Text-generating tools powered by machines have been front and center in recent months, shining a spotlight on Artificial Intelligence (AI) software as a whole. While AI is not a new concept, these buzzy releases have made it top of mind. Businesses are adopting these smart technologies for everything from customer service to administrative tasks to marketing optimization, but the jury is still out on which ones are here for the long haul and what impact they will have on business overall. Are they moving the needle when it comes to building profitability? Optimizing efficiency? Providing actionable insights? Or just a buzzy new trend?
With the efficacy of new machine-learning technologies yet to be proven, it can be hard to decipher which are right for your business, and which will help generate revenue. Platforms like Decile leverage AI to help you generate dynamic personas, so you can better understand and market to your customers within minutes, resulting in strategic business decisions that will make a difference to your bottom line.
Here are some practical examples on how to leverage AI for marketing outcomes:
Persona Identification, Assignment/Tracking, Comparative Analytics
- Identification | Uncovering the distinct groups or personas in your customer base is the first step in marketing personalization. By allowing machine learning to identify pockets of individuals who share common characteristics, you can quickly and easily identify your unique personas. What used to be a long, laborious, and expensive process is now simplified with AI. You receive the same results and benefits as the traditional method of persona identification within hours, and with much lower investment.
- Assignment and Tracking | These AI-driven personas can be used as a dynamic lens to evaluate the health of your business. As new customers are acquired, they will be programmatically assigned into their nearest persona. Easily track the growth of personas over time, and gauge the efficacy of your marketing efforts.
- Comparative Analytics | Since these personas exist at the person level, you can explore what customers in each persona tend to buy, which product categories they buy from, their discount usage behavior and what channels they come from. Tailor your acquisition and remarketing strategies to reach and resonate with each subpopulation in your customer base.
Predictive LTV | AI capabilities can predict future incremental revenue for each customer, helping you determine how much to invest in cultivating customers through remarketing or discount strategies. You can determine whether added time and investment will translate to a higher value customer.
Lifecycle Segmentation | Understand which customers are likely to make a purchase soon, and which are likely to churn. With this information at hand, you can make informed decisions about what marketing communications to push out. Is it time to offer a discount? Should you send an email to give an extra nudge to make a purchase?