Artificial intelligence is everywhere in today’s world. You use it on your phone, it powers the digital assistants so many people have in their homes and it makes home automation devices smart. Beyond that, it is one of the most powerful tools for helping businesses make decisions.
Companies can now become more data-driven by using an AI-powered BI tool. Instead of having to rely on data scientists to handle all of your analytics needs, these AI platforms can take your data and find insights for you. In many cases, it is as simple as inputting queries like you would with a search engine.
One area where AI has great potential is in marketing analytics. It can help businesses to know their customers better, find the most effective messaging and identify the products that different customers want.
With AI growing in importance, many businesses are wondering what they can do to apply it to their marketing data. In this post, you will learn about some of the applications for AI-powered marketing analytics.
What is AI for marketing?
With AI, you are taking machines or computer systems and making them intelligent. With modern AI tech like machine learning and deep learning, you have AI systems that excel at finding patterns and learning from experience.
When applied to your business data, it can provide insights and help you forecast the future. As it concerns marketing, you could use customer data to find the types of content that will speak to different groups, identify trends that could help you sell more products, find the channels that offer the best conversion rate and more.
As an example, an AI analytics platform could be trained to analyse the performance of landing pages. Based on the data, it might find that certain headlines perform better or that a specific page length has the best conversion rate. Marketers could then use this information to create more effective landing pages. All the while, the AI can continue to learn and refine its results to give you more powerful insights in the future.
Working With Data From Different Sources
Most businesses have multiple sources of data. It could be your CRM, data from social media, email marketing data, your bookkeeping software or anything else. All of this data is valuable, but it is not one unified source. Processing the data and putting it all together can be time-consuming.
Many AI-powered analytics platforms have the ability to work with a wide range of data sources. They can connect with different data sources and bring everything together for one unified source. Along with saving time and reducing errors, this can make the data more powerful by allowing these different sources to work together.
Insights That Matter
AI analytics tools perform well when it comes to finding patterns in data. These systems are smart enough to automate analytics and find insights you might not have even thought to look for. They also tend to do well at knowing which insights are most important for a business, so they are great for providing actionable information.
The Power of Predictions
These analytics tools can do more than just provide insights about the past or current state of the business. Many of them even offer predictive analytics to help businesses see what is coming in the future. This can help you get ahead of emerging trends and prepare for issues that otherwise would have come as a surprise.
Beyond prediction, some AI tools will offer prescriptive analytics. With prescriptive analytics, the system will look at historical data and current data to model different scenarios that may occur. It can then run different models based on the different actions you could take to find the best course of action based on the data.
AI can help you get more from your marketing data. With the right tools, you can make campaigns more effective and increase your ROI. Many of these tools will even get more effective the longer you use them.
This is a guest post.