Great post from our friends at Source link
It has been consistently demonstrated that the use of AI improves efficiency, customer satisfaction, and ultimately drives higher sales and revenue. It comes as a surprise that the other half still does not consider AI its go-to when it comes to market analytics.
In this article, learn more about the 3 ways market analytics can make the most of AI, which are:
- Precision marketing
- “Smart” marketing
1. Precision Marketing
Data is the future of advertising.
Previously, market analytics firms would collect customer data to better predict their buying tastes. The data would be used to create a profile, and marketers would create content that was tailored for that unique profile.
Nothing much has changed, except the scope of data and market analytics. Today, vast troves of data coupled with tremendous computing power have engendered a new era of targeted advertising and marketing. Before, market analytics would use perhaps 5 factors to create a customer profile (age, education, employment, politics, channel). Today, sophisticated AI techniques may use over a hundred.
In fact, over time, AI in market analytics is expected to scale, which means that tools will cost less. Meanwhile, the number of targets will continue to climb.
As we explained, more data makes for better, highly curated experiences. In other words, your customers see only what they want.
This, too, should be a no-brainer. Think about it: there is nothing that distracts your customer or is irrelevant to their tastes or objectives. Personalized experiences are what make targeted advertising so incredibly lucrative. It is personalization that makes your customers glued to your product or service.
World leaders in marketing and analytics such as Netflix, Amazon, and Facebook leverage personalization when it comes to customer and market analytics to attract, up-sell, cross-sell, and retain customers.
In fact, personalization can be extended to any form of customer engagement: take email, for example. Many studies have demonstrated that personalized emails that address customers by their names are more effective than impersonal emails.
3. “Smart” Marketing
AI’s second-most prominent impact has surely been on efficiency.
In 2021 and surely beyond, manually designing marketing reports, performing quarterly analysis, tracking marketing campaign progress, or learning trend insights is simply unthinkable. Today, innovative ML and AI tools enable market analytics professionals to automate all manual, repetitive work. This allows them to focus on what they do best: understanding insights, working on the marketing strategy, integrating the strategy with the core business principles, looking at the big picture, and whatever is the next big thing.
The reports themselves are beautifully visualized, at par with what the best data visualization services might have to offer. The reports are also easily accessible on your dashboard. The more advanced and creative the AI tool, the better, more meaningful, and more actionable the insights.
That’s market analytics, made smart.
#Reinvent #Market #Analytics #Industry