— July 11, 2019
Artificial intelligence (AI) has the potential to substitute humans in different tasks including the ones that require professional analysis. While 30 years ago big data analysis was a costly and time-consuming process, with the advent of AI tools, business owners can delegate this task to their digital assistants. In such a way, employees can allocate more time to creative tasks, problem-solving and discussions, which positively affects their performance and job satisfaction rate.
With new advancements in AI, predicting customer behavior has become much easier, which opened new opportunities to target goods to the right audience. AI instruments frequently use machine learning to analyze human experience and develop the necessary skills. Deep learning is a subset of machine learning that relies on artificial neural networks to learn through big data analysis. Any issue, which requires thought, can be resolved with the help of deep learning.
To understand customer needs and preferences, marketers have to gather and process large amounts of data from web reports, open databases, search requests, etc. While 30 years ago this process was resource and time consuming, nowadays it can be done without human involvement. Ecommerce giants have been harnessing the power of big data and deep learning for years. Today, Amazon knows you better than your spouse: favorite trademarks, new products and desired goods are all at your fingertips. You don’t need to waste time to find the product you want to buy. The system selects it for you. Go to the website, pick up the good you like and pay for it. An average purchase takes less than three clicks.
AI often seems complicated to newbies, and sometimes even scary, but in reality, it is simple in use. If handled well, it can benefit your business leading to higher profits and providing new opportunities. There are three main ways and tools to use AI to power your business: identify opportunities, understand customer needs and launch hyper-targeted campaigns.
Spot Opportunities.Deep learning comes in handy when you search for new opportunities to increase profits, attract clients and identify the leading behavioral patterns of website users. Xineoh is successfully using AI to predict customer behavior with a revolutionary platform that has already raised $ 2 million from US and Canadian investors in 2017. A new product performs a vital function in business: it connects stakeholders to burning opportunities on the market. The platform matches buyers with their favorite goods, inventory with business opportunities, customers with spending habits. This data is expected to improve decision making and allow marketers to set up targeting for better sales results. Netflix and Amazon are already using the company’s services to match clients with the corresponding video streaming recommendations. Xineoh helps organizations to connect users with the content they are looking for. This feature brings millions of dollars for the corporation.
Although there are many analytic tools on the market designed for the needs of large corporations, a few of them can be used by middle and small businesses. Xineoh expects to fill this gap by providing a user-friendly instrument that drives and analyzes large amounts of data in several minutes.
Uncover Needs. Email marketing can be compared to fortune telling. You never know what your clients actually need and want. Of course, you can look at their social profiles, analyze website data and ask them directly about preferences and interests. However, this data is not enough to get into your buyer’s head and offer a product that perfectly meets your client’s needs. AI makes this task more manageable as it not only defines the interests of your target audience, but also predicts its buying behavior in the long run. Dynamic Yield has recently developed an AI-based solution to create personalized emails. The application analyzes behavioral patterns of different buyers’ groups, generates relevant messages and inserts them in email templates. Such personalized messages are more effective as they take customer intent into account helping salespeople to select the most effective methods to pitch a product. Lacoste, a sports clothing manufacturer, uses the services of Dynamic Yield to get the best of customer service. Clients get regular emails with special offers taking into account their needs and preferences. Such emails tend to have a higher response rate and make outreach campaigns more valuable to customers.
Hyper-Targeted Advertising.The time, when banners and pop-ups worked really well, has passed. Recent studies show nearly 82% of Internet users get annoyed when they see useless ads on their screens. This fact makes targeted advertising an ongoing imperative for marketers operating in ecommerce. Match20one found a way to deal with this challenge with AI tools. The company developed an app that retargets advertising to users, who can potentially become customers. It uses machine learning to analyze behavioral patterns and spot visitors’ buying habits. Kuuki, a Finish marketing agency, benefited from Match20one services as this product helped them to beat its cost-per-click advertising goal by 63%.
The ability to predict customer needs paves the way for companies into the world of “big business”. With the help of AI-based instruments and deep learning, marketers can rely less on assumptions and more on figures to forecast buyers’ behavior several months in advance. Innovations in AI and big data contribute to the formation of a new era “social predictions” where marketers make data-driven decisions based on the information they receive from the web. AI tools allow organizations to understand their clients better, which is the key to higher profits and improved performance.