Marketing is one of the most significant areas of organizations because, in addition to working on the organization’s positioning and reputation, it is also responsible for the process of attracting, nourishing, converting and retaining customers through the generation of value for a product, service or brand.
To achieve their objectives, and contribute to the generation of new business opportunities, it is remarkably essential that the Marketing Directors make powerful and highly effective plans and, for this, the teams need to know the market, the customers and the competitors. Here is precisely where Data Analytics and Artificial Intelligence solutions gain relevance and become so important in their daily routine, as they offer the opportunity to have access to unique knowledge from customers, to create differentiating value offers, as well as the chance to do more, and better with less risk and less investment.
The customer is increasingly demanding, digital and informed, and can quickly change his behaviour towards a brand, a product or a service, and the incorporation of disruptive technological tools in the organization provides more intelligence and knowledge, enhances new approaches and allows to achieve differentiating results and new business opportunities.
To have an idea of the large data volume that circulates in the world every day, it is predicted that, in 2020, each person will generate 1.7 megabytes of data every second. Also, IDC predicts that we will produce 165 zettabytes per year until 2025. However, assuredly, this data will only bring real value to your organization when accurately stored and worked on to generate relevant insights for the development of a good marketing strategy.
Therefore, Data Analytics and Artificial Intelligence (AI) solutions represent a tremendous step for Marketing and do not focus only on what the customer wants at the moment, but anticipate their real needs and interests. By being able to know more deeply how the consumer behaves, Marketing can develop an objective, assertive and more targeted strategies that stimulate the conversion of prospects into new customers, while retaining the current consumer.
These solutions significantly increase the chances of success, as they help to recommend, analyse, cross and accelerate new and already implemented campaigns, increase the effectiveness of the strategy, personalise the shopping experience, develop more targeted and personalised actions, and, for sure, increase the possibilities for success and new business opportunities.
Through the technological solutions of Data Analytics and AI, the Marketing department gains access to several and different information that allows it to be more prepared in the context of the decision process. Accurate access to metrics allows you to assess the impact of campaigns and focus on optimising financial return. Also, to obtain efficient and precise reports when presenting results to management.
In this way, Data Analytics and AI not only have all the potential to change the way organizations manage their relationship with customers but also to monitor and optimize the strategy to achieve better results. These solutions make it possible to identify business opportunities, while also analysing the public’s reactions to new products or services, combining internal data with data collected through social networks, blogs, forums, among others. On the other hand, it also makes it possible to identify trends, associations or recognise some patterns, to improve the consumer’s experience with the brand.
Furthermore, competition is fierce today, which means that companies have to implement strategies to attract their buyer personas through assertive marketing initiatives and powerful campaigns.
Therefore, better interaction with the consumer, accurate knowledge of the main metrics and continuous optimization will undoubtedly create more and better business opportunities. As such, by transforming your data into intelligence, you are opening a new path for your business!
Opinion article published in Marketeer magazine – July, 2020