The digital experience has grown in every industry and companies are responding by making investments in technology to support digitization and automation. Intent on delivering a strong customer experience that includes customer loyalty and retention, businesses are moving onto the channels most preferred by consumers today. A strategy that will help them reach and maintain a wider customer base to increase important lifetime value.
Marketing Leaders Embrace New Technologies
The next step for brands investing in automation is toward AI, which will further extend their capabilities in many business areas, including marketing. According to Gartner findings, CMOs have been responding by making marketing technology their largest single area of investment with it accounting for close to one third of their budgets in 2018-2019. Along with that is a growing interest in innovation, which 63 percent of CMOs expecting their budgets for innovation to increase in 2019.
This is because delivering a personalized customer experience can be a differentiator for many brands in crowded marketplaces, but it now requires a sophisticated level of technology to tailor each journey. This necessitates not only gathering and analyzing data, but also using predictive analytics to optimize marketing and loyalty efforts to deliver on the unique needs and preferences of individual customers.
Predictive Customer Analytics Drive Growth
With the right cloud platform and AI in place, customer data can move beyond just being collected. It broadens the opportunity for multi-variant testing to deliver marketers new analysis and insights on campaigns and offers. The more results further feeds and trains the AI so it continues learning and producing smarter decisions.
Furthermore, with AI algorithms in place, changes and patterns in customer behavior can also be recognized in real-time so brands can accurately predict CLV at the individual customer level up to several months out. Leveraging these technology tools offers brands the ability to more effectively and cost efficiently deliver personalization and drive better results.
Businesses that make the investment in AI are maximizing its impact through quantifiable improvements along the customer journey. Interested in understanding how brands like yours are optimizing their marketing efforts and increasing loyalty through AI? Don’t miss the new ebook, Win at B2C Loyalty: Strategies to Get Ahead of Customers’ Expectations with Artificial Intelligence and Machine Learning