Table of Contents:
What are AI-based Marketing Strategies
The Benefits of AI-Based Marketing
How to Use AI in Marketing
Case Studies relevant to AI-based marketing strategies
What are AI-based Marketing Strategies?
Machine Learning is utilized in AI-based marketing strategies to streamline tasks, analyze data, and tailor initiatives. AI is capable of various operations, including but not limited to:
- Automate customer service: AI chatbots answer customer questions and provide support. Implementing this solution can free up human customer service representatives, allowing them to focus on more complex tasks.
- Analyze data: Large volumes of client data can be analyzed using AI to spot patterns and trends. By utilizing this data, you can better focus marketing initiatives and improve consumer satisfaction.
- Personalize campaigns: AI can be used to individualize marketing juggernauts based on a user's interests and preferences.
Source: Safalta.comUsing data such as past purchase history, browsing behavior, and social media activity enables us to accomplish this. Personalized marketing campaigns can be more effective at engaging customers and driving sales.
By 2023, the market for AI-powered marketing in India expects to reach $1 billion. According to a McKinsey analysis, AI can aid companies in upping conversion rates by 10%.
- Increased reach: AI can help you reach wider followership by targeting your ads more effectively. AI can use interests, demographics, and past behavior to segment your audience effectively. You can use this tool to show your adverts to people more likely to be interested in what you have to offer.
- Improved engagement: AI can also help you improve engagement with your marketing juggernauts. AI, for instance, may customize content and deliver your customers relevant messages. Utilizing this approach can keep your customers engaged and motivate them to take action.
- Increased conversion rates: Utilizing AI can enhance your conversion rates. AI can optimize landing pages and track the performance of marketing juggernauts, for instance. You can see what is working and what is not, enabling you to make changes and improve your results.
How to Use AI in Marketing
Salesforce's study revealed that 70% of businesses in India laboriously utilize AI in their marketing strategies. According to a Gartner report, by 2023, the worth of the global market for AI-powered marketing will exceed $200 billion.
- AI-powered chatbots: AI chatbots can use their capabilities to provide client service, answer questions, and even close deals. Businesses can save time and plutocrat by using them to automate processes that human customer support personnel would otherwise complete.
- Predictive analytics: Organizations can use prophetic analytics to predict customer behaviour, identifying the products they like to procure or the content that piques their interest. You can leverage this information to enhance marketing campaigns' targeting and elevate the overall customer experience.
- Personalization: AI enables the personalization of marketing campaigns based on a user's interests and preferences. You can do the latter by analyzing statistics such as past purchase history, surfing habits, and social media activity. Personalized marketing campaigns can be more effective at engaging customers and driving sales.
- Voice search: Businesses are increasingly leveraging AI to optimize websites and marketing campaigns for voice search, capitalizing on the growing popularity of this emerging trend. To attain this, companies can employ natural language processing to comprehend the significance of voice search queries and optimize their websites with voice-friendly keywords. A study by Google found that 60% of Indians are using voice search.
- Amazon: Amazon uses AI to personalize product recommendations, improve search results, and target marketing campaigns. For example, Amazon's "Customers Who Bought This Item Also Bought" feature uses AI to recommend products similar to those customer has already purchased.
- Netflix: Netflix uses AI to recommend movies and TV shows to subscribers. The "Continue Watching" function of the firm employs AI to keep track of the episodes user has started watching, and the "Recommended for You" portion uses AI to suggest further shows that the viewer may find interesting.
- H&M: It uses AI to track customer behavior in stores. The company's "Personal Shopper" app uses AI to recommend clothes to customers based on their past purchase history and browsing behavior.
- Flipkart: Flipkart uses AI to improve its search results and to target marketing campaigns. The company's "Smart Search" feature uses AI to understand the meaning of search queries to show relevant results. Flipkart also uses AI to target marketing campaigns to users likely interested in the advertised products.
According to Google, 72% of Indian customers prefer AI-driven chatbots, with Forrester's study showing up to a 20% conversion rate increase.