How Artificial Intelligence (AI) Is Shaping Businesses?
How many customers you are able to retain over a longer period of time, depends on how satisfied they are – a principle retention marketing works on.
Unlike acquisition marketing, which solely looks at more customers, retention marketing tries to ensure that customers come back time and again, through different methods.
The use of artificial intelligence, for one, seems a good bet for many and a trend we will see more of next year – being seen a lot more useful than the traditional marketing strategies that are at work today.
The change is already being seen – companies are looking at data rich customers to know the focus points to improve the overall customer experience. Since no two customers are alike, personalized recommendations and incentives are focused more than before; all made possible with artificial intelligence.
Several companies are using bots for their customer support operations, to ensure timely responses without the need to employ more. These bots send automated replies to the customers, based on the questions asked by them. It’s a process automation trend that is going to affect retention marketing in upcoming years.
The next thing that will certainly cause a dramatic change in the marketing strategies is the use of data analytics. This technology has served the companies to predict the next purchase of their valuable customers.
In 2012, 2.5 quintillion bytes of data (1 followed by 18 zeros) were created every day, with 90% of the world’s data created in the last two years alone. Moreover, consumers spend $272,000 on Web shopping a day. By analyzing the data of the customer’s purchase history and sentiment evaluation, data scientists are now able to predict the next purchase of their customer.
As this technology is at work, every customer is being dealt with a personalized strategy now. A customer who is looking for a smartphone is shown exactly a smartphone in an advertisement.
Before data analytics hit the ground, companies had only one marketing plan for the customers. Every customer being a specific individual is experiencing a different approach related to advertisements. The customer sees what he wants to buy – it is all artificial intelligence working as data analytics.
Marketers are now able to get deep activity and insights of every customer at contact level. From your health statistics to habits, they can monitor everything and reach out to you if you need something. They have now made groups of customers based on their needs and purchases, based on which they can design customer-centric marketing model. These trends in marketing have become common now, and there is no doubt that these trends will fuel the dramatic change in the marketing sector, anytime soon.
When this change occurs, the market will be automated by bots and data, and traditionally made marketing strategies are soon going to be obsolete and marketers out of work. Adapting to this change will keep you alive in the long run. In this scenario, the best thing is to be prepared than to suffer. Marketers should be aware of existing technologies and the ones that are going to be popular in future.
A better understanding of the marketplace is essential in order to decide what to keep and what to let go. Searching for the already available data on these technologies and studying them can help in understanding the market trends better.
After being able to decide what technologies to work on, they should decide to train their organizations in existing technologies to keep themselves a step ahead in the marketplace.
AI and Businesses
B2B businesses looking to do more with their business will look at automating their business and will find it easier to do in 2018.
Artificial Intelligence is the first major change that we can expect. Businesses would love the fact that it is much easier to predict consumer behavior today – which could lead to increased sales and more ROI. Additionally, with the increased ability to forecast changes businesses can also predict the outcomes of their campaigns and thus tinker with the strategies till the right balance is achieved. What this also means is that businesses would know just what content they have to push towards customers. For instance, artificial intelligence could tell you the topic you should write on and which is surely going to be a popular hit online.
The other major changes get would come in integrated marketing automation. Most businesses know that it takes a while to do things because you’ve to do the same stuff multiple times – like posting statuses individually on different social media. With integrated marketing automation, what you do in one channel, resonates across others. You can integrate everything from your emails to CRM channels, enabling you to do more for less. The automation ensures that customers experience.
Predictive analytics just takes artificial intelligence to the next level. If artificial intelligence helps you predict outcomes, predictive analytics also help you know everything from the buyer intention to buy to knowing customer behavior so that you can take the right steps and strategies to increase customer loyalty. Predictive analytics is somewhat integrated now itself in some major applications like Google analytics, which helps you know everything from customer retention rate to know what’s working for your popular pages. Businesses could use predictive analysis to predict everything from whether they should invest with another business or what other businesses should expect when interacting with them. Combined with marketing automation, this indeed can work wonders.