The distance between the customer and the marketer has been shrunk marvelously with Artificial Intelligence (AI) — enter the new world of precision, impact, and customer intimacy. Of all the industries and business functions that have leveraged the power of Artificial Intelligence (AI), perhaps, the most interesting one is the sphere of Marketing. Marketers could not have imagined that Artificial Intelligence (AI) would be such a big boon to them and would wipe away so many of their troubles.
Let’s go back to an interesting poll conducted by Harris Insights and Analytics. It was noticed that 92 percent of brands think they provide exceptional customer service, but 73 percent of consumers felt that brands struggle to meet their expectations. This could be easily explained with that one gap that has haunted marketers for decades – The difficulty in talking to the right customer, at the right time, at the right place, and with the right solution without being intrusive, generalized, ignorant, and cold.
Today, the sheer volume and complexity of data that marketers have, made it even harder to understand every customer at a granular and intimate level. Albeit, in today’s age, where everything from Netflix, to Uber to Spotify is serving a customer with tailor-made offerings – how can marketers avert personalization just because data makes it tricky?
According to a study by Researchscape International – 74 percent marketers avowed how personalization has enormously helped their clients advance customer relationships—so much so that 54 percent enjoyed a notable 10 percent jump in sales, and 13 percent witnessed over 30 percent lift.
Image : Econsultancy
Collecting, processing, and converting data, no matter how large or complicated or layered it is, get easy when done with Artificial Intelligence (AI). Algorithms and Machine Learning (ML) capabilities make it simple to translate vague and scattered data into something relevant, crisp, useful, and digestible.
How Artificial Intelligence (AI) personalizes?
Let’s see what makes Artificial Intelligence (AI) the perfect tool to personalize marketing efforts and drive marketers closer to amplified customer outcomes.
- Better targeting of messages with fine-tuned efforts as per demographics, history, clusters, individual differences
- Precise campaign planning thanks to a sharper understanding of customer needs, location, behavior, segments, and nuances
- Easier conversion of high-intent customers to sales
- Creation of dynamic and interactive websites, apps, and sales tools
- Well-rounded and individualized Customer Relationship Management (CRM)
- Reduction on Cost Per Install (CPI), Cost Per Click (CPC), and Search Engine Optimization (SEO) costs
- Programmatic Advertising and better Return on Investment (ROI) on marketing messages
- Chat-bot based depth of CRM Funnel—cost-effective and actionable increase of understanding the customer through personalized conversations
- Arresting customer-churn by quickly identifying red flags in customer behavior on websites, cart management, mobile apps, and purchase patterns
- Expansion of sources of customer data through multi-sensory AI applications around voice, facial images, and body language
- Tailor-made marketing collateral like product recommendations, emails, subject-lines, follow-up communication, and feedback response
- Algorithm-driven marketing and products
- Sentiment analysis tools and sentient websites, emotion-aware websites and apps
- Drill down on unstructured data like social media buzz and feedback so that nothing skips the eyes and ears of the marketer
- The accomplishment of areas that customers desire from marketers—privacy, omnichannel consistency, frictionless experiences, and less noise
- Better product design and experiences through more refined integration of data at the back-end as well
Image: Smart Insights
Artificial Intelligence (AI) continues to surprise and shine
No wonder marketers continue to invest in and innovate with Artificial Intelligence (AI). In the Researchscape International survey, 97 percent of marketers have said that they will continue to allot and invest in Personalized Marketing.
As seen in a survey of marketing decision-makers from 200 global firms – by Forbes Insights and Arm Treasure Data – most marketers are struggling to achieve correct one-on-one personalization. However, 21 percent of these marketers emerged as personalization ‘leaders,’ and they commit over 10 percent of their marketing budgets to personalization. They are aiming for enhanced awareness, deepened customer loyalty, and increased frequency of transactions. Enterprises that can successfully combine advanced personalization technologies with data-identifying transactions and preferences are better at closer targeting of customers. They can intelligently widen the sales funnel prospect parts at the top of the sales funnels while also managing faster early stage conversion.
So if you have not yet embraced AI’s power, try its personalization magic as soon as possible. It’s the best tool you can use to create an extraordinary edge as a marketer, and it’s not too hard to learn. Get started and wield Artificial Intelligence (AI) for smarter and personalized marketing.