How AI is revolutionising marketing
Marketers are using AI to maximise their marketing to achieve better conversion rates and an increase in sales to stay ahead in today’s competitive environment
The influence of Artificial Intelligence (AI) is one of the most significant recent trends in business today. 84% of marketing organisations are implementing or expanding their use of AI and Machine Learning in 2018. In a study by Smart Insights, AI and Machine Learning rank the third highest marketing activity that will have the greatest commercial impact on business in 2018. Using ImpacTech’s marketing tools, companies are upgrading traditional marketing techniques using advanced analytics and data-processing technologies that increase consumer traffic and boost return on investment.
AI is changing marketing by leveraging information from accessible, advanced data analytics tools. Progressive marketers now use AI to optimise their marketing. The technology sorts through large datasets and makes recommendations based on that data. Also, Machine Learning makes marketing more targeted and personalised and as a result the best prospects are made aware of the right products and services. AI-based projects for marketing give specific information about customer behaviour and buying patterns. This helps to achieve better conversion rates and a substantial increase in sales.
Remove the guesswork with AI
Even though marketers have always used data, many ad campaigns involve a lot of educated guesswork. Today, the influence of AI in marketing allows for more precise, data-driven campaigns. Improvements in data gathering has resulted in companies collecting significantly more data, however, they are not necessarily making full use of this data. AI extracts value from data by finding patterns that benefit marketing campaigns. By adding ImpacTech’s marketing tools, companies achieve automation in the process and increase the effectiveness of their marketing. Consequently, re-targeting campaigns deliver more precise marketing and even higher conversions as the volume of data increases.
At the heart of marketing automation systems is an if / then decision tree. The greater part of these decisions are the result of the behaviours and actions of the lead or customer. Making smarter decisions based on this data is the next wave in marketing. AI removes the guesswork and drives decisions using proven, significant behaviours.
Machine Learning effectiveness depends on data quality
The most important aspect of automation is the quality of the data as it determines how well the machine learns. In the past, marketers have used data to categorise users into groups or buyer personas. They used these groups or buyer personas to create look-alike profiles to know who to target next. These personas are created using historical data and educated guesswork.
However, AI systems don’t need to develop personas. They use real customers to decide what actual online behaviours have the highest probability of leading to conversions. Then they find potential customers who display these behaviours. AI looks only at performance to figure out what worked: Did this specific action increase conversions? Did this keyword generate sales? Did this spend increase ROI?
With ImpacTech’s marketing tools, you engage with clients and prospects along every step of their journey, collecting more data and identifying sales triggers and potential clients. This leads to cost-effective campaigns with personalised targeting and nurtures a client tunnel that creates branded leads and results in higher conversions.
It’s important to send the right message to the right person at the right time. Through Machine Learning this happens automatically. For example, you may decide to send out three follow-up emails in 10 days after a lead’s form submission. Our algorithms will learn how often you should send emails for best performance.
Marketing tools with built in analytics and KPIs
The best marketing departments rely on a robust set of analytics and key performance indicators (KPIs) to evaluate their progress and performance. These are built into our marketing tools. With Machine Learning, marketing departments contribute more significantly to revenue growth and strengthen customer relationships at the same time.
Measuring marketing’s many contributions to revenue growth is more exact and carried out in real-time through data analytics. Knowing the driving force behind more Marketing Qualified Leads, Sales Qualified Leads, how best to optimise marketing campaigns, and improving the accuracy and profitability of pricing are being transformed by Machine Learning. With ImpacTech’s marketing tools, the more data supplied the better the results. They continually improve business performance by using Big Data to help businesses achieve their full potential.
Rather than spending time sifting through data to form a strategy, marketers can spend time applying insights from the data. This allows the most creative marketers to get ahead rather than those who are simply better at crunching data.
AI and machine learning improve customer experience
There is growing evidence that the influence of AI on marketing is increasing. A recent Forbes report claimed that 57% of executives believe the most significant benefit of AI and Machine Learning will be improving customer experiences and support. Also, 44% believe that AI will enable improvement of existing products and services. The report adds that 75% of enterprises using AI and Machine Learning enhance customer satisfaction by more than 10%.
Capgemini’s 2017 study (also cited in Forbes) found that 58% of enterprises are solving the most challenging marketing problems with AI. In addition, a 2017 IDC White Paper states that by 2020, real-time personalised advertising across platforms and optimised message targeting accuracy, context and precision will increase rapidly. The effects of these innovations in marketing technology increases sales effectiveness in retail and B2C-based channels. In addition, Sales Qualified Lead generation will increase, potentially reducing sales cycles and increasing win rates.
Moreover, ImpacTech’s marketing tools define sales predictions of specific customer segments using RFM (recency, frequency and monetary) modelling within machine learning. RFM analysis gives precise definitions of the type of customer e.g. best customers, most loyal, biggest spenders and real-time prompts for key sales triggers.
Customer churn drops through Machine Learning. Early identification of which customers are at risk of leaving is the best way to segment campaigns to re-engage customers effectively and on time. This avoids the more expensive and time-consuming process of getting new customers. Above all, our tools predict how good a lead is and as a result each sales lead’s predictive score becomes a better predictor of potential new sales. This help sales prioritise time, sales efforts and selling strategies.
The benefits of Machine Learning
Impactech’s marketing tools cut repetitive manual processes with automation to increase productivity, brand reach, and result in higher conversions. Removing guesswork, gathering and analysing large volumes of data, and optimally using Big Data is the AI advantage.
Our tools enable marketers to create more educated, personalised campaigns while viewing their work through a big-picture focus that allows them to be more creative. Websites, emails, social media posts and other touchpoints can better reflect what customers want. Additionally, a business continually collects actionable feedback in real time that grows more meaningful over time.
It’s now easier to put customers into distinct groups that allow for added segmentation to highly targeted niches. Instead of creating one ad campaign that you hope will reach your target customers you create personalised marketing content for each targeted segment of consumers. With our tools, businesses are better able to track what consumers are most interested in. This increases conversions by offering customers the experience that they will enjoy and get the most benefit from.
AI driven marketing tools are changing the landscape of modern marketing. It is essential for marketing leaders to understand the power of AI to stay ahead in today’s competitive business environment. Marketers who stick to traditional methods will be less effective. Those who wait on the side-lines will find it more difficult to adopt and catch up with businesses who already use AI driven marketing. The more data marketing tools receive, the better they perform and the better a business performs.