With the data explosion over the past few years, several new technologies have been spawning, and AI and Big Data analytics are on the top. These advanced technologies have been transforming the way businesses operate. Many organizations have already made huge investments in data analytics. According to an Ernst & Young survey, 90% of companies are elevating digital priorities in their strategic planning over the next two years. But many are challenged to build an effective approach to fully realize their potential.
So, how can organizations use AI to drive a deeper connection with their customers? How can we track customer behavior patterns that can be used for micro-targeting and analysis? There is no doubt that these unique insights can and will generate an immediate impact on decision making.
Marketing Decision-Making with Artificial Intelligence
Marketing decisions often involve many variables that make accurate predictions difficult. These variables include a deep understanding of clients’ needs and how to align products according to their requirements. Organizations are implementing AI modeling techniques into decision making that helps to predict consumer behavior and improve their brand loyalty.
Customer Relationship Management (CRM)
The integration of AI into CRM systems also allows enterprises to automate various functions, such as data recording and analysis, content management, and lead ranking. You can even predict a customer’s lifetime value through AI’s buyer profiling. These features especially help sales and marketing teams work efficiently. Enterprises are also looking to utilize AI in CRM functions such as lead generation, targeted marketing campaigns and increasing sales cycles. Research supports that future-proof customer service will also be consistent, personalized, real-time, and omnichannel.
Here are some suggestions on how to become savvier marketers to improve overall ROI and business performance.
According to Gartner, 20% of all business content will be created by machines this year. Artificial intelligence will enable content curation by unifying information from diverse datasets, permitting companies to give users more data on usage and other aspects that might interest them from third-party data providers. For example, Under Armour is leveraging IBM’s artificial intelligence to give its offering an edge over competing products from Nike and Fitbit. By feeding nutrition, training, and sleep information into Watson, it’s “able to understand data in large volumes, make recommendations, and continuously learn,” says Chris Glodé, Under Armour’s VP digital, connected fitness.
Instant and Personalized Customer Service Support
Chatbots – also known as “conversational agents” – are software applications that mimic written or spoken human speech for the purposes of simulating a conversation or interaction with a real person.
There are two primary ways chatbots are offered to visitors: via web-based applications or standalone apps. Today, chatbots are used most commonly in the customer service space, assuming roles traditionally performed by living, breathing human beings. For example, The Mezi app allows travelers to simply message their requests for flights, hotel or restaurant reservations and provides recommendations and makes travel arrangements at the customer’s request.
Smart Customer Engagement
Start by re-engaging your customers today! Machine learning can help to identify potential disengaged customer segments before they leave for a competitor. AI powered tools can do this by gathering data, building a predictive model, testing and validating real customers. When these techniques are combined, customers will become more engaged and loyal leading to higher lifetime value and increased company profits.
Improving overall ROI
When choosing the techniques that work best for your organization, it is important to consider where AI can have the largest impact and whether you have enough data to learn from. Also, don’t become too aggressive with your personalization techniques as all messages and content should still seem natural to customers. Marketers could use these techniques to their advantage to automatically generate email content, personalize reports and messages, improve social media content and experience a much higher return on investment.
In conclusion, AI is expected to make a huge impact on all businesses and industries. When predictive analytics tools (data mining extensions) integrates into AI, organizations can locate better business opportunities, and they can understand their partners, stakeholders, customers, and everyone associated with their business.