AI taking revenue growth to the next level
Open any website and the chatbot is ready to serve you. Bots are not new, but an increasing number of marketers are now using the services of chatbot to engage visitors during the conversion process. It is estimated that by 2020, 85% of the customer relationship will be managed by bots.
Marketers until last year were hesitant to incorporate AI into their strategies, but this year things have changed drastically and the results are out in the open – Big Data, Internet of Things, Machine Learning along with AI, are already transforming the way organizations pursue customers. The impact of AI in the coming years is going to be huge, especially in the field of marketing.
AI is very much enabling marketers to fulfill their dream of engaging with every individual customer in a personalized and meaningful way. Let’s have a look at the potential areas where AI is going to hit big –
Hi there! – Personalized Content Creation & Display
Machine learning will help deliver personalized content at scale. – Peter Cassidy, Founder and Chief Product Officer, Stackla
Machine learning is already being used by companies that with their models help machine make informed decisions about what content needs to be shown next based on the data analyzed. Harnessing the power of networked personal computers, even small organizations will be able to run AI-based programs offering transparency. For a business, the customer is king and for a marketer, content is king. Bringing them together could be groundbreaking and it can be done via artificial intelligence. Personalized content can be created based on customer data that includes searches, interests, buying behavior and more. The not-so-surprising thing is that it can be done for each and every user.
Looking For This – Predictive Marketing Campaigns
Data-driven marketing decisions will reign – Carl Tsukahara, CMO, Optimizely
With the help of AI, marketers can identify patterns and insights into each and every consumer journey ensuring not a single lead is missed. Social media is another area that reveals information based on which marketers can create targeted campaigns. These predictive marketing campaigns can again facilitate a swifter response. Every consumer action leaves a trail of data behind and leveraging it at every stage of the customer journey can be custom-made by curating personalized marketing.
If someone is researching for a vacation, AI can predict their needs and keep serving them relevant offers. Or, if someone is looking for nearby restaurants, with AI you can offer dinner reservations at their favorite restaurant or if looking for certain products, AI can let them know about the ongoing sales at a local shop they purchased from before.
How can I assist you – Humanized Chatbots
Juniper Research predicts that by 2022, chatbots can save companies $8 billion per year.
From travel to fashion to finance, utility chatbots are providing amazing customer experience. And in some cases, they’re even better at creating personalized content than us humans. Have you recently chatted online with a customer service rep? Your helpful correspondent might have forgotten to mention one thing – she’s a bot.
Solving a user’s problem, whatever that may be, via a user-prompted transaction, the most obvious example of a utility bot is of a shopping bot. One that helps you order food or buy a new dress. But the best part is, utility bots are not limited only to making purchases. They could automatically book meetings by scanning your emails or notify you of the paid subscriptions you forgot you were signed up for and do a lot more.
Immersive Shopping Experience – Augmented Reality
AI platforms are being used in the beauty industry to interact with their customers as it acts as their personal beauty stylist, guiding and recommending customers about beauty products. The world’s first personalized beauty products recommendation and price comparison website, My Beauty Mantra allows the user to compare prices on 4,00,000+ products from 3,500+ brands.
With the Lacoste AR mobile app, customers could virtually try on shoes. Whether it virtually allows you to try on clothes or place furniture in your home, AR will increase consumer engagement by enabling consumers to explore and aid shopping decisions.
- The cosmetics brand Charlotte Tilbury installed a ‘magic mirror’ on their store wall where it would use AR to scan the image of customers face. Shoppers without physically wearing any makeup would still see their face with ten of the brand’s iconic looks.
- Timberland, an apparel brand, to drive more foot traffic turned their virtual fitting room to the main window display.
Do You Know Me – Zero Touch Customer Interactions
AI and machine learning will become embedded in everyday business – Derek Choy, CIO, Rainforest QA
Banks, for instance, can use the AI-enabled feature to enhance customer safety and make faster payments. Facial recognition is being used by retailers to collect data about customers as they shop in stores – age, ethnicity, gender. Brands like Amazon, Facebook, Pinterest are too using AI-powered image recognition to identify people and objects from images and videos. It helps in customizing content experience for the store visitors as knowing how a person shop allows to deliver targeted and relevant messaging. Image recognition, these days is not restricted to identifying isolated objects but goes beyond with AI where it is now possible to get a detailed description and can be used in various sectors for varied uses.
Can You Hear Me – Voice based Product and Service Searches
Voice will change the meaning of omnichannel marketing – Amit Sharma, Founder & CEO, Narvar
The year 2017 saw the sale of 20 million units of smart speakers and with Voice accounting for 20% of searches, by 2020 it is expected to hit a 50% mark. Marketers are already adapting AI to engage customers in a more meaningful way as consumers are likely to become even more comfortable with voice-based interfaces. Voice interactions are fast eliminating the need to use eyes and hands for web browsing and extending the experience to multiple activities including daily chores.
Ever spoken to Siri or Alexa or Cortana? More and more people are now using voice assistants to simplify their everyday work such as searching for products or services, travel booking, placing orders, finding places or events near them, basically indulging in conversational commerce.
While the industry is still struggling to keep up with the emerging AI based marketing technologies, promising success stories are giving more than enough reasons for businesses to invest in the digital disruptions. If you know how to inculcate machine learning, artificial intelligence and the other newer technologies to your best outcome, it’s great, but if you know how to innovate with these tools, you are surely going to be on top of your marketing game.
So which one of these AI-based trends are you most focused on?
I am the Chief Editor of Saastras media site. I love to write and talk about product management, marketing, and digital sales aspects related to Enterprise Software and B2B SAAS products