CIOInsider India Magazine
The Artificially Intelligent Revolution Of Marketing In Retail
Xeno helps B2C brands run 1 to 1 marketing campaigns at scale to their existing customers. The company aims to enable every retailer and restaurateur to grow by increasing their campaign conversion.
Introduction
Technologically, the human race is more far along than it has ever been before. There are almost 5 billion mobile phones across the world with just 7 billion people. Over 2 billion of those people visit Facebook every month. That digital revolution has changed the way brands need to market and position themselves.
Artificial intelligence and machine learning are playing a key role in enabling marketers to take these giant leaps in the digital era of marketing.
The AI Manifesto
Marketers see themselves at the cusp of a great change in marketing with the digital transformation. Ushering in this change, is Artificial Intelligence’s long-awaited entry into the Marketing discipline, revolutionizing conventional marketing to become more personalized & more relevant to each customer. As most have realized this, 84 percent of marketing organizations have implemented or are expanding to AI and machine learning. While some brands scurry to find their place in this revolution, a lot of brands are cultivating the true potential of artificial intelligence in marketing, delivering personalized marketing to their customers at a scale which was considered humanly incomprehensible before. 75 percent of enterprises using AI have enhanced their customer satisfaction by more than 10 percent. But Artificial Intelligence just doesn't lay dormant there, it also propels Marketing ROI to as high as 150 percent, consummates a 360-degree consumer experience, rids marketers from spamming their consumers. AI will create the biggest impact, everyone agrees that artificial intelligence will play a key role in re-defining marketing.
Putting Existential Gaps to the Test
Redefining Consumerism
Through the ages, conventional marketing always drew from understanding consumer psychology and behavior. Marketing communication was crafted around prolific consumer profiles and grouped up target markets. Did organizations benefit? Yes, they did. But times have now changed. Consumers are bombarded with generic campaigns throughout the day now & most marketers found it difficult to retain their one time buyers. As such retention marketing is becoming harder.
Since its inclusion in Digital Marketing, Artificial Intelligence paves the way in placing the right products in front of people at the right time hence fine-tuning product recommendations to an all new level. From the consumer's standpoint, CEO of Bluecore, Fayez Mahmood says it best when he says, “We as consumers will be exposed to exactly the information we want, exactly when we want it.” Thus, Artificial Intelligence effectively makes every marketers effort, “Consumer First”.
Establishing AI into Your Marketing Strategy
Executing marketing campaigns specific to an individual customer is still very hard. That’s why we’ve created six simple steps to guide your entry into Artificial Intelligence Marketing:
Marketers see themselves at the cusp of a great change in marketing with the digital transformation
• Filtering the Campaign Audience: With the freedom to choose your audience, AI goes forth by only engaging with those who have shown affinity to respond to the particular objective.
• Customer First Offers: As a sure shot way of garnering engagement, customer first offers is the idea of creating offers basis individual customer characteristics than brandspecific characteristics. Rather than irritating customers, this proposition, in turn, delights customers with offers that are relevant to them.
• Content Curation: Communicating relevantly is truer than ever before. Personalized and relevant, the content is curated individually for every participant in the campaign. After all, there’s no point advertising “yummy butter chicken” to a vegetarian.
• Relevant Distribution: The channel used to communicate to the customer makes the difference between whether the customer will see the campaign or not. It is crucial to identify which channel a customer is reactive on and target accordingly, saves you money and makes marketing effective.
• The Date and Time of Engagement: Imagine marketing to an office goer who only orders at lunchtime and that too only n office. The only information at 1 PM on a weekday is likely to lead them to order. Engaging with him on a weekend at any time will never nurture the lead.
What Should Be Your Takeaway: The timing couldn’t be better to personalize marketing for your customers. With the availability of increased customer information and advancements in AI/ML, it is possible now to run marketing campaigns with the right audience, content, channel, offer and time in just a fraction of time while increasing your revenue from existing customers up to 100 percent.
Machine Learning: At the core of the revolution, Artificial Intelligence’s self-educating arm “Machine Learning” makes Digital Marketing that much more automated and accurate. Functioning as a self-correcting tool, Artificial Intelligence Marketing poises to be the answer for advertisers seeking maximum engagement and optimize their budgets for their marketing communications.
While big vendors such as Amazon Web Services (AWS) have put machine learning on the map so as to making machine learning more feasible for marketers, some vendors go on to provide free mocks and demos to show Machine Learning’s prowess in its actuals.
Purchasing and marketing information readily available, marketers can now figure out their demographic from a wide array of information in its grasp which will help them to make better predictions about who is more likely to respond to their respective brand messages. Additionally, marketing leaders would need to use their customer relationship management (CRM) platforms to manage all consumer transactions and engagements.
