Many companies, especially their marketing teams, are rapidly adopting intelligent technology solutions to encourage operational efficiency while improving the customer experience. Through modern capabilities like artificial intelligence (AI) in marketing analytics, marketers are able to gain a more nuanced, holistic understanding of their target audiences. The insights gathered can then be used to direct different campaigns and ultimately drive conversion rates.
Embracing AI in marketing analytics has increased significantly, up to 84% from only 29% in 2018, according to Salesforce. There surely must be some reasoning behind the data.
With that in mind, here are 4 ways that AI improves marketing analytics for organizations.
1. Personalization Powered by AI
Customers nowadays expect a more personalized approach to marketing. Many in the retail industry have already recognized that leveraging smart analytics has the potential to personalize offerings.
Going one step further however is leveraging AI in marketing analytics to further segment customers and anticipate their needs. Today, marketing AI capabilities allow marketers to accurately identify the best target group for a campaign. The process can also help identify new segments not seen before.
This approach allows marketers to present a more individualized offer to customers, increasing personalization at each touchpoint in the customer journey. And by using AI-driven algorithms to analyze data about customers’ decisions, marketers can predict which next piece of marketing content is most likely to result in a customer making a purchase.
2. Automation
Another way that AI enhances marketing intelligence is through marketing automation. These AI workflows can be structured to perform repetitive, structured tasks that require relatively low levels of intelligence.
For example AI chatbots are one of the most-used ways to enhance marketing efforts, especially on social media. They are increasingly being used to automate everything from booking appointments to upgrading subscriptions to providing customer support in real-time.
These AI-driven automation tools significantly cut down on manual time and often can be utilized to collect customer data, thereby further improving customer segmentation for the future. In fact, PwC found that 62% of consumers are confident that AI can reduce the time required to answer their questions while still providing feedback highly tailored to their preferences.
3. Real-Time Campaign Insights
Identifying key patterns in your data is challenging and easy to get wrong when done manually, which is a problem AI marketing capabilities aim to decrease. Additionally, many organizations have trouble keeping pace with all of the data that digital marketing campaigns produce, which makes it difficult to discern which campaign was the most effective and why.
Marketing intelligence that leverages AI allows for a more top-down view of what is working and what is not. In the end, this can improve marketing efficiency so that campaigns can be replicated across channels and budgets allocated accordingly. Basically, AI marketing efforts can help the teamwork smarter and not harder.
With AI, marketers no longer have to wait until the end of a campaign to make decisions or tweak the campaign. Instead, marketers are able to adjust in real-time as needed. This ultimately frees up the marketing team to work on more complex problems and focus on strategy.
4. AI Marketing Insights at Scale
With the power of AI in marketing, organizations can connect, distribute, and analyze data at scale. Often, this is done through a modern data warehouse that collects data from multiple sources to then be analyzed as a unified truth. Disparate data and silos are indeed harmful to marketing initiatives, and poor data quality can basically hinder AI systems from producing inconclusive or harmful results.
The wealth of data collected from campaigns is significant, and AI is everywhere these days from mobile devices to vehicles.
Artificial intelligence (and machine learning) makes marketing intelligence tasks quicker and more accurate by allowing companies to process large amounts of data at once, allowing systems to scale and then use algorithms that can detect patterns faster than humans can.
Marketers are then able to leverage AI’s ability to make far more frequent and granular decisions, freeing up allocated resources and pinpointing budgets more efficiently.
Marketing Intelligence Enhanced By AI
Marketing intelligence is necessary for today’s marketplace as customers’ buying decisions have been disrupted by the pandemic and the reach of social media is broader than ever.
Yet marketing intelligence backed by artificial intelligence opens the door to delivering actionable insights that enable your organization to get a comprehensive view of your customer, predict their behaviors, and develop efficient campaigns that convert. All at scale through the power of the cloud.
At Pandera, we’re here to assist your organization on its journey to scalable marketing intelligence. From unifying your data and creating a single source of the truth to automating analytics workflows and applying intelligence, you are able to activate insights across your entire organization.
It’s time to get more value out of your marketing efforts and reap the benefits of AI marketing capabilities. Contact us today to learn more about transforming your marketing!