This is How AI is Transforming Digital Marketing in India
AI is Transforming Digital Marketing: Artificial Intelligence has emerged to be a technology of great significance because of its wide applicability and versatility. AI is transforming digital marketing in many areas, including search engine optimization (SEO), personalization, customer segmentation, sales forecasting, price management, among others.
We can all agree that the horrors of the second wave of the COVID-19 pandemic have brought about unprecedented difficulties, with India being one of the worst-affected nations. With the rise in cases and the lockdowns, businesses across almost every sector have been impacted in various ways, from economic losses and supply chain disruptions to difficulties in conducting operations.
In fact, according to a survey conducted by data firm Dun & Bradstreet, 82% of businesses experienced a negative influence during the pandemic. This data shows how businesses must prepare themselves to survive in the market, especially for a possible third wave of the pandemic.
If you are a small business owner who wants to survive the perils of the pandemic and flourish over the upcoming years, you will have to revamp your business model and operations to adapt to the change in consumer behavior. Gone are the days of merely sending out brochures, putting up banners, and paying for billboards. The “new normal” has made many businesses enhance their digital presence. After all, at present, customers are shopping online more than ever in the past.
AI and Digital Marketing
Amidst the lockdown and curfew restrictions, people are seldom leaving their homes. This means that many businesses that have relied on traditional marketing methods are revamping their digital marketing strategy.
Emerging technologies such as AI is transforming digital marketing, like other enterprise functions and operations, with the ability to collect data, analyze it and learn from it. Businesses are leveraging the rapidly advancing technology to enhance their digital marketing presence through crucial insights from data. AI is making marketers’ lives easier. And this is not it, as we may expect further advancements that will enhance the AI systems already in use. Simply put, AI is here to stay, and it is just getting better.
Some of the changes brought about by AI have made digital marketing operations extremely smooth. Undeniably, as an early adopter, your business can gain an edge in the highly competitive market. Here’s how AI can help you transform your digital marketing strategy.
Ways in Which AI Is Transforming Digital Marketing in India
Improving lead generation
Lead generation is perhaps the most talked about topic in the marketing world and for all the right reasons. After all, lead generation is the start of a process that can lead to a potential customer converting into a regular customer. Therefore, having a good lead generation strategy is extremely crucial for your company.
If you want to improve lead generation and/or convert leads, you can leverage machine learning to create an AI-assisted sales model to extracts insights from marketing and sales data. Some AI-powered solutions can utilize this information to teach you more about your potential customers and existing customers. This can help you enhance your consumer experience and achieve better conversion rates. Some AI solutions can also help you generate more leads from existing traffic on the website. For example, your AI model can learn from the conversations between potential consumers and your sales reps to generate leads at scale.
Instant Query Resolution Through Chatbots
It is critical to offer complete assistance to your customers during their buying process. In fact, this can be a make-or-break factor to convert your prospects. Consequently, excellent customer service and onboarding are critical to enhance consumer experience and improve loyalty and retention. However, no matter how good they are, your customer service representatives are only human and can handle only a single prospect at a given time. Moreover, having customer service representatives available 24/7 to assist people from different time zones can turn out to be rather costly. To add to that, today’s customers don’t have time to wait for their answers. When they have questions, they want instant answers. This is where Artificial Intelligence can help your business. AI-driven chatbots can provide instant resolutions to your prospects and offer the perfect suggestions for converting the leads.
It is well-known that AI-powered chatbots are transforming the customer support landscape. These chatbots are not basic algorithms designed to produce pre-programmed responses. They are sophisticated bots that can be trained over time to answer based on what your prospects are actually asking. These chatbots can also assist your customers in getting started with utilizing your product without any problems. It is also expected that these intelligent chatbots will be so efficient over time that consumers will not be able to recognize that they are not chatting with a human representative. Many businesses have begun to interact with their prospects through messaging apps such as WhatsApp, Facebook Messenger, and Slack, all of which can leverage the power of AI-driven chatbots to improve customer support.
Many companies are actively investing time and resources to develop sophisticated chatbot technology, so there is a scope to see more advancements in 2021 and beyond. In fact, it won’t be long before chatbots become a norm and appear on every website and app for a better consumer experience.
Intelligent process automation (IPA) combines robotic process automation or marketing automation with machine learning or deep learning. An IPA tool is extremely powerful as it combines the advantages of automation in business processes along with the processing power of AI.
Marketers that leverage IPA can shift focus toward skill development by delegating mundane campaign management tasks to the computer. This means that marketers can leverage improved use of data and more personalized execution of processes. The overall improvement is seen in the customer experience, which is the most important at the end of the day. Artificial intelligence and automation have simplified daily tasks such as manual data entry, analysis, creating charts and dashboards, developing email and social media campaigns, etc. You can now shift your focus from time-consuming, mundane tasks towards high-value, human-centric contributions such as “How do we improve the value offered to the customers?”
Advanced customer segmentation and targeting the right audience
Understanding your target audience’s requirements, interests, and preferences is critical to the success of any digital marketing campaign. You can segment your email and content marketing if you have a well-defined ideal customer profile and buyer personas. NetProspex Inc., a leading provider of B2B marketing data management solutions, shaped its website around its buyer personas to provide visitors with a more personalized experience. This resulted in a 900% boost in visit duration and a 171% increase in the revenue generated from marketing.
AI excels in gathering, analyzing, and processing huge amounts of data. This allows you to do advanced consumer profiling. In other words, AI can help you better understand your customers’ spending habits. AI algorithms can create complex and comprehensive consumer profiles based on billions of data points. This not only eliminates tire kickers but also assists in routing different segments of prospects to different agents based on their needs. In fact, by identifying the most vital leads, you may offer discounts in order to save time and clinch the sale more quickly. This work is done best by AI as it is virtually impossible for humans to analyze such vast volumes of data and crunch all the numbers to come to a conclusion.
Some of the data points include on-site behaviour, previous interactions with customers, geo-specific events, etc. Undeniably, such comprehensive profiling can help you provide your audience with highly customized content, product suggestions, email campaigns, and customer support, all of which can pave the way to better conversion rates.
AI will make it much easier for businesses to determine which customer segments should be included in marketing campaigns, discover new buyer personas within the audience, avoid promotion of products to the customers who frequently return products, etc.
An idea similar to the above point, lead scoring is a technique to yield better conversion rates. This strategy can rank the prospects on a scale that can determine how likely you are to convert the lead. Lead scoring can be determined by a multitude of touchpoints that indicate the prospect’s engagement with your product. This can allow your sales staff to focus on the most important leads with a higher probability of conversion. This strategy can also help you allocate the right amount of funds for different segments of prospects based on their lead scores. For instance, you might want to devote more resources to converting higher-scoring leads as compared to lower-scoring leads. And then, your sales team can close the sale by intervening at just the right time.
With the help of Artificial Intelligence and machine learning, search engines are working to mirror real conversations in order to deliver the most accurate and relevant data in response to the searches. Semantic search is a technique in which the search query aims to identify not only the keywords but also the real intent and contextual meaning behind the words chosen by a person for a particular search. This type of searching tries to understand what the user is trying to ask instead of simply matching keywords to pages. The technique uses AI to create a vocabulary cloud around a certain topic based on the context and purpose of the search query to enhance the central theme and consumer experience.
“Alexa, play me a song.” Unless you live under a rock, you must have witnessed that voice technology has become an integral part of our lives. Another consequence of the increased use of AI-powered virtual assistants such as Siri and Alexa is an increase in the proportion of voice searches. In fact, the world is slowly transitioning towards a hands-free method of data input while on the move.
As per a study, 71% of consumers prefer using voice search to find something online rather than physically searching for it. Voice search has risen to the forefront of search marketing thanks to advancements in speech recognition technology. Machine learning algorithms have made significant strides in interpreting and understanding human speech. As it turns out, technology has progressed to the point where Google’s algorithms can comprehend human speech with a 95% accuracy which is on par with an actual person. Businesses are adapting their SEO and content marketing strategies to better match with voice searches as a result of this development.
Many predictions and forecasts show what voice searches will bring about a significant impact in the upcoming years. Voice searches are also associated with action-oriented intent. This leads to informative inquiries, which may prove to be beneficial to the companies with a good SEO. If you have not started thinking about voice searches yet, this is the right time to do so.
Creating the right marketing content
AI can be used to determine which content is the most effective in terms of the behaviour of the target consumers. This allows you to leverage content marketing that helps you achieve results. Marketers can also get an idea of what type of content is working for which customer segment, enabling them to work towards the most effective kind of content.
Effective email marketing
AI can optimize and improve email marketing by boosting revenue and lowering expenses. AI-powered email marketing solutions can help you improve open rates and click rates, resulting in more effective and lucrative email marketing campaigns. These tools can also make it easier for you to create campaigns that never fail which in turn reduces the efforts it takes for your team to generate results for your email marketing efforts.
AI can be leveraged to write the subject lines and for creating personalized email content. It can also restructure your email campaigns for maximum engagement. In short, AI can enable you to build effective email campaigns, from smarter emails and newsletters to improved deliverability and email outreach initiatives.
AR and VR Applications
While Augmented Reality (AR) and Virtual Reality (VR) have been around for a while, they are still considered to be a novelty due to the lack of awareness and mainstream adoption. However, this trend is changing as more companies try to embrace AR and VR to see how these cutting-edge technologies can be a powerful component of their marketing plan.
A few businesses have already recorded tremendous success by leveraging AR and VR. For instance, Lenskart was one of the early entrants into the AR world. The ‘3D Try On’ feature shows how any frame would like on your face. Lenskart records your face from multiple angles, and when you try on a frame, you can swipe the image to see how it would like on your face from all angles. The frames are perfectly aligned, and it gives a very realistic experience as if you were shopping in any brick-and-mortar store.
In another instance, Ikea’s Place app lets you test furniture in your own house before you can purchase it. This is a classic example of how AR can be both entertaining and beneficial.
It is critical to have your finger on the pulse and keep up with the newest trends in this fast-paced industry. When it comes to digital marketing, those who embrace new technology and see possibilities early on are the ones who gain the most in the long run.
Artificial intelligence is becoming increasingly accessible to businesses, making it a useful tool for digital marketers. As Kristian J. Hammond stated:
“Every serious technology company now has an Artificial Intelligence team in place. These companies are investing millions into intelligent systems for situation assessment, prediction analysis, learning-based recognition systems, conversational interfaces, and recommendation engines. Companies such as Google, Facebook, and Amazon aren’t just employing AI but have made it a central part of their core intellectual property.”
It is undeniable that AI can create a significant impact on the decisions of your consumers, allowing you to offer relevant suggestions and prompt customer support. Examining the many ways, you may put it to use can help you grow your business and meet the expectations of your customers.