The last few years that went by a bear a fine witness to the rise of innovation in marketing. With newer tools and trends popping up every minute, and a majority of them actually living up to the hype, marketing teams can dream about bringing the sun and the moon closer.
The Next Big Thing in Marketing
In their Artificial Intelligence (AI) survey, account-based marketing firm, Demandbase joined hands with Wakefield Research to harp on the potential that AI carries in affecting sales and marketing in leaps and bounds. The research depicted how there remains a strong divergence between the urge and the confidence of innovators to help forward-thinking organizations adapt to AI for first-grade marketing programs.
While 80 per cent of marketing personnel vouched for AI to revolutionize their efforts over a period of five years into the future, only 26 per cent were actually confident of understanding and working with AI. Furthermore, only a mere 10 per cent resorted to using AI currently for their business. Such figures put forward an interesting ally where one tends to look past the hyperbole to find answers to questions like:
- What can AI bring to marketing that other technology can’t?
- What can marketers expect from AI to offer changes to their present job role?
- How can marketers make the very best use of tangible AI for business?
While one attempts to leverage the knowledge of AI to empower marketing, it also helps in fostering relevant and compelling interactions with customers, boost ROI, and affect revenue figures positively.
Artificial Intelligence Marketing can function to work with a truckload of data at a much faster rate compared to any marketing team run by humans ever. Thus, finding hidden insights that affect consumer behavior, critical data points, and recognizing purchaser trends are valuable touchpoints for any marketing team to focus upon in order to develop creative content and impact strategy.
Though a lot has been said about AI and the future of marketing, it is significant to understand why and how organizations are bent on implementing AI solutions for their marketing wing to prosper. Reportedly, brands who have recently adopted AI for marketing strategy, predict a 37 percent reduction in costs along with a 39 percent increase in revenue figures on an average by the end of 2020 alone. AI provides traditional marketing with tools that make way for personalized and relevant content brought at the right time to impact conversion rates for any business out there.
Incentive Recommendations for Consumers
How can you predict a customer’s future? Just refer to their past. Artificial Intelligence Marketing helps marketers access and analyze what a customer will react to most, based on their past behavior. In other words, it means a marketer will be at his best to create a path towards the sale. Incentive recommendation for consumers is one such excellent instance, where AI and Machine Learning work together towards learning a customer’s purchase behavior, which in turn helps predict incentives affecting conversions.
More importantly, such a solution has the ability to keep a marketer informed of what would attract a customer the most—a 15 percent or 30 percent discount or a no-discount offer. Now, when you take into consideration the time and the effort to put together such a skillful marketing team to draw upon such predictions, it won’t be feasible manually. Therein lies the essence of AI, which helps gather valuable intelligence at your fingertips.
Optimizing Send Time to Deliver Emails at the Right Time
While a lot is being said and done about personalizing content, it all renders worthless if a consumer overlooks it. That is where Send Time Optimization comes into the picture. These days, leading firms are turning towards auto-responder to answer queries in a jiffy.
What AI does is to draw upon a smart analysis pattern by taking into account the history of opening emails and their rates. Accordingly, marketers can determine the best possible time for both individual and audiences across larger segments.
As a marketer, it only makes more sense to know when a customer preferably reads his email. It is the same time when a customer is more likely to engage; which in turn boosts conversion rates. To put forward an instance, the median rate of delivering emails at the right time with AI tools in place is well over 32 percent while the click rate rests at 6.5 per cent.
Personalization of Product Recommendation
Besides incentive recommendation, AI also helps marketers shape up their product recommendation strategy. These days, consumers react to brands that answer to their preferences and deliver accordingly. It’s almost similar to anyone wanting to match up a shoe with a new dress purchased to wear at a party.
With AI and Machine Learning, marketers can now depend on working with algorithms to help transform customer engagement data to suitable product recommendations—something that will convert for sure. By harping on behavioral patterns and affinity of a consumer towards a specific line of products, marketers can stay updated on the personal preference of a consumer to auto-populate the right set of recommendations on a real-time basis.
Undeniably, marketing teams today operate under a lot of pressure. They are sincerely pressed for time while being pushed to prove how content and campaigns are paying off. As such, they are presented with a gamut of choices from technology-based solutions to theme-based campaigns to depict how they would go forward segmenting databases. AI tools are increasingly affecting a marketer’s journey by:
- Assessing past customer behavioral patterns, like purchase trends and queries
- Collecting customer data
- Automating processes, like interpretation and analysis, and further identification of the best possible way to use customer data
By all means, AI is not just another puffery for marketing. These are real-time data and results that help shape businesses—something that marketers can depend on and drive value to both brands and consumers.