Find Out How Data Science and AI Help in Retaining Customers
By Saheli Roy Chowdhuri
A couple of years back, who would have thought that one could simply make a call by saying, “Siri, please call Dad” or perhaps even enjoy a “hands free ride” courtesy self-driving cars? Well, data analytics has brought the imagination of the science fiction world into our lives by turning them into some of the hottest products available in the market today.
But the magic doesn’t end there, because this expansive science has worked its charm on the digital marketing space as well! So, if you’re someone who loves coming up with great digital marketing strategies, here are some reasons why you need to tap into the power of big data analytics!
Offering the right product at the right time
Data can be a useless piece of information if not utilised properly. With the increase in extensive social media use, almost every user leaves a digital footprint on the internet. Data can be used to drive business outcomes using predictive analysis, propensity modelling etc. by helping marketers to use customer behaviour to target them with effective marketing campaigns. More the data, better the results.
This technology enables the reduction in sales-cycle as the required relevant information is handed over to the customer on a platter with ‘predictive and target marketing campaigns’. This drastically reduces the research time of the customer and hereby making decision making easier and faster.
Enhance digital experience, customer engagement and drive sales
The current breed of consumers expects personalised experience with flawless and seamless integration across all platforms and devices as a necessity when buying online. Applications and software like Google’s Audience Solution help marketers with high click-through rates hereby increasing sales. These machine learning applications track user activities across various digital platforms and identify sales opportunities for relevant vendors.
In simpler words, it is like target advertising giving a big shot of steroids to marketers’ tools to provide users with a personalised and helpful experience. This automatically increases marketing efficiency and improves driving conversion rates, consumer engagement, and sales.
Chatbots making communication 24/7
Chatbots are supposed to interact with customers on the basis of the data they receive from the customer and provide a list of possible solution based upon the problem communicated by the customer. Traditionally, customer service representatives are available only during fixed working hours whereas chatbots are enabling businesses to communicate with customers on a 24/7 basis without major cost implications.
Research has also found that millennials prefer customer service interactions using text or chat rather than telephone calls or face-to-face interaction. It is also being found out that most customer complains can be resolved with a ready list of FAQs answered which chatbots can effectively use solving customer queries.
Increasing Return on Investments
Customer acquisition cost varies from 5 times to 25 times that of retaining a customer. This means once a customer is acquired, it is important to retain them ensuring return on investment from existing customers.
Recent developments in deep learning such as text analysis and predictive modelling can help marketers to retain customers. Text analysis tracks, analyses and response to user-generated content on a real-time basis with newer versions. It has the power to determine sentiment and infer meaning apart from simply trying to understand the message.
Predictive modelling can equip marketers to compare attributes of new customers with their existing customers to weed out the risk of attrition. Customer data such as conversion rate, lifetime value of the customer and various other metrics can be analysed to determine additional investment to retain the said customer at risk of attrition.
We are nowhere close to AI and supercomputers taking over the world as seen in sci-fi movies. But the possibilities of AI and data science in bringing more change in digital marketing and other applications are endless as we have just begun to explore their capabilities.
Even though AI and data science has its own fair number of detractors, marketers have the power to leverage the scope and possibilities of AI and data science. They can strike the iron while it’s hot rather than lose out on the competitive advantage of being one of the early users of this technology. You too can make waves by leveraging AI in digital marketing by combining data analytics training with a comprehensive digital marketing training course!