Key Benefits of AI Technologies and Third-Party Data for Marketers
Let’s admit it – marketers have a really tough job!
In a world which had rapidly transitioned to a digital-first landscape, it has become imperative for marketers to stay abreast of the latest technologies to help them achieve their business goals. The use of artificial intelligence (AI) is widely seen as the next generation of technologies which can be explored to reach your target customers with higher efficiency and precision especially within the domain of digital advertising.
AI is a broad term, and it encompasses a range of tools and techniques. Machine learning (ML) and most recently deep learning (a subset of ML) allow businesses to go beyond traditional rule-based software systems by performing tasks intelligently without every rule or hypothesis needing to be coded in. Unlike traditional algorithms where humans need to manually add each rule, business context and variance, AI algorithms can extract complex patterns from a vast number of data points, and in doing so, are able to self-correct and learn without human intervention. Read more about the differences in AI technologies here.
The availability of large and sophisticated data sets, faster compute power and the emergence of new self-learning algorithms allows technology companies to combine AI and big data to drive efficiency, automation, prediction and even prescribe the next-best action based on data-driven insights and continuous learning. Although a majority of Australian marketing professionals agree that AI will bring about increased effectiveness in the marketing industry, and 74% believe AI systems will make marketers’ jobs easier in the future, it is also clear that marketers need a helping hand to get started.
Let us look at practical applications of AI techniques and their uses within marketing.
Robust Audience Segmentation
As marketers, we all know the benefits of audience segmentation and how it enables your business to have meaningful interactions with your customers. When audiences are segmented, you can customise your messages to increase relevancy and improve ROI.
Traditional techniques would see humans define these audience segments based on known data points like age, gender, demographics, location, transactions, broad interests etc. Using AI techniques allows us to go above and beyond the cognitive capabilities of humans and subject matter experts to take a much more nuanced approach.
The use of AI techniques allows the algorithms to create audience segments based on undiscovered patterns and removes human bias from the process. AI algorithms can quickly analyse vast amounts of data across omni-channel platforms, thus giving you the insight to learn unique qualifiers about your audience and amplify personalisation on a much wider scale. This enables effective customer targeting and the opportunity to superpower your segments with third-party data so that engagement can be even more personalised and relevant to further enhance the customer experience.
An AI driven 360-Degree View for an Improved Customer Experience
Customer expectations for brands are higher than ever. A report by Epsilon found that 80% of consumers are more likely to make a purchase from a brand that provides personalised engagement. To provide a meaningful experience, we need the ability to recognise and identify customers as they interact with us across channels. While many of these interactions are visible to us, those that are not visible leave us with an incomplete picture of our consumer.
AI-powered solutions that have developed a single customer view are able to understand individual interactions across channels and create a consistent consumer identity. These interactions can be associated with online and offline behaviours that are used to map the path to purchase. The ability to pull this data together at the speed and accuracy that AI has, provides marketers the opportunity to offer a hyper-personalised customer experience and deliver the most appropriate and tailored messages that are most likely to convert the lead into a sale, at the best possible times to drive conversions.
Predictive Modelling for Strategic Marketing
One of the benefits of AI in marketing is its ability to identify ‘intent’ in a potential audience. AI technology uses patterns in data and statistical methods so the ‘intent’ can be gleaned from multiple drivers including geographies, demographics, or past behaviours and characteristics like the kinds of apps they use and how they engage online. Businesses that are using AI in this way will have the advantage of being able to market to those already inclined towards a product or service, who are most likely to convert and potentially to the highest-value customers.
For example, when you identify the defining characteristics of your highest-value customers using predictive analytics, you can target audiences of prospective customers that share these traits (commonly known as lookalike audiences). These case studies take a deep dive into a few examples:
- Helping a rideshare company grow its business by understanding its best customers
- How a global food delivery service identifies high-value target audiences
The benefits of understanding your best customers don’t end there. It streamlines your whole marketing approach and helps accelerate ROI with insights that inform brand partnerships, business strategy, customer experience decisions, and more.
Explore the AI Advantage
AI could indeed feel daunting and risky but imagine how it can work to your advantage. Efficiently segmenting your audience at scale, creating a single customer view, and predicting who are most likely to convert are only some of the wide-ranging benefits of using AI and third-party data today.
In a world rapidly evolving and digital transformation by COVID becoming a reality, it is worth considering getting ready for the revolution to stay ahead of competition. Most enterprises are experimenting with what this could look like organisationally and we are seeing massive investment in teams and technology to harness this opportunity. These organisations are exploring the advantage by testing these use cases first with the help of existing AI-powered martech or consumer intelligence experts available in the market today.
Mobilewalla is a leader in consumer intelligence solutions, combining the industry’s most robust data set with deep artificial intelligence expertise to help organizations better understand, model and predict customer behavior. With rich insights into consumer behavior, our proprietary solutions help organizations get more out of their AI investments by making more informed business decisions and effectively acquiring, understanding and retaining their most valuable customers. Founded in 2013, Mobilewalla has offices in Atlanta, New York, Kolkata, Singapore, Sydney and Jakarta. To learn more, please go to www.mobilewalla.com.