growing trends and their impact on our company’s reputation, in March 2009 we formed an office of digital communications and social media. [This office] will help us become even more comfortable and effective in these new spaces.”
Becoming a Real-Time Company
, Scott provides examples of how companies have made the transition to the real-time web. Some of the primary steps he outlines include:
Build a Team
Monitor What’s Being Said
Develop Guidelines and Train Staff
Engage With the Market
Check out Scott's
for a more in-depth look at real-time marketing and PR practices and to learn which companies are winning and losing the real-time battle.
Originally published Nov 1, 2010 11:30:00 AM, updated October 20 2016