The practice of collecting basic demographic information from customers to create a successful business marketing strategy is one of the past. In recent times, there has been a major shift in the way that businesses interact with their customers. The digital space has spread so far and wide that it has had a lasting influence on virtually everything we do. As a result, the conventional approaches to marketing that were prevalent even as early as a few years ago are considered severely ineffective today. The rapidly growing popularity of Big Data means that marketers need to embrace sophisticated approaches to processes and perform in-depth analysis of customer data, preferably in real-time.
In 2019, AI will continue to make a splash in the marketing industry. It will allow marketers to access critical insights about their target audiences and automate customer acquisition processes, writes Brian Schoeneman, Vice President of Strategy, Haatzama Marketing. By leveraging artificial intelligence (AI) to automate customer journeys and effectively glean deeper audience insights, marketers will be empowered to drive lasting business impact. Software companies have invested heavily in powering new technologies over the last few years that enable customers to understand and react to an influx of demographic and behavior data, coupled with evolving customer preferences. Most marketers are overwhelmed by the data deluge.
AI and machine learning are making the customer experience more personalized and contextual than ever before. Banks and credit unions are using advanced technology to make websites, emails, digital advertising, social media and other content more efficient and effective. This is increasing marketing ROI as well as customer satisfaction. Subscribe to The Financial Brand via email for FREE!There is a great deal of discussion of the potential value of artificial intelligence, machine learning and robotics in banking. Unfortunately, much of the implementation of these technologies lags the potential by a significant margin.
The expression, "Marketers are data rich and insight poor" is more true today than ever. Marketers all over the world are working to optimize marketing operations and effectiveness using their abundance of data. Many are turning to tools and platforms powered by artificial intelligence and machine learning. AI promises to make sense of all the dark data companies are sitting on as well as structured and unstructured data online to surface insights about customer behaviors, opportunistic content and emotional triggers to inspire conversions. In an age of too many choices, increased competition for customer attention requires every advantage to optimize for reach, engagement and conversion.