Artificial Intelligence has actually taken over every technology existing, rivalling electricity’s systemic emergence, allegedly injecting sage-like wisdom into everything from sales forecasting tools to email subject lines generators. But keeping the hype aside, the real progress was made in some impact areas due to stuffing of unprecedented investments in the market.
Better resources have supported even better minds to push forward innovations in fields like image recognition, voice techs, and natural language generation. Calculative brands that smartly wired these into CRM applications boosted their performance, realizing ROI up to 400%. Here are some aspects in 2018 which saw significant headway and are poised to advance further.
In 2018, organizations will harvest and grind their big data crops, sifting off customer behaviour insights aimed at deepening relationships and selling more products faster using less resources. Anticipate more investment in customer data platform, compiling, virtualization, and rationalization initiatives, with more computing horsepower and human capital helping the harvesting efforts this year.
Although Siri, Alexa, Amelia, Cortana, and other AI assistants didn’t even exist in 2017, they’ve infiltrated homes and workplaces. Machine voices will continue to spread to business places like conference rooms, service channels, products, and kiosks. In 2018 AI may not replace you, but using it to handle routine tasks, listen to and converse with customers, and accept it as part of your marketing, service, and sales team will be essential to your survival, as you’re asked to up your productivity and customer experience enhancing game.
And some focused efforts at bringing image recognition to real CRM AI use. AI image processing proved its mettle for filtering and categorizing marketing and sales content, helping marketers better understand customers’ content needs and serve them appropriate and relevant content and offers. Brands began expediting and personalizing services using the ubiquitous smartphone and AI’s ability to pinpoint products and people in pictures and video.
And firms like Persado began facilitating the march toward marketing’s creative nirvana, using NLG, emotional science, and machine learning to optimize (down to the preferences of an individual) the attractiveness of marketing offers by altering the language, font, color, position, and another creative formatting. Results are not just encouraging, they’re somewhat staggering: click-through-rates (CTR) increased by 195 percent; conversion increased by 147 percent. In one case using this technology, Amex Rewards generated 393,000 versions of engineered copy for its banner ads aimed at getting a customer to burn down their rewards points. The winner drove an 8.6% conversion rate, thumping the control’s 3.5% rate.
Well, this simple and sophisticated approach can help many enterprise vendors to make their tools easier.
Along with attracting, merging, and retaining the right talent, brands must also acquire the right AI technology, but even more important is having a concerted AI strategy closely coupled with business objectives and CRM improvement goals. It’s imperative to work from well-defined use cases and clearly articulated outcome definitions backwards to the technological and data solutions necessary to support them. Further, firms must use nimble organizational structures with small teams made up of neats and scruffs; IT and the business; re-aligning resources into small digital factory teams that are wed to agile methodologies and collaborative approaches.
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