Learn how you can use AI-based analytics to gather valuable data to inform your marketing strategy
Artificial intelligence is changing the world in many ways. We have AI chatbots to assist us, writing and art tools to generate content, and many other fascinating advancements coming in the future.
But the area in which AI shines brightest is marketing. Through the power of AI and its analytics, businesses can get tremendous insight into their target audiences’ identities, behaviors, habits, and preferences.
Businesses thrive on data in the modern world, and AI is a data-gathering gold mine. Through machine learning, AI can present data to you and predict what it means for your business and industry going forward. Failure to adopt AI and its analytic power for your business can create a massive gap between you and your chief competitors.
That’s why it’s important to understand AI analytics and how to use them to create a more efficient business.
What can AI do for businesses?
There’s so much business gain when it embraces AI.
AI analytics is data derived from artificial intelligence monitoring your business. It’s usually shown in reports and can convey deep insight into what’s happening within a business, its audience, and its industry.
Through analytics, AI can accurately predict what the future holds and give you untold insight into your marketing campaigns’ impact.
Of course, AI can also impact a business through other important features.
For example, an image upscale API powered by AI can enhance the quality of images and make them appear sharper and clearer. This can be particularly useful in marketing, where high-quality visuals are essential to capture the attention of potential customers.
Moreover, it can help you save time and resources. Instead of manually editing each image, an image upscale API can size up even the smallest or blurriest of images in bulk, allowing you to upload them in any size for any marketing platform without losing photo quality. This can be especially useful for businesses that have a large number of images to edit, such as e-commerce websites and content agencies.
Additionally, you can use AI to communicate directly with your audience through customer service or create virtual personal shoppers that can make informed recommendations to customers.
To generate helpful analytics, AI must first gather a lot of information on your customers. It can also use this information to develop a personalized shopping experience for customers that’ll keep them returning for more.
How can AI analytics help your marketing strategy?
In today’s competitive market, businesses must use every resource at their disposal to gain an edge. AI-based analytics can be one such resource that offers many benefits for marketers.
Here’s how AI analytics can help improve your marketing approach:
1. Audience data
The first way AI analytics can aid your marketing strategy is by gathering and identifying behavioral data on your audience.
It stands to reason that to sell to these people successfully, you need to understand who they are, what they want, and how they go about getting what they want. AI can gather that information for you, come to conclusions through machine learning, and generate reports for you that are easy to understand.
Through AI analytics, you can learn who’s coming to your website, who made a purchase, and who didn’t convert.
This demographic information can include things like the customer’s:
- Age
- Gender
- Geographic location
- Interests
- Purchase history
- Occupation
- And more
By leveraging the power of AI and machine learning, businesses can gain insights into customer behavior that were previously impossible to obtain. For example, by utilizing HubSpot lead scoring, businesses can identify high-potential leads with greater accuracy, increasing conversions and revenue.
When a new customer requests information from your business, the AI can analyze their lead source and personal information to assign them a lead score. That score measures how likely they are to purchase from you. This helps marketers decide which leads take priority and how to market to them.
However, customer data garnered from AI-based analytics can serve a variety of purposes.
For example, financial institutions like banks can use their customer databases and extend them to society. Suppose banks want to run a marketing campaign targeting students in need of financial aid. In that case, they can analyze the financial behavior of their customers and turn it into campaigns to engage new customers and students.
Without AI analytics, that kind of campaign would be nearly impossible to create.
2. Customer segmentation
Every business has its own customer base. It could be that you have groups of customers in different geographic areas or age groups with differing pain points.
That’s why customer segmentation is so important.
Let’s say your target audience consists of three different groups, each with its own preferences, problems, and effective platforms.
For instance, group A might spend a lot of time on Instagram and respond well to video ads. Meanwhile, group B could be mostly on Facebook and have a history of responding to text ads. And let’s say group C doesn’t use social media and prefers emails instead.
Launching one marketing plan designed to hit each of these segments is impossible. You’ll end up throwing money out the window. In your quest to reach everyone, you could reach next to no one.
But with marketing segmentation, you can launch three campaigns, aiming one at each segment. While for a human marketer, this would involve detailed work that’d take hours or even days, AI can segment your audience in the blink of an eye.
Additionally, through these segmentation analytics, the AI can automate your campaigns, rolling them out to their respective segments and monitoring their results.
3. Sentiment analysis
All marketers need to take the public temperature every so often.
Why?
You must know your reputation in the marketplace to understand how you can improve it.
You could roll out surveys, gather the results yourself, and create reports for your investors based on what you’ve found, but sentiment analysis is much easier when using an AI platform.
AI can roll surveys on customer satisfaction at a moment’s notice. Then, as the results come in, the system automatically compiles them into easy-to-understand reports. Additionally, through machine learning, AI can understand what behaviors customers exhibit when they’re unhappy or ready to abandon you. This can also help build brand awareness and pivot when things go awry.
If negative trends rise, AI can alert you, giving you facts and figures to work off. Then, you’ll be able to figure out what’s going wrong and work to plug up any leaks in your proverbial ship.
AI can also monitor your industry, pulling mentions and topics from social media to get a sense of what people think about you and your competitors.
Let’s take a closer look at the benefits of using AI to measure customer behavior and marketing initiatives.
4. Gauge campaign results
To succeed as a digital marketer, you must constantly analyze your campaign results. That’s the only way to ensure that what you’re doing has the desired effect on your core audience.
By analyzing your results, you can tell which marketing ventures are paying off and which are underperforming. You’ll also be able to tell where most of your sales are coming from. That means if you see that you’re selling more to one segment than the other, you’ll need to determine why. Is it your SEO? Are your campaigns to lower selling segments flawed?
Then, you have a decision to make. You could either make improvements to the underperforming segments and campaigns or siphon the budget away from them and into those that are paying off.
Pro Tip: Think Ahead
Keeping a record of your success through an AI platform can be helpful in the future if you decide to sell your business. Having years’ worth of results and success to highlight can help you get the best price possible from a potential buyer.
5. Predictive modeling
AI can’t see the future, but it can use the analytics it generates to create predictive models for future marketing strategies.
By analyzing your audience’s behavior and industry trends, AI platforms can predict what’ll happen and how you should prepare for it. For example, the AI can generate a predictive profit goal for the holidays based on previous years and how sales have led into the season.
If profits are down 10% from last year, then you can expect your holiday sales to be more than what you’re seeing now — but somewhere around 10% less than what you saw during the same period last year.
With this insight, you’ll be able to better prepare for your busiest season and help your sales teams to close as much of the gap as possible.
Wrap up
AI is the present and future of marketing. Using the power of AI analytics, you can empower your marketing strategies with more than just gut feelings and instincts. You’re working off cold hard data gathered with no agenda and no mistakes.
That’s why companies worldwide are adopting these AI platforms to assist their marketing teams. Don’t be the last one to embrace this developing technology. Start using the power of AI analytics in your marketing campaigns today.