August 7, 2020.
Written by Sharoon Emmanuel
Digital marketers today need to cope up with the ever-evolving needs of the consumers by carrying out an in-depth research of purchasing behaviors to cater them in a personally relevant way at every stage of their journey.
To meet the high expectations of consumers, Machine learning is one of the most important automation tools that can help boost your digital marketing efforts. ML allows marketers to create automated marketing campaigns that deliver the right message at the right place to the right customer at the right time and at the right rate thus helping overall to delight people and deliver the required business results.
As a brand opting for ML in digital marketing, there are some key rules to keep in mind while delivering top-performing campaigns that drive success.
1. Take Steps for Growth Instead of Efficiency
ML is dependent on the way you command it to enhance results. Digitally fluent brands optimize for long-term growth and rely on a holistic approach rather than measuring everything granularly. In short, brands should focus on long-term profitability instead of short-term Return On Investment.
2. Obtain the Best Customers
Landing massive traffic doesn’t necessarily mean that you’ll end up closing big, here, the general rule applies i.e. 20% of customers drive 80% of profits. While acquiring new customers is still a target for many marketers, the problem with it is that they treat every new customer equally. It is important to understand that different buyers need to be catered differently based on their stage in the customer’s journey.
Best marketers utilize ML to invest more of their money marketing to valuable customers and less towards people who are less likely to convert.
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3. Upsell your Existing Customers
Brands need to focus on increasing the Customer Lifetime Value of their existing customers. By identifying customers that would be interested in spending more in your product or services, marketing & sales can capitalize on upselling to their current consumer base. Earning more customers over time will add to the overall growth of the company and make it easier to expand on marketing initiatives.
To further extend reach and close more sales, marketers need to look into their competitor’s customers and identify how their needs can be met by offering a similar or better service or product with added value.
For cross-selling, marketers can utilize ML to forecast what product would a current customer be interested in buying next or what would trigger him to make the next move.
Use Case: Allstate, an insurance giant, launched a cross-selling and churn-reduction campaign and experienced 2.4X retention and discovered that cross-selling was 4 times more profitable than reacquiring customers.
4. Improve Collateral
As more marketing initiatives will be automated, the focus of brands on personalizing and creating an emotional connection with consumers will matter more.
For search ads, ML can help create hundreds of personalized ads for a single search query via a new tool called “responsive search ads”. This innovative tool allows marketers to create unique ads from headlines and descriptions, and automatically serve the right advertisement to the right prospect.
Use Case: Frito-Lay discovered the most popular content categories on YouTube and then created various creative variations for each of them to serve relevant the creative to the right person at the right time.
5. Create Streamlined Mobile Experiences
Regardless of how great your advertisement creative is; a poor mobile experience can waste all your efforts. Brands need to understand the value of value frictionless experiences as most of their customers and prospects are there waiting to be catered. With automated marketing, ML algorithms can automatically land you more customers thus underperforming mobile sites will always be behind.
To win in the long run, it is recommended to transit to responsive web apps or AMPs (Accelerated Mobile Pages) to augment the overall mobile experience.
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Apply Now or Regret Later!
If you want your business to outperform, you’ll need to consider the above mentioned 5 points for digital success.
To book a consultation regarding your end-to-end digital transformation strategy, connect with us today!
Originally Published April 16, 2019 12:00 AM, Updated April 16, 2019.