Artificial Intelligence (AI) in Marketing, Future Trends and other information

Artificial Intelligence (AI) in Marketing, Future Trends and other information

Artificial intelligence is currently one of the most powerful Social Media and Marketing tools in today's fast-paced technological landscape. The way companies find, generate and retain leads has been improved.

Worldwide marketers are already earning large profits from AI technologies. 

According to PWC survey, approximately 72 % of marketers have reported significant business performance change due to the use of various products based on AI.

At a level of 1,4 billion $, Tractica forecasts the AI software market will reach $59,8 billion by 2025, while 2016 generates revenues of $1.4 billion. Manning Global estimates, by 2030 the number of users of the internet and social media has increased as a result of the global GDP growth of $15.7 trillion, too. By2019, the number of people using social media platforms was reported to be over 3,4 billion. 

HOW AI IS USED IN MARKETING?

·      AI Marketing can be used to collect data on past agreements. It examines the information from emails, meetings and phone calls for creating sales for current and future campaigns.

·      Marketers can also develop customer profiles to enables them to distinguish from those who are still considering or not shopping people who are interested in their products.

·      It also can be used to predict future trends by "Joining-in" in real-time interactions or events with your users to analyse large sections of data.

·      AI can target those customers who fit advertiser or business requirements with the data from cookies used by mobile applications and the websites you visited.

·      Whether it's to inquire, order or complain, Facebook Messenger, Viber and WhatsApp messaging apps have made it easier for a customer to meet businesses and say what they think.

·      It can also detect and/or translate spoken words into text for the command's execution. Apps like Google Maps, Shazam and other hands-free systems are even used to recognize speaking.

·      There is another way to do this called content intelligence if you need help creating customized content for your website. This gives creators’ feedback and insight for more effective content that will produce better results, unlike content generation.

·      Predictive analysis may be monitored on a website or application to use cookies, histories, searches and other activities in order to give you real-time prices.

References:

1.     The Jerusalem Post | JPost.com. “Artificial Intelligence- The Future of Digital Marketing.” Accessed February 23, 2020. https://www.jpost.com/Jpost-Tech/Artificial-Intelligence-The-future-of-Digital-Marketing-608089.

2.     Mageplaza. “AI Marketing: What, Why and How to Use Artificial Intelligence Marketing.” Accessed February 21, 2020. https://www.mageplaza.com/blog/ai-marketing-what-why-how.html.

3.     “How AI Will Shape the Future of Marketing | The Manifest.” Accessed February 23, 2020. https://themanifest.com/development/how-ai-will-shape-future-marketing.

4.     “AI Marketing: What Does the Future Hold?” Accessed February 23, 2020. https://www.sas.com/en_us/insights/articles/marketing/ai-marketing-what-does-the-future-hold.html.

Benefits and Challenges of using Customer Data for Marketing

Benefits and Challenges of using Customer Data for Marketing

(“Customer Data and Marketing - Google Search.”)

“A KEY ELEMENT OF A SUCCESSFUL BUSINESS LIES IN YOUR CUSTOMER BASE”

 A Customer Database is a list of details on all customers who have purchased from your service. It is the most versatile instrument accessible to you. What's better, after all, than repeating business? You are losing potential sales if you do not take advantage of your customer database.

You may target this segmented audience and offer the red carpet therapy. Satisfied customers are just as good a business. Through details such as buying habits, reviews and updating after-sales, companies can take a consumer-centred approach towards customer service. Holding your client base up to date provides the knowledge needed to personalize contact so that you can better serve them. One of the main benefits of a customer database is that it has been purchased from you in the past from actual customers. The biggest advantage of using these names is that they are already involved in your product or service because they are verifiable customers. 

Based in your customer database, you can target an audience. Choosing a group of your trusted customers will allow a company to gather constructional input that can improve future product versions. Having a handle on what consumers believe and want is a good way of improving your goods and how you sell them. 

Customer information is now crucial to any business, regardless of the sector. For particular the new GDPR needs the cooperation of IT and Marketing teams to collect, handle and deliver data efficiently.  Organizations now have more customer data, from various sources like social networking, Wi-Fi marketing and many other platforms, than ever before, but limitations are always there when it comes to its productive use. About a quarter companies said the major problem was processing customer data, and this clearly shows that more analytical expertise is needed. Nearly 18% of businesses said the biggest challenge was poor customer data (outdated information and incomplete data).

References:

1.     ebsedu. “Challenges of Data-Driven Marketing (And How to Conquer Them).” Eaton Business School (blog), September 16, 2019. https://ebsedu.org/blog/data-driven-marketing/.

2.     “Customer Data and Marketing - Google Search.” Accessed February 20, 2020. https://www.google.com/search?q=customer+data+and+marketing&sxsrf=ALeKk00CjYhzkZIXKrn7DUveA8Km9XoOkw:1582124829984&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjq3eyj8t3nAhUPSBUIHQXMBsAQ_AUoAXoECA4QAw&biw=1440&bih=821#imgrc=nXDWTn2HI8kUcM.

3.     April 11, Jim Conning, and 2018. “The Four Key Challenges of Customer Data Management.” ITProPortal. Accessed February 20, 2020. https://www.itproportal.com/features/the-five-key-challenges-of-customer-data-management/.

4.     Strategic Marketing. “Five Benefits of A Customer Database,” February 18, 2019. https://thinkstrategic.com/five-benefits-of-a-customer-database/.

Value in Big Data for Marketing

Value in Big Data for Marketing

(“Big Data and Marketing - Google Search.”)

What do Big Data and Advertisers have in common? 

Both of them want to learn more about their Targets.

Big data is the term which describes the increasing amount of data around every aspect of human life. This creates the impression that almost all human activity can be quantified and reported in an unparalleled rate of growth in a database. In reality, the numbers of digital information are almost as many as the stars of the universe.

Big data holds great marketing promises. It aims to answer two of the most alarming questions that have been persistent advertisers since they started selling:

 (1) Who purchases what and when, at what expense?

 (2) What do we listen to, read and look at what consumers demand and what they actually consume?

Big data offers an insight into which of the content is most successful in each step of a sales cycle, as well as Strategies to Maximize Engagement Rates, Potential Participation, Conversion Rates, Profit and Value for Consumer Life, as Investments in Customer Relationship Management (CRM) systems can be enhanced. Big data offers cloud-based businesses insight into how the Customer Acquisition Cost (CAC), the Customer Lifetime Value (CLTV) and several other Client-Led Indicators are important to the activity of the Cloud-Based Business.

Big Data is revolutionizing marketing as follows

(“Big Data and Marketing - Google Search.”)

1.              Track Your Global / Local Strategies with Google Trends

The most approachable way of using large data is potentially Google Trends. Google Trends shows how often a search term is entered with the total search quantity by quantifying trends. Google Trends can be used by global markets to determine the relevance of certain subjects across countries, languages or other channels in which they may be involved, or to keep abreast of trendy, hip, topical or related issues for their customers.

2.              Clearly Define ICP (Ideal Customer Profiles) Using Digital Information

While in previous years’ marketers made educated guesses about their target customers ' age, backgrounds, and working profiles, modern marketers have vats of data intelligence to illustrate their intuitions and shed light on more information on a granular level, such as what websites consumers often use, the social media profiles and the buttons they click on.

3.              Create Real-Time Buyer Customization

At the proper time, advertisers need to send out the right message. Timeliness and relevance are not only virtues of the fourth estate; they are also the reason for successful marketing strategies, click-through email rates and customer interaction with your product.

4.              Identify the Content Specific to the Purchaser Down the Sales Line

The success of a marketing push to tweet can be measured by marketers. Tools like content scoring show which content assets have been effective and inefficient in a closed contract. It allows advertisers to refine and really force the tactics for the content topics or styles that best suit their buyers.

5.              Integrate Your Lead Plan with Predictive Analytics

Predictive analysis is one of the most sophisticated tactics that Big Data marketers can use. Marketers see high rates of success in forecast lead scoring, which uses CRM database data from an organization and other data from Internet third parties to create a model that forecasts potential lead activity successfully.

References:

1.     Salesforce Blog. “5 Ways Marketers Can Actually Use Big Data.” Accessed February 11, 2020.https://blogs.salesforce.com/company/2014/11/5-ways-marketers-can-actually-use-big-data-gp.html.html.

2.     “Big Data and Marketing - Google Search.” Accessed February 11, 2020. https://www.google.com/search?q=big+data+and+marketing&client=safari&rls=en&sxsrf=ACYBGNQBOCQjeO6OhLUElHOjVPxAmepLqw:1581453367496&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiZ68rxrMrnAhWxThUIHZhgBHEQ_AUoAnoECBAQBA&biw=1440&bih=837#imgrc=6auHyJsgnI5ozM&imgdii=RN2ALk7ybIDngM.

3.     Columbus, Louis. “Ten Ways Big Data Is Revolutionizing Marketing And Sales.” Forbes. Accessed February 11, 2020. https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/.

4.     Dawar, Niraj. “Use Big Data to Create Value for Customers, Not Just Target Them.” Harvard Business Review, August 16, 2016. https://hbr.org/2016/08/use-big-data-to-create-value-for-customers-not-just-target-them.

3V's of Big Data

3V’s of Big Data

To really grasp big data, it's important to have a background in history. Here is the concept of Gartner, 2001: Big data are data that have a greater variety and are reaching ever more high volumes and increasingly velocity. Which is what the three Vs are called.

More recently, additional Vs for the model including variation — the spectrum of values characteristic of a large data set — and value were introduced to address the necessity for the valuation of business data.

  

(“3 vs of Big Data - Google Search.”)

Volume

Big data is about volume. Data volumes can reach extreme levels. It is projected that 2.5 quintillions of data are generated daily and that 40 zettabytes of data will, therefore, be formed by 2020–a 300fold increase from 2005. As a consequence, Terabytes-or even Petabytes-from data in storage devices and on servers is not uncommon for large companies today. Such details help shape a company's future and its decisions when tracking progress.

Velocity 

Data growth and its consequent significance have changed the way we see it. There was a time when the value of data in the corporate world wasn't seen, but we came to rely on it daily because we changed the way we collect it. Essentially velocity measures how quickly the data enters. Some of the knowledge will arrive in real-time, while others will come in clusters. So, since the incoming data is not processed by all channels at the same time, it is crucial that all facts and figures are not distorted, taken away, or drawn conclusions.

Variety

Data was gathered and submitted from one location in one format once. After having taken database form, it is displayed in untraditional formats such as video, audio, pdf and graphics on social media and via software such as wearables, for example, for excel, csv, and access. Although these data are incredibly helpful to us, they create more work and demand more analytical skills to interpret, handle and allow this data.

References:

1.     “3 vs of Big Data - Google Search.” Accessed January 31, 2020. https://www.google.co.in/search?q=3+vs+of+big+data&sxsrf=ACYBGNTxAMkVN8GeSLakFOObaKyj5qiiwQ:1580233414227&source=lnms&tbm=isch&sa=X&ved=2ahUKEwilvMSa7KbnAhWxtXEKHTsMARAQ_AUoAXoECA4QAw&biw=1440&bih=837#imgrc=03OjDFWpG_Q_IM.

2.     WhatIs.com. “What Is 3Vs (Volume, Variety and Velocity) ? - Definition from WhatIs.Com.” Accessed January 31, 2020. https://whatis.techtarget.com/definition/3Vs.

3.     Big Data LDN. “Big Data: The 3 Vs Explained,” August 10, 2018. https://bigdataldn.com/intelligence/big-data-the-3-vs-explained/.