Artificial intelligence is becoming the big deal nowadays, especially in the marketing suite. Businesses were asked where they are planning to invest in this year and the majority answered with Artificial Intelligence being their first priority. So what exactly is AI being used for? Well, reports show there has been rapid expansion from enhanced personalization to improved process automation, segmentation and insight discovery.
How do salespeople feel about the impact of AI on their world in general? The answer is 2 words: cautiously optimistic. We have sales executives leaning on one of the 2 sides. On one hand we have sake executives who see AI having a positive influence on their future roles and on the other side we have executives who are more or less concerned. Primarily in areas like automation hurting the art of selling as human-to-human relationships are replaced with complete digitalization.
There are always drawbacks or a sense of fear in ever decision you make. So in this case, despite the natural fear of the unknown, there are sufficient reasons to believe AI will make the jobs of sales representatives and the business in general better. It enhances selling while letting people do what they are best at, being human. A touchpoint that should not be completely removed from the process of things.
There has been a deprecation of third-party cookies in Googles privacy changes, so marketers are looking at first-party data to power their programs including media programs. Where 88% of marketers said first-party data is their first strategic priority in 2021. First-party data is the key to building audiences and target groups advertisers want to create. It helps them in understanding their target market in more detail, where first-party data is important for matching, targeting and lookalikes.
First-party data however is poorly organized and quite complex. More than 50% of customers start their journey on one device and end by the time it ends, they are on another device. Marketers also face an average of 12 sources of customer data, of which most of the data sitting in these sources is out of date, inconsistent with identification information and includes eccentric taxonomies. So pretty much being of no such use for them at all. That’s there AI comes in, combining it with a solution such as customer data platform to improve identity matching and make sure data from all different systems is mapped to a common data model to ensure consistency.
The generation of today want to be approached in a way that appeal to them. So, today people, especially millennials, expect to be communicated by relevant experiences. This includes messages that are useful and timely in the context of their digital lives. It is important to deliver a personalized experience which includes organized data and intelligent algorithms to find segments and uncover needs that are difficult to cover using manual methods.
Al is famous for its progression in smart segmentation, where it uncovers groups of customers and leads who have common attributes. The mere precision of attributes that is done for the target market is something that is not possible for human analysts. An example of this can be understood by the example of science fiction enthusiasts. Suppose there is a group of customers who prefer robot-driven stories over human-driven stories, so you have a target market that lies on one end of the two. You will only realize the difference between these two groups and their preferences by combining data from content analysis, web analytics, social listening and emails. The difference of using AI and not using it would reflect in the title of the of the publisher. The one not using AI would sell a broad “Sci-Fi lover” segment, whereas the publisher using AI would hyper target a particular group with a defined title of may “gear-head Sci-fi”.
Once retailers combine customer data from its brand loyalty, point of sales and marketing systems they are able to successfully increase sales. The secret is simple, having complete information and knowledge on your customers spending habits and preferences and using this data to deliver personalized promotions to them based on what they like buying. All in all, increasing the relevance of your messages and targeting customers with a tailored marketing strategy.
There are certain areas of AI that have more potential to impact our lives and day to day work activities, having a greater impact than natural language and image recognition does. That is the sense of voice, something almost everyone is aware of where there has been a rise of conversational chat bots in services and voice interfaces including the infamous Alexa and Siri. From this we can see the increasing usage of voice being built into call center software and other analytical tools. However, marketing technology is still at its initial stage and has a long way to go and grow. There may come a time when a salesperson may never have to touch a keypad in their life, where they can speak and have it typed out or even easier, have a drop down menu with different commands to choose from, just a click away from being implemented.
Hence proved, AI will reduce time, effort and increase precision as speech recognition has 95+ accuracy and voice navigation. It will help increase efficiency, where time that was spent more on clicking can now be saved and spent doing something productive. And will enhance completeness where updating call records, reports and ideas will be made easier, no deadlines would be missed. All in all, bringing about the benefit to the company of less time being spent on searching and more time spent on selling.
AI will not only automate manual data plumbing and managing tasks such as ID mapping but will also help make salespeople more efficient by prioritizing their efforts and making them focus on them in a better way. The first area of the sales process that is improved is the lead scoring step. A step that many sales people were first reluctant to accept as questions such as “what can a machine tell me about a good lead?” arose. But now, the same people are using algorithms to improve their priority list and increasing the usage of summary call notes to help them plan the best way to get from one customer meeting to another in a routine order.
A lot of time is wasting on chasing leads that are not qualified or will have no potential for the company just because the lead scoring system of the company was not up to date or in good shape to help employees make the right decisions. If you want to increase productivity, then AI tools are the best thing to use because the automation is all there.
After the pandemic, digital advertising has risen more than ever before. More than 60% of all ad spent is now divided on the digital side of things. Why? Because it is easier, to analyze all data in a way that helps both publishers and advertisers to estimate the impact of campaigns on desired outcomes such as sales, subscriptions or renewals.
Measuring the impact of multi-channel campaigns requires gathering information from dozens of sources and then combining and applying complex models to determine which channels, devices or tactics bought about a sufficient impact. Another aspect to speak on is “Noise” which is an analysis of your competitors moves. Did you and your competitors run a sale at the same time, did they launch a new product, are they doing something that you are currently not doing and so on. So, AI helps salespeople separate signal from noise and identify what works for a company and what doesn’t also provide automation optimization recommendations based on the company’s historical performance of marketing.
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