Artificial intelligence’s impact on business has been pronounced for some time already. It continues to shape how we talk to consumers, but many business leaders — especially those fronting small and medium-sized companies — still don’t know how to assess the value AI provides.
So what do we mean by AI?
In essence, AI uses data to help you build a complex yet simplified representation of reality (or a model) to forecast what is likely to happen based on past behaviors and current attributes. It does not replace marketers; rather, it enhances them. At its best, AI is used to inspire marketers to be proactive instead of reactive.
AI, for example, helps bring clarity to a common issue like customer churn. Using actual customer churn data, it is possible to create a model that predicts who among the customers is more likely to churn in the next month. Knowing that can lead to a more proactive marketingstrategy, helping companies reach out to customers even before they churn or to win back more customers after the fact. Churn management strategies represent just one way that marketers in all industries can benefit from adding AI to their toolboxes.
Growing your business typically requires improving your marketing strategy. Finding the right customers, personalizing their experiences to defy their expectations, and reminding them to come back without being overbearing are big parts of it. Luckily, AI can help with all these tasks and many more.
AI’s Impact on Marketing
AI allows marketers to devise marketing strategies driven by real data that will boost KPIs before they have a chance to decline. Here are some reasons that your company’s marketing — and overall business — can benefit from a marriage between AI and your marketing talent:
1. Hyperpersonalizationis more attainable.
AI has been the friend of big brands so far. Those who could afford to think outside the box and invest in innovation have set the standard for hyperpersonalization, getting ever closer to consumers’ needs, wants, and daily routines.
And that’s music to consumers’ ears. An Accenture study found that 91% of customers prefer to shop with brands that provide them relevant offers and suggestions. Now that AI is more accessible, you have the power to use data to combine the intimacy of a small or medium-sized business with the kind of personalization that brings success in a digital world.
2. The next best action becomes more apparent
As a marketer, you’d like to continuously improve your customers’ experiences, but the number of platforms you use today can be overwhelming and can obscure which customer data to examine. AI can help you to analyze data from all these data sources and recommend the most valuable steps going forward.
It may not make the creative (i.e., ads, images, messaging, etc.) for you (yet!), but it will provide your marketing team with clear recommendations about which part of your audience to reach out to when and how.
3. Proactivity becomes the norm instead of the exception.
Setting goals and tracking KPIs is a great way to start seeing improvements in your marketing investment. Specifically, it enables your company to go on the offensive and experiment with your outreach methods for your intended audience.
The promise of AI is to take the data from all your platforms and processes and apply it in a way no human can. It reaches every touchpoint a consumer has with your business and informs you of the next best action you should take to make them happy.
The Future Is Predictive
You know how AI is changing marketing, and you want to be a part of it. Instead of thinking about data as a constant stream of information that overwhelms your business, AI can help you make sense of it and channel it into valuable insights that spotlight what your consumers want most and what keeps them satisfied.
Even the most prominent companies need help understanding how marketers and AI work together. If you want to learn more about how AI could help your marketing strategy, check out our beta at Whatify.AI.