April 2, 2019
There’s no denying it:
The future of businesses lies with artificial intelligence. AI can process and analyze massive amounts of data that humans can’t, after all.
But as a hot topic, AI tech is somewhat misunderstood. Everyone’s in a mad dash to adopt the shiniest new toys. However, just grabbing the latest and greatest won’t necessarily be beneficial to your business. What matters the most is employing AI tech that can improve on customer-centricity.
Map the ideal customer journey
The one thing you need to get down perfect is the journey your customers take with you. How can you improve on your mapping?
By taking your data on current customers and extrapolating it to your prospects.
As an established business, you probably already have tech in place, such as a CRM and/or DMP. These two work well for both collecting and managing data, but a lot of work still falls to you.
Why your tech isn’t good enough on its own
As stated above, CRMs and DMPs are accumulating and allocating data, but not much changes with these pieces of tech. Sure, you can change the mapping of the customer journey yourself, but this kind of work is tedious. It involves analyzing and learning from previous experiences. Then going in and manually tweaking the legs of the journey.
You and your team have to put in the hours to continually meet your customer demands. Otherwise, the customer journey remains static.
Why AI isn’t good enough on its own either
AI is hugely beneficial for your business because it’s quick, efficient, and practically error-free. Especially when compared to humans.
But all this means nothing when your AI tech has nothing to process. More specifically, machine learning. Machine learning does best when it has massive amounts of data to work with.
Think about it this way:
What’s going to get you better results: a sample pool of 100 people or a sample pool of 1,000,000?
Artificial intelligence works in the same way. If it has barely any data to work with, you won’t get an accurate picture of what your customers want. And when that happens, things can go wrong with your customer journey.
When you think customers want Product X, that data may have just been an outlier in the grand scheme of things. Without the large quantity of data AI needs, you may never know that key piece of information.
How AI can help: applications of artificial intelligence
As the name suggests, machine learning searches for patterns in sets of data and then applies that learning. This enables your company to narrow in on segmentation and targeting.
For example, your airline may have only been retargeting on very loose parameters, such as people who have ever searched for flights to Barcelona. But with AI, you can tighten up those parameters, so you lower the number of customers lost to either competition or other modes of transportation.
So when you have a flight to Barcelona that’s half empty, your DMP can people who have:
- Searched for Barcelona as a destination in that date range
- Searched in the last ‘x’ amount of weeks
- Abandoned their searches in the last stages of a purchase
With such specific parameters, you can reduce spending on marketing and serve people with ads they’re actually interested in. As a result, you’ll see your conversion rates soar.
Unlock the power of data
As you can see, understanding that AI needs to interlock with your existing tech is extremely crucial. Don’t fall into the trap of adopting AI tech just for the sake of it. Instead, take a good look at what technology you have, and complement it with artificial intelligence that’ll supercharge your marketing.
Want to make sure you’re hitting your KPIs? Unlock key data with Evo Forecast today.
About the author
Over the last 5 years, Eliot Morgan has transformed his obsession for words into a 6-figure online copywriting business – his clients, like Evo, enjoy increased traffic, customers and revenue as a result.
When he’s not behind the keyboard, he can be found Salsa dancing with his girlfriend in Colombia.