If the crisis has taught us anything about business sustainability, it is that a strong digital presence is imperative for survival. However, going digital alone is insufficient to absorb optimum value from the market. With digital portals observing Black Friday level traffic every single day, traditional marketing techniques are turning obsolete in handling data explosion. Businesses are, therefore, turning to AI-powered digital marketing tools for infusing data-driven customer insights into marketing efforts for maximum ROI.
As a well-positioned AI Development Company, Oodles AI unlocks the potential of AI-led marketing strategies for restoring business growth in the post-crisis world.
Amid rising coronavirus fears, businesses are bound to discard offline marketing tactics such as live events, trade shows, exhibitions, etc. With long-term barriers imposed on face-to-face interactions between businesses and customers, going digital is the only visceral way forward. Indeed, marketers are observing a spike in businesses shifting to the digital landscape via websites, mobile apps, social media channels, and eCommerce portals.
Scott Jones, CEO of 123 Internet Group, elaborates on how digital transformation among businesses is most apparent amid COVID-19 lockdown,
“We are in uncertain times, but with the increase of remote working and a collaborative approach, companies are turning to digital channels and embracing the transformation. We have seen a real spike during the last few weeks from companies wishing to create or update websites, launch new e-commerce channels and create social media campaigns focused on home-workers and a real focus on using influencers and SEO to reach new audiences.”
Digital marketing expert, Neil Patel captures the negative growth rate prevalent among global industries caused by the COVID-19 slowdown.
To mitigate business challenges, companies need to formulate effective digital strategies coupled with AI solutions for reinforcing customer outreach efforts. The goal is not to automate marketing processes but to add greater value and insights to the core of marketing, i.e. the 4Ps-
Tectonic shifts in customer’s buying behavior are compelling businesses to adjust product supplies accordingly. Businesses must dig out in-depth data about users’ digital activities, interests, and preferences to reshape product roadmaps.
Here, AI’s data processing capabilities enable analysts in making crucial product decisions while matching customer demands effectively.
For instance, Facebook shifted its focus from coronavirus misinformation to FB Events, Marketplace, and FB Live in order to capture the rising demands. Such critical product roadmaps adjustments can be accelerated with several AI capabilities, such as-
a) Market trend prediction
b) Product recommendations
c) Demand forecasting
d) Quality control analysis
c) Predictive analytics, and more.
Mckinsey Global Institute Research reveals the significant incremental value generated by AI as compared to traditional survey-based techniques.
With restricted physical engagement with customers, businesses must explore digital channels and tools to deliver products and services considering safety and convenience.
Virtual assistants and AI-powered chatbot development services are reserving a significant seat in every organization’s digital strategy to streamline customer interactions.
The AI development team at Oodles is assisting businesses including eCommerce, insurance, and banking to outreach customers through AI-infused chatbots.
As Gartner also predicts, over 25% of customer service operations will employ virtual assistants by 2020. With efficient customer engaging and serving capabilities, chatbots are becoming one of the most effective AI-powered digital marketing tools for businesses.
As much as 60% of customers prefer buying from retailers with optimal prices. To balance customer satisfaction along with profit margins, businesses are adopting AI’s machine learning techniques for optimizing prices as per market conditions.
To do so, AI employs self-learning algorithms that analyze prodigious amounts of data and pricing scenarios to suggest the most optimum prices. The algorithms comb through thousands of historical pricing decisions and their effects on demand for complimentary products along with demographic segmentation.
For instance, Amazon employs an AI-backed in-house pricing hub that automatically optimizes the price of millions of products based on demand, location, customer response, and market conditions. Moreso, AI models can be trained on specific data to initiate personalized pricing, offers, discounts, payment channels, and bundled pricing options.
The traditional A/B testing approach behind marketing campaigns involved herculean time, effort, and cost. On top of it, such campaigns are often directionless, fail to connect with customers, and lack the personalization touch.
With data-driven insights, AI models can significantly boost brand awareness with personalized campaigns across digital channels. In addition, machine learning’s data processing capabilities can increase digital ad spending by as much as 70% with the following techniques-
a) Personalized product recommendations and content curation
b) Intelligent search functionality
c) Optimized PPC ads based on time and traffic data
d) Dynamic audience segmentation, and
e) Sales forecasting
In the wake of uncertain times ahead, AI-powered digital marketing tools are beginning to augment brand presence across borders.
In these difficult times, we, at Oodles, are constantly exploring new opportunities for businesses to harness emerging technologies and restore business growth. Our AI development team is working with global clients to train AI models with domain-specific data and build innovative solutions, such as-
a) Lead generation chatbots and virtual assistants
b) Demand forecasting with predictive analytics
c) Personalized product recommendation systems
d) Social media chatbot integration for eCommerce brands, and more.
We understand that going digital is insufficient to understand dynamic customer needs and match them with appropriate products and services. Hence, we power the marketing campaigns of businesses with AI-driven insights and tools to generate greater value and ROI.
Connect with our AI development team to explore more about our artificial intelligence services.