How are the Best Behavioral Insights Companies Using AI, ML,
and Data Analytics to Maximize Lead Generation?
Gaining
behavioral insights are the art of learning how consumers act on the market and
react to marketing messages. Over the last decade, this art form has shifted
more towards analyzing online consumers since eCommerce has become increasingly
popular. Leading marketers use the data presented to them by experts of
consumer behavior studies to form brand strategies, marketing campaigns, and
shape their customer service processes. One detail both marketers and
behavioral analysts both agree on is that when companies focus on consumers,
they respond efficiently.
Hence,
providing tailored experiences to consumers has now become the norm. It's what
the average consumer expects from businesses. Since behavioral analytics is now
a staple for all businesses aiming to succeed in the modern-day market, how can
companies gain an edge? More importantly, as businesses go global, thanks to
the internet, how can marketers target millions of people efficiently?
Why
Old-School Behavioral Analytics and Marketing Techniques Don't Work?
There
are several behavior principles for impacting audience behavior. Some highly
important principles of behavioral analytics are -
•
Certain strategies work
fine for certain demographics, while other strategies produce better results on
other groups of people.
•
If a target consumer
doesn't respond to a specific technique today, it's unlikely they'll respond to
it the next day.
•
Selecting one specific
technique and sticking to it is more effective than chopping and changing your
marketing plans mid-way by using multiple techniques.
Notice
the conflict of interest in points two and three? In other words, finding the
right technique for one consumer out of a population of millions is impossible
if we keep using traditional marketing methods like audience profiling. Hence,
it's imperative that marketers improve their ways of targeting customers with
highly personalized marketing messages. More importantly, if we want to sustain
these marketing efforts, the creation of an independent and self-optimizing the marketing process is crucial. How can marketers create such a system? Data –
that's the short answer!
How
Data Analytics Is Transforming Marketing?
Access
to large amounts of customer data is completely transforming the marketing
game. Instead of simply targeting basic aspects of certain demographics and
depending on guesswork for the rest, businesses can now find out precisely what
their customers want and modify their marketing messages on the spot. Advances
in AI and Machine learning is allowing leading behavioral insights
companies to better understand the average customer and create
personalized messages that they want to see.
Amazon
is a great example of a company using AI-powered behavioral analytics in an
efficient way. The eCommerce giant assesses user behavior to find out details
like what items the customer has purchased in the past, what items the customer
has viewed in the past, what products they have on their wish lists, etc. to
make instant product recommendations. By optimizing and personalizing their
shopping experiences, Amazon has increased its sales massively. 35% of
the company's revenue is generated by its AI-powered recommendation engine.
Can
Smaller Businesses Replicate this Success?
Yes,
and they've been exceeding at using advanced behavioral analytics for marketing
for many years now. In 2015, a study revealed that agencies who used these
tools to personalize their marketing messages achieved 36% higher
conversion rates and 21% greater lead acceptance rates. The intelligence
derived from AI, ML, and data analytics-driven tools can also be applied to
social media marketing, content marketing, or even advertising on Google.
The best behavioral insights company can help a business of any size -
Create
Content that Increases the Chance of Conversion
Behavioral
analytics is key to discovering what content resonates with target customers.
More importantly, it reveals what type of content doesn't resonate with
audiences. AI, ML, and data analytics-driven tools can instantly identify parts
of purchase journeys where customer-engagement dropped off. This enhanced
understanding of target customer behavior enables companies to polish the
content they offer and boost their chances of securing conversions.
Target
More Efficiently
AI and
ML-driven behavioral analytics reveal important details about individual
customers. Effectively, businesses can know -
•
How much each consumer
tends to spend on purchases.
•
Which offers/discounts
enticed them the most.
•
At what point of their
customer journeys they were most inclined to being converted.
•
How familiar they are with
the company's products (e.g. which customer directly clicked on a product link
and which customer took his time to browse around the website).
•
What type of content a
customer is most interested in.
These
insights can help small-scale companies separate highly responsive customers
from the typically un-responsive ones. Understanding and segmenting these
different personality types are key to improving your marketing efforts in the
long run.
Personalize
Customer Journeys
Even
though most consumers expect personalized experiences from businesses, AI and
ML-driven behavioral analytics enables companies to further improve their
personalization efforts and hopefully surprise their target customers. Relevant
offers or content will make them more inclined to nurturing relationships with
the company.
Modern-day
behavioral insights companies improve their clients' ability to foresee what
customer will react to what marketing or persuasive technique, through which a marketing channel, and at what time!