Marketing Technology, or Martech, as it is called, is evolving fast and companies that have realized its significance and incorporated it into their marketing strategy are seeing amazing results in the market. Martech needs no introduction for most businesses; for others, it is the advanced technology, like AI, utilized by marketers for better engaging with customers and improving their clientele.
AI is growing fast and companies are leaning towards this technology to accelerate sales. According to a Statista report, the global market growth of AI by 2020 is forecasted to be $10529 million USD and is expected to reach $59784 million USD by 2025.
Evolution of Artificial Intelligence (AI) and Its Impact on Businesses
The evolution of innovative technologies like AI (AR/VR), Chatbots are transforming the way every business works, specifically marketing. Combining siloes of customer data can be extremely hard for marketers, the AI revolution has powered them with the advanced data analytics tool for strategizing data-driven approaches and bettering decision-making.
According to a new report from Tractica, the market for enterprise AI systems will increase from $202.5 million in 2015 to $11.1 billion by 2024.
What is AI and how it is transforming the enterprise marketing
According to Techopedia, AI is defined as “an area of computer science that emphasizes the creation of intelligent machines that work and react like humans.”
Some activities that can be performed through AI are:
- Speech recognition
- Problem solving
Well, it’s no-brainer that marketers must deal with tons of customer data on a day-to-day basis and segmenting the data based on customer preferences can be backbreaking. Nevertheless, with AI technology and tools, marketers can develop clear insights on customer data and attack them with more focused and personalized campaigns yielding better results.
Simply put, AI facilitates a personalized customer experience which results in a better engagement experience and boosts sales.
Here are some of the ways AI can help marketers perform better, be more productive and improve sales.
AI Powered Customer Segmentation
A major benefit with AI is anticipating the customers’ needs and simplifying the routine tasks of marketers. By understanding the customers’ needs, it becomes easier to address their specific needs and connect with them 24/7. Segmenting customer data based on demography, age, gender, buying persona, history, will enable marketers to understand the best cross-sell and upsell opportunities.
With AI powered segmentation, it is easier to engage customers at a more personal level specific to their business, resulting in high customer satisfaction.
AI Enabled Web Development and Customer Support
Create websites with amazing visual experience and smart personalization using AI technology. Businesses can also identify the best-fitting offers and content based on user insights derived using AI technology.
Most businesses are utilizing Chatbots (trained by AI professionals) to answer the queries of customers 24/7, which is tough for humans. This empowers marketers and businesses to better engage with customers for improved success and growth.
Focused and Targeted Advertising with AI Insights
Developing compelling ads that hit the mark can be a tough task for marketers. Ineffective ads waste the company’s money and can impact the confidence the company has in their marketing investment.
AI simplifies that task by refining customer data based on consumer traits. It helps in segmenting the customers and enables setting up targeted campaigns that are relevant and close to customer expectations. This enables marketers to focus on developing ads that align with user preferences, attract and convert them to potential clients.
Personalization Using Thorough Customer Behavior Analysis with AI
By developing a deep understanding of customers’ behaviors with AI technology, marketers can run personalized campaigns, leading to better customer engagement. With a thorough understanding of every behavioral trait of your target audience and utilizing the insights from AI analytics, it is much easier to run a successful personalized campaign.
Another huge benefit is that regardless of what day or time it is the campaigns can still be up and running with help of trained machines, which again is a great deal for accelerating growth and RoI.
AI-enabled marketing will certainly take your business to the next level and it is one of the reasons why most businesses are investing in this future technology.
Is your marketing team utilizing the AI technology to the fullest? We have the right experts that can help!