Obviously artificial intelligence can open up a lot of doors for improving the way you interact with customers. Now that the importance of data is a ubiquitous topic, companies are gathering an insane amount of consumer and business data to use to make predictions to improve strategies—one of them being customer experience. Those who improve customer experience can grow revenue faster.
In a study on customer experience related to revenue growth, Forrester found, “when we compared the total growth rate of all CX leaders to that of all CX laggards we saw that the leaders collectively had a 14 percentage point advantage.”
We said it before and we’ll say it again, AI is an incredibly powerful collaboration tool that can better business.
If you haven’t begun collecting data or implementing machine learning strategies, then you might already be behind your competitors.
No worries, let’s catch you up real quick on how data and machine learning can improve customer experience and grow your company.
With Machine Learning, You Can Master Creative Messaging
Every company has data that’s valuable to them, but few know how to use it to create messaging that includes personalization, perfect timing, and content curation.
Using Data to Build Personas and Personalization
We’ve mentioned in a couple of posts (like the ones about dynamic pricing and churn) that you can use data to see which person is most likely to cancel their subscription in the next month or how high a customer is willing to pay for certain features. These are just a few examples on why you want to build customer personas.
With your data, you can build out these personas and target the interests of your customers based on their attributes.
Your marketing and sales team can use these personas to deliver messaging to decrease the chance of churn, cross-sell, or just reach new audiences via social or content curation.
According to New Epsilon, 80% of consumers are more likely to make a purchase when brands offer personalized experiences. And according to Accenture, 91% of consumers are more likely to shop with brands who recognize, remember, and provide relevant offers and recommendations.
For example, if your data predicted a customer will churn in the next month, you can strategize your messaging to reduce their likeliness to leave.
Make Predictions in Real-Time to Deliver Relevant Content
Not to give ourselves a high-five, but we’re going to use an example from the Obviously AI Twitter account (you should follow us).
On World Mental Health Day this year, we plugged in data from a “mental health in tech” dataset and delivered findings in real-time to deliver to our followers. This is a great use of machine learning for marketing seasonality to give your audience topical insights quickly.
Machine Learning Can Optimize the Customer Journey
When a visitor comes to your website, you can collect data from them to better model your sales and marketing funnel.
With predictive analytics, you can:
- Track and predict how likely a customer is to enter their contact information.
- Predict which customer is most likely and least likely to abandon their shopping cart.
- Better attribute marketing activities or touch points to sales.
- Analyze how demographics affect purchase data.
- Uncover which ads were most effective in increasing sales or organic traffic.
- Predict which customers are most likely for in-app purchases.
Performing these actions with machine learning can give you insights into where to improve your funnel and allocate resources towards optimization. These possibilities are all geared towards improving customer experience and increasing conversions, thereby contributing to company growth.
Using AI For Customer Experience Forces You to Add a Human Element
Okay, say you’ve discovered all these things about your customers and you want to put actions in motion to improve their experience with your brand, you are now put in a position where you have to be uniquely human. Meaning, this is an opportunity to be creative with your messaging and improving the customer journey by creating a personal customer experience.
AI is often painted as a technology that has a lot of friction with humans. Despite popular belief, AI is a collaborative tool where you can unlock hidden potential in everyday business tasks—especially customer experience where you connect to other humans and can enhance their interaction with your business.