What is Artificial Intelligence (AI) based Martech?

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Martech AI

Any marketer, if asked, what their ultimate objective is would likely mention improving the customer experience and maximising income. These two goals are intertwined, after all. The Global CX Benchmarking Report by Dimension Data found that 84% of businesses that improved customer experience experienced a rise in revenue.

Marketers should know when and how to meet with customers, what to provide them, and how to maintain their interest. This is particularly true for B2B marketing because the pool of the target demographic is much smaller and more niche. Real-time data insights and methods for effectively putting knowledge into action are required for all of this.

Why should we care about marketing?

Artificial intelligence or machine learning is needed to engage customers personally on a large scale. Chatbots and intelligent assistants are already in charge of customer interactions, and AI-generated content is not far behind. Additionally, AI can process data at a velocity and volume that exceeds human capabilities. Additionally, algorithms are constantly being improved, enabling almost real-time optimization. The variety of use cases will increase as AI develops.

What is AI-based Martech?

The words “marketing” and “technology” are combined to form the term “martech.” Martech thus represents the fusion of marketing and technology in today’s primarily digital corporate world. Any high-tech or a digital resource that affects marketing operations is referred to as “martech,” regardless of whether it is a component of an analysis platform, a device-facing benchmark tool, or some other kind of high-tech or digital resource.

Software, automation, and analytics power modern marketing, and most B2B companies have their own “Martech stack.” Machine learning algorithms and measures power SaaS tools enable marketers to gather, analyse and integrate critical data into their strategies and craft the most favourable response to customers at each marketing funnel stage.

What is the importance of Martech in an AI-driven world?

Each business competes to gain and hold market share. Influential companies in recent years, including Mind Body, Oracle, and Bottomline Technologies, have allocated nearly 20% of their revenues to marketing, with a few coming close to 50%.

Businesses can produce valuable services that satisfy the needs of their end-users and gain a better understanding of their customers with the help of a well-thought-out marketing strategy.

Marketers have access to various marketing tools that offer comprehensive insights. To give their company a competitive edge in their industry, businesses can reorganise their internal structures with the help of marketing expertise.

Because it allows companies to engage with their customers in real-time, digital marketing has surpassed traditional marketing channels.

The GlobalStats Statcounter reported that 52% of users search on mobile devices. Businesses have realised how effective and affordable digital marketing is and have a more extensive reach.

  • By 2020, it’s anticipated that global mobile ad spending will amount to USD 7 billion.
  • Google directs nearly 96% of all smartphone search traffic.
  • 85% of customers prefer it when brands produce content for their goods. The same percentage of consumers won’t buy the item if they think the website is fraudulent or unsafe.

A powerful tool for making an impression and swaying consumer decisions is marketing. All initiatives must be supported by practical information tools that improve the customer experience if they are to be successful.

AI applications in Martech

Although AI is frequently discussed in marketing, comprehending its applications is also critical.

1. Optimising the Search Process

The way we search and the effectiveness of the search experience have both been significantly impacted by AI. As was previously mentioned, Google was the first to use AI in search in 2015 when RankBrain was released. Amazon and other businesses have imitated Google’s move toward more intelligent searches. With the source of natural language processing (NLP) and semantic search, AI has contributed to the innovation and enrichment of search results by incorporating intelligent features like autocorrect, helping users locate lost items, and providing links between products and similar items for a variety of products.

2. Making Visual Search Better

The use of AI image recognition technology has made the impossible possible. Even though visual search technology is still in its infancy, text-based searches are gradually being replaced by image searches. It has become more well-known thanks in part to Google Lens and Pinterest. The user’s shopping experience will significantly improve due to personalization. Snapchat, Forever21, eBay, and Wayfair are companies that have fully embraced this technology.

3. Provision of Dynamic Pricing

As a result of data observation based on customer behaviour, AI uses dynamic pricing. Indian Railways has implemented dynamic pricing based on demand and season for all of its superfast trains. Since the implementation, revenue has increased by 20%. Businesses can easily better target their customers and provide them with discounts based on their needs. To help individuals list their properties at the right price, Airbnb also uses AI.

4. Pattern Identification

The practice of taking information from previous records and predicting the current pattern is one of AI’s unique skill sets. It is possible to use it to analyse consumer behaviour and indicate whether or not a customer will make a subsequent purchase. Data will be easier to use for business planning in the future.

5. Customers segmentation

AI helps to personalise offerings for the target audience by sifting through acquired data sets and looking for behaviours and purchasing patterns. AI must be used to granulate further the collected data, which helps to personalise the end-user product. An organisation can analyse consumer behaviour based on shifting preferences thanks to AI-assisted dynamic segmentation.

Final words

You’ve thought about all the advantages and disadvantages, but you’re still unsure whether AI is the right choice for you. How can you tell if the use case for AI in your product is strong? Thankfully, some apparent cues can help. A potential use case for AI can be seen, for instance, if your product handles a lot of data or your work processes involve a lot of manual labour. Any automation of a manual task may have AI potential.

Are you hesitant? Invite specialists.

Look for a business that has experience creating AI solutions. Your tech partners can help you identify tasks and product features that can be enhanced with AI. They will also be capable of judging whether your product is ready for AI implementation.

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