Marketing And Artificial Intelligence: How The Combination Is Taking The Industry By Storm?
Dec 30, 2020
Dec 30, 2020
10 min read
10 min read
Marketing has always been desired when your business cares to promote trade, acquire more market share, or be recognized with its brand’s name. It is a basic act of attracting people to show interest in your product line so you can convert them into customers and achieve short-term or long-term organizational goals accordingly. Every business’s prime objective is to earn a profit, and fruitful or effective marketing plays a significant role in driving sales and generating revenues. Therefore, it is imperative to focus on a constructive marketing approach, be it traditional or conventional; the idea should be to promote the business and invite trade opportunities.
Nowadays, marketing has helped businesses make strong connections with the customers and maintain a relationship that completely spins around what they aspire from your business. The approach is known for its ability to persuade people because, with rising consumerism levels, companies must strengthen their customer base and gradually expand it.
Artificial Intelligence In Marketing
Factors like technological advancements, the need for effective communication, and rising competition have simulated many businesses to look after their marketing and advertising strategies so they can survive in the cut-throat race and continue to keep their brand image. Technology, in specific Artificial Intelligence, has lately become a part of strategic marketing.
Since technology guarantees speed and error-free computations, hard-core marketers make use of Artificial Intelligence to collect and observe piles of customer-centric data, which includes classifying the needs of a group of people, analyzing the buying trends, and collating factual information about the impact of various marketing methods used in the overall industry. This enables them to distinguish between a particular set of observations and comprehend the pros and cons of each marketing method applied to them. Once this is done, businesses get a better insight into individual wants and what marketing approach it is affected by the most.
AI marketing is the talk of the town and has brought a positive impact on the existing traditional marketing approaches, making ways simpler and better. The prime reason to include AI techniques to cater to business marketing needs is that with the rising consumerism, it is hard to manage data trends, customer behavior graphs, and important stats which is essential for a business.
AI tools effectively manage to collate such details and provide decisive arguments, where required, to save time and speed up the overall process. If you observe any traditional marketing approach, it involves different ways of targeting and retargeting the customers at various points of time to ensure brand loyalty. On the other hand, with the much-needed introduction of AI methodologies, your business can come up with automated yet monitored ways to reach out to the customer and complete the marketing procedure as proposed by your business.
Benefits Of Artificial Intelligence In Marketing
Technology and marketing, if used in a synchronized way bring fruitful results for a business, and for that to happen, enterprises have to work on how they invest their time and efforts in understanding the impact of AI on business development tools, including marketing. The following are some of the plus points that a business enjoys while incorporating Artificial Intelligence into marketing strategies:
Monitors Overview Of The Process
Since it is considered that customer reaction is an impact of the business activities, the disposable behavior of a customer is based on what your business offers to them, in terms of product/service, after-sales services, attracting via alluring advertising programs, the price of the product, etc. These factors are precisely taken into consideration in order to predict customer behavior and anticipate future sales. This analysis and segmentation of customer behavior and related trends allow a business to get an overall perspective of the suitable marketing approach which seems promising and ensures back results.
Machined And Skillful Work
Technology itself sends a reminder to be better than what it is now, in simpler terms, using AI for marketing practices allows your process to strategically understand the situation and learn from the experience to provide necessary improvisations to the existing approach. It is a continuous process that includes AI to repeatedly search for data trends and bring relatable content for the customers. As a business, it allows you to focus on other operations and initiate a self-driven marketing approach.
Avoids Excessive Revenue Reduction
Customer retention is a skill that every business strives to be good at and losing loyal customers to your competitor surely wouldn’t be a good thing for your business. Understanding and fulfilling the customer-needs ensure brand loyalty thus helps in preventing the need for disinterest. AI plays an important role in comprehending this data so your business can completely know what your loyal customers require. Collating this information gives the control to draw outline marketing programs and drive sales campaigns quickly.
Reduced Manual Marketing and Increased Bot Support
Hiring marketing experts sure can suffice the process requirements at many levels, however, with the introduction of Artificial Intelligence, you can initiate proactive advertising drives and run campaigns that are run by bots and automated chat programs. This change from manual marketing techniques to tech marketing allows your business to run perpetual campaigns that don’t require much human intervention. By allowing AI to take over customer support via chat help, you can ensure your business to revert to customer queries in less time, which is a great approach to customer satisfaction.
Add A Personalized Touch To Your Approach
It is observed that advertising mails and promotional offers that are sent out for the target audience often seem redundant and lack a human touch. Well, AI helps a business to build automated responses that have a personalized message, basis the customer behavior and concern. It could be emails, upcoming future campaigns, social media information, anything that attracts customer attention in a better and improved way. Personalized messages can be well programmed by accumulating customer’s anticipated behavior and buying trends so that they feel worthwhile trading with you.
If your business requires assistance in maintaining marketing and AI together and fails to fulfill the task due to a lack of competence or path guidance, you can consider industry experts such as SaffronEdge, where you can amplify your business development pace and include technology in an organized and precise way. We are SaffronEdge industry insights to build personalized marketing plans that tackle the trading situations and ease up advertising and promotional practices done to escalate revenue graphs.
The Power of Storytelling to Advertise DTC Brands
With cave paintings going all the way to over 30,000 years, humans have always depended on storytelling to establish connections, impart crucial lessons, communicate deep emotions, and retain memorable memories. Although storytelling is certainly not new, online firms have only recently become aware of its potential to help them develop deeper connections with their customers. It is evident that customers are picky about spending their money, and brands and businesses that share particular views and values have gained the favor of today's buyers over companies that simply slap a logo on a product that is produced in a factory with hundreds of other products. DTC brands have the opportunity to tell their own stories, which can help create emotional connections with customers and differentiate them from competitors. If you don’t already have a marketing strategy that includes storytelling, now is the time to start developing one. Helps with thought leadership Storytelling is a great way to build reputation and trust with your target audience. It helps you position yourself as the go-to expert in your industry, which helps you connect with your audience more easily and create more emotional bonds between them. It also helps with thought leadership, which can be used to help people make better decisions about their healthcare needs or lifestyle choices. Makes your brand likeable Stories connect people to a brand on an emotional level. They make your brand likeable, human, and memorable. Stories tell you how to be successful in life. Stories help you feel good about yourself because they’re relatable and shareable! When you tell a story, it can be shared with millions of people at once—and that’s huge when it comes to building trust and customer loyalty! Distinguishes your brand from competitors Storytelling helps to differentiate your brand from competitors because it establishes a connection with the consumer. The way you tell your story will depend on what type of product or service you offer and how much time is available to do so. If you're selling digital products such as software or ebooks, then storytelling can be done through videos explaining how they work or why they're better than other options. You could also include links to social media platforms where people discuss these products with each other. This could be useful for promoting a new version. However, if you're selling physical goods like clothing or furniture—or even services like consulting—then storytelling might not work as well in this case because there's no way for the consumer to interact with those products directly through their Avatar(s) without knowing exactly where they've been before buying them again later on down the road at some point in future years' time span. But you can always advertise a creative story about the brand. Builds emotional connections with prospects Storytelling is an effective way to build emotional connections with prospects, and it can help you create a relationship with them. The power of storytelling comes from its ability to drive empathy and build trust in your brand’s message. This means that when you tell stories about how your product or service was made, who uses it, and how they experience it, you will create an emotional connection with the customer that they may not have had before. Allows you to provide value without selling Storytelling is a powerful way to build relationships with customers and prospects. It can help you to provide value without selling, educate your audience, build trust, and make emotional connections. The following are some examples of storytelling in DTC brands: A brand story about how their product was developed or the story behind why they made a change to their product that improved its performance. This story could be told through an infographic or video presentation on YouTube (or other web-based platforms). A customer testimonial from someone who has tried the new product and has seen results—or even better yet—a real-life example of how something changed their lives for the better! You can use this testimonial as part of your advertising campaign if it aligns with what you want people to think about when they see it on TV screens or billboards across town! Makes Brands Human Stories are a great way to humanize your brand. People like to hear about other people’s lives, and stories help build trust with them. They also help people connect with you and the product or service you offer. In this age of social media, brands need to make sure they have an engaging story behind them so that people can get behind their brand as well. A good story will catch the attention of consumers who are looking for new products or services in the marketplace. Gives Brands Purpose A brand's purpose is the reason for its existence, and it can be an important part of your marketing strategy. When you think about it, every brand has a purpose—the one that motivates them to be what they are. The same goes for DTC brands: they want to help people solve problems and make their lives better. Brand Purpose can help your customers identify with your brand by giving them something to connect with beyond just the product or service itself. It gives consumers a reason why they should choose DTC products over others in their market segment, makes sure people know why you exist, and helps humanize an often impersonal industry (dietitians). When we ask ourselves what our own purpose is as an advertiser, we tend not only to answer but also find many ways we're already doing so well! For example we employ storytellers who weave together compelling narratives into print ads that tell stories about our products' benefits—and then share these stories with consumers through social media channels like Facebook Live broadcasts or Instagram Stories posts." Engages Customers Storytelling is a powerful way to engage customers and build trust. This can be done through the use of stories in your ads, social media posts, and more. In fact, storytelling has been proven to help you build brand loyalty by communicating your values and beliefs about your business. It also helps establish yourself as an authority in the industry so that people will want to listen when you speak about it! You’re probably wondering what all these things have in common. They all rely on storytelling methods (the art/methodology behind creating stories) which makes them fascinating tools for marketers looking for ways to connect with their audience better than ever before! In Conclusion As we’ve seen, storytelling is a powerful tool for brands in the digital economy. It helps them build their own stories, as well as tell customers about their brand. Stories can be used to engage customers and help them connect with your company on an emotional level. This can lead to increased loyalty and better sales results for your DTC business. However, if you find yourself struggling with the many aspects of running a DTC brand, contact Saffron Edge. We are digital marketing experts offering exemplary services to resolve all of your digital needs at a cost-effective price. Reach out today! ...
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How Online Reviews Help Gain Exposure For Your Dental Practice
Imagine a scenario where potential patients are looking for your dental services online and come across this review - "/social-media-marketing-services/" Or this… What do you think will be their reaction? Obviously, they’ll be impressed but will it be enough to get some foot traffic? Absolutely! Online reviews are the 21st century equivalent of word-of-mouth and they can serve as a powerful catalyst in driving patients towards (or away) from your practice. Seems like an exaggeration? Answer me this… when was the last time you went to or ordered from a new restaurant without checking its reviews online? I bet you do that everytime! And everyone else does it too. Don’t think people look for reviews only when it comes to restaurants, they do it for all things imaginable and dental practices are sure one of them, so it becomes all the more important for you to handle online reviews with care. According to a BrightLocal study, as much as 93% of consumers read online reviews to decide if a business is worth their time or not, which is huge!... and should be a clear-cut sign that you need to take your review game up a notch if you want some more exposure for your dental practice. Here are some more reasons why you absolutely must embrace online reviews - 1.Helps propel your marketing efforts Almost every dental practice of today is engaged in some online marketing efforts, be it Social Media Marketing or Content Marketing or any other outreach efforts. And I am sure you do it as well in one form or the other. So, you’d know how difficult it is to market your dental practice online and the amount of insane efforts it takes to do it well. Do you want all those efforts to go down the drain? They will if there are a plethora of bad reviews about your practice scattered online. Bad reviews can also be the reason your dental practice is not able to take-off despite consistent marketing efforts, doesn’t matter how amazing they are. On the other hand, if there are glorious reviews about you and the way you run your dental practice, they can prove to be the last push a potential patient needs to come to your doorsteps and make your marketing efforts an absolute success. 2. Helps in ranking on search engines According to a Moz study, cumulative reviews can have a 13% effect on your search engine rankings and quite evidently, it’s a lot! Source - Moz Major search engines like Google gives a lot of importance to user-generated reviews. The more you have it, greater are your chances to reach the top. From there, it becomes a self-feeding review generating cycle. As businesses with more reviews gain more visibility through search engines, it results in more foot traffic which in-turn leads to even more user-generated reviews. The main task is to figure out how to get that cycle started (which we will talk about in the next section) 3. Builds customer trust Which practice will a potential patient trust more - a dental practice with a ton of happy user generated reviews or a practice with many 1-star ratings? The answer is quite obvious ain’t it. When you read a bunch of good reviews about a dental practice or any other business, it builds your trust with the brand. You’ll be sure that they’ll take great care of you and will provide you with the best of services. And when a potential customer starts to trust your brand even before availing your services, that’s where the magic happens. Prove to them that you are worthy of your reviews and bam!... you have a customer that’ll stick with you no matter what. Only a thing like reviews can make that happen. Where to begin? Unless you provide a service so good that customers start posting marvellous reviews for your business themselves, to kickstart your review cycle, you’ll have to ask for it explicitly. Most dental practices lack that. Just simply ask for a review and show them the easiest way to do so or the platform you’d want them to specifically review on. Or you can include asking for reviews in your email marketing efforts. Doesn’t matter how you ask them, but you’ll have to take the first step. Use Yelp, Google My Business & Facebook Reviews Okay, these three platforms are the most accessible, biggest and baddest user-generated review platforms out there and you need to target just them to get the ball rolling. You’ll have to claim listings for your dental practice first (and create a Facebook Business Page for Facebook Reviews) on these websites to allow users to submit their reviews. With a monthly traffic of more than 160 million, Yelp is THE platform to focus on for dentists as 30% of the searches made on the platform is related to the healthcare industry. So, if you haven’t yet claimed your business on Yelp, now is the perfect time to do so! And don’t forget Google My business, which can help your dental practice with localization (a topic we’ll be covering soon) as well. Unlike popular belief, online reviews are an important part of your digital footprint, make sure you are giving them the attention they deserve and witness all your marketing efforts leave a mark. On which platform do you receive the most patient reviews and feedback? Let us know in the comments. ...
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Critical Gaps in eCommerce Marketplace Optimization That Is Hurting Your Sales
Even though online marketplaces play an important role in connecting brands with consumers, they are very intricate, oversaturated, and ever-changing. Demand from customers, levels of competition, and general market trends are always shifting, and these shifts frequently occur independently of one another. Thus, it's important to understand these gaps to avoid mistakes and survive in this highly competitive landscape. Source: Freepik Modern optimization platforms and technological solutions are designed to do the same thing: implement rapid adjustments across pricing, advertising, and inventory in order to achieve a certain objective. However, doing so is not as easy as it looks, especially when you don't have proper knowledge of it. Find out how companies and retailers can improve their strategy to see the whole picture and make more informed choices. A Comprehension of the Connected Metrics of Online Marketplaces Of course, data is crucial to any online store's success, including keeping track of it, figuring out what it means, and putting it to use. But brands and retailers need to look at the right data and take action based on it. If you want to expand your business as much as possible, you need to know everything that can affect your sales and profits, from the price of products to the rate of customer returns. Most people consider the return on ad spend (RoAS) and click-through rate as important advertising indicators for their business. But what do these indicators reveal about the health of their business, the success of their products, and their bottom line outside the scope of the campaign's objectives and results? Many metrics need to be considered; however, in the current market, tools, data, and business decisions are constrained by the metrics they measure and work against. Therefore, it is crucial to understand the linked nature of all aspects of business performance in order to utilize technology and insights more effectively. Problems Built Into the System It's not so simple to comprehend genuine performance and make the proper decisions when businesses need to track and evaluate data from various unrelated disciplines and sources. For instance, at Saffron Edge, we help our clients get a bird's-eye view by categorizing their SKU-level data: Statistical information gathered from actual operations (profit, sales, margins) The Data on Prices ( buy box price, listed price, buy box share) Stats on traffic (sessions, conversions) Information on advertising (including costs, revenues, and metrics like Ad Cost of Sales and Return on Ad Spending) Discovery metrics (search queries, share of voice, impression share) Inventory data (inventory velocity, available inventory, days in stock) Stats on successful deliveries (referral fees, FBA fees, shipping costs) The breakdown of these data points illustrates the difficulty of the situation: advertising info is not available on the SKU level, traffic data is only available in business reports, and data on inventory and orders is frequently out of sync with one another. Organizations can only assess their operations thoroughly, find areas for improvement, and maximize their potential if they have a complete picture of everything that goes on in their company. The Conceptual Limits of E-Marketplace Optimization Although improvement is possible with the current toolsets, they only provide a partial picture, primarily addressing just two areas: pricing and promotion. Because of the mismatch between these features and the KPIs that matter, companies struggle to thrive. Whether they are a buy box rival or a brand/private label, all sellers who employ price optimization technologies have the same overarching goal: to boost sales. While price optimization can help determine what price would generate the most sales, it cannot improve a product's visibility in search results or attract more buyers to the listing. Even if their conversion rate is rather good, their sales won't increase much if they aren't attracting enough people to their offerings. On the other hand, when it comes to advertising optimization for brands and sellers, the focus is often on efficiently directing visitors to product pages. To do this, we must first determine which keywords and goods have the greatest potential and then optimize our bidding to maximize our returns. However, current solutions do not permit advertisers to optimize their conversion rates for the traffic they generate. Brands and retailers need pricing technologies to accomplish this. Imagine these optimizations as a series of cogwheels all turning at once to provide power to their enterprise. Thus, they must consider not only RoAS or ACoS but also the price and margin of their goods. The Importance of a Holistic Optimisation Strategy for Online Market Businesses If you want to succeed in the e-marketplace, you need to think about more than just your own company's requirements; you also need to map and scan the landscape of your competitors to gain a complete view of the market and pinpoint your consumer base. Brands and sellers should assess their positioning and performance relative to the competition as part of adopting a comprehensive marketplace optimization strategy and knowing the health of their business from end to end. Since e-marketplaces level the playing field for brands and merchants of all sizes, a product's competitive area can include established brands and retailers from more traditional sales channels, up-and-coming brands, private label sellers, and resellers. When you look at the whole inventory, there are many more competitors. Undoubtedly, gauging the extent to which key competitors are maximizing their presence is crucially important, yet doing so calls for collecting copious amounts of data from all market pull factors. As brands and sellers battle to differentiate and dominate the digital shelf, it is important to understand how they optimize pricing positioning and assortment, boost social proof via ratings and reviews, use keyword tactics, design their brand store and landing experiences, and raise their share of voice. Indeed, the speed and sophistication of online marketplaces will only increase. If you want to stay competitive, you need a flexible and cohesive approach that can quickly adapt to changes in the market by utilizing a comprehensive collection of tools, data, and optimization skills. Brands and sellers can only realize their full potential when they take a 360-degree view of their business rather than being limited to either ACoS or RoAS when setting and achieving their goals. There Are Three Essential Methods for Increasing Conversions Creating remarkable instances of online purchasing requires careful attention to a wide variety of details. Three factors must be implemented to improve eCommerce conversion rates and obtain exceptional SEO: Product Discovery, an enterprise content management system, and content development. Here are their most up-to-date ideas for how to optimize your online store for maximum profit: Employ Cutting-edge SEO Tactics to Boost Traffic and Sales To keep your items and services at the top of search engine results pages, you'll need to employ cutting-edge SEO strategies. When a business offers satisfying user experiences on its website or app, the time and money spent on SEO are well worth it. Enhancing and customizing the customer experience is one key benefit of upgrading from a bare-bones e-commerce platform to a sophisticated content management system. Adding a Content Management System to Your e-commerce Platform Has Been Shown to Increase Sales. Several brands and online marketplaces compete for consumers' attention, so a successful eCommerce platform of the future will need to have both interesting and helpful content to foster expansion. Many online stores struggle because they use antiquated technology that can only provide their customers with subpar digital offerings. To better serve customers and advance the digital buyer experience, today's e-commerce platform architectures are built on a foundation of composable microservices that permit the seamless blending of robust content management systems and transactional processes. You can use an API-first, content-driven commerce platform to optimize your content creation and delivery strategy, enhance personalization, and function smoothly within your organization's existing IT ecosystem. Advanced Product Discovery Increases Conversion Rates and Decreases the Length of the Buyer's Journey. A company's digital services require continual care, especially if it hasn't been audited recently. Shopping hurdles are inevitable when customer and product journeys expand in complexity and breadth; this could explain why the organization sees a rise in the number of abandoned carts. According to a recent Harris Poll, the US loses $300 billion annually due to cart abandonment. To attract online buyers, marketers must give their wares prominent digital displays. Optimizing an online store's performance is impossible without using a reliable Product Discovery tool. Takeaway! The success of your online store is determined by your ability to turn a profit, regardless of the products you sell. Test the shopping cart and payment methods for usability and search engine optimization. The advice mentioned earlier will help get you far in the direction of perfecting your online store's conversion rates. We've discussed various gaps in eCommerce marketplace optimization that you should need to address to succeed. You can take help from our experts in order to optimize your marketplace and keep an eye on the latest trends. We have a team of skilled professionals with years of excellence in managing and optimizing marketplaces. Contact us now to know how we can help you. ...
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