It is predicted that by 2018, 85% of customer interactions will not require any form of human intervention.The research by the investment consultancy firm, Motley Fool, indicates the immense changes that are set to occur in the world of marketing due to the rise of Artificial Intelligence (AI). AI will unleash a great deal of potential for marketing departments, and it will change customer relationships in a profound way…
Predictive Marketing Solutions
A sale, or lost sale, is the result of a brands marketing, promotions, pricing, service and their competitors activity – and each of these elements combine to impact buying behaviour. Large companies who have had dedicated analysts and sophisticated technology have had the resources to unify their data and to then draw valuable conclusions from it. This costly and time consuming method was only available to those at the top, however AI and predictive marketing solutions offer the same services in a more cost- and time-effective way, meaning that this invaluable information is now available to companies of all sizes.
There are more and more new ways to collect data – through various online tools, apps and social networks. Each platform has the potential to contain useful data on consumers that could help predict their value to your business, but having information spread over numerous platforms makes it more difficult to clearly see the insights that it holds. Therefore it is imperative to link your sales reports, marketing campaigns, customer databases and customer social media activity. Although this may sound complicated, a predictive marketing solution will easily unify these data sources, presenting the information in one efficient and accessible interface.
Predictive analysis platforms can scan through very large databases of customers and leads in a way that is much more effective and accurate than any sales team. Through machine-learning, AI is able to score sales leads according to their value and likelihood to convert. It even goes one step further by identifying the key strategies that will unlock the value in each lead. AI and predictive marketing can also help companies workout which products they should market and at which customer; by combining all of the data feeds and product information, the system can produce an optimum predictive upsell and retention strategy that will maximise sales, value and sales resources.
Lastly, AI can be put to use in understanding how to prevent your company losing customers, and therefore sales. Predicting when a customer might leave, and coming up with strategies that will prevent this is possible through predictive marketing platforms. The machine learning that is an integral part of the AI will greatly improve a company’s ability to build sales and marketing strategies that will result in higher customer loyalty. Another key feature of AI is that the predictive nature of the software acts as a guarantee that the company’s investment of time and resources will be well worth it…
So if you haven’t got it by now, we’re saying get AI involved in your marketing strategy ASAP. Before your competitors do.