Customer acquisition. Customer retention. Revenue. Three terms that every marketer is very familiar with in the hopes that their efforts can continuously grow them. But in the era of the soft sell, where shoppable ads and generational marketing are key drivers of success, there’s more to “selling” than meets the eye.
Enter AI or artificial intelligence, a buzzword that has been thrown around the advertising industry lots in the last few years and is making waves in tech. In fact, as of 2022, the global AI market is valued at over $136 billion.
But what does it mean and how is it actually helping publishers, marketers, and brands enhance their businesses and skyrocket their sales?
What is AI?
Artificial intelligence is machine-demonstrated intelligence. It’s the ability for machines to be able to simulate human intelligence, skills, and traits; and perform tasks that otherwise would be performed by people. AI is all about efficiency, and efficiency is key when it comes to marketing, advertising, or selling your products. It is also key when it comes to the customer journey, their experience, and the support you provide them with.
AI is all around us. It’s anything from voice assistants and smart speakers, to customer service bots, automated emails, and the ‘recommended for you’ section on Netflix. Nowadays, they even have AI lip readers, which are supposedly more accurate than human lip readers.
Benefits of AI for sales
According to the Harvard Business Review, the use of AI increases leads by as much as 50% and reduces costs by up to 60%. But why?
It cuts call times
The Harvard Business Review also says that AI reduces call times by 60%. Not only is that a win for your sales representatives who are probably up to their necks in calls, but it also helps satisfy your customers by getting their needs met faster.
Less calls = more efficiency in the workplace
One of the most resource-consuming aspects of running a B2C business is keeping up with your customer support. How do less calls drive business efficiency? By alleviating the load on your representatives by answering basic customer queries and resolving simple issues. This gives them more time to spend on other work tasks.
That’s why some of the world’s biggest retail and CPG companies are tapping into the power of conversational commerce – via the use of chatbots – to increase customer loyalty, win new customers, and drive sales through the roof. And with tools like natural language processing and Google Cloud’s Contact Centre AI, today’s customer support chatbots are humanised, authentic, and priceless.
It provides accurate recommendations
Data that to us appears unstructured, siloed, and unusable, is interpretable by AI algorithms that can read it, organise it, extract useful insights from it, and then leverage the insights to accurately recommend products to your customers.
In a time where hyper-personalisation is not only appreciated, but expected by your customers, relevant recommendations could be what stands between you and a sale.
It improves the advertising experience for your customers
There’s no denying that the customer experience matters more now than it ever has, which is why a smooth, seamless, and non-intrusive advertising experience is the key to success. And AI helps by making your advertising smarter.
Over the last decade, marketers have begun to see just how powerful marketing can be when combined with intelligent, data-reliant systems. Now, AI is effectively used to create more tailored advertisements; ads that target the right customers at the right time, without infringing on their privacy and while saving you money. It’s clear: the future of marketing is contextual, targeted and predictive.
Are you using AI to skyrocket your sales?
Introducing TRENDii Ads: your AI-powered contextual advertising partner that helps you get your products in front of consumers at the exact moment they are inspired to shop; driving higher-value customers who are shopping by inspiration.
It leverages the power of artificial intelligence, content and context to promote your products; and leaves behind outdated and ineffective advertising methods.
Want to learn more about how our AI-driven ads can skyrocket your sales? Contact TRENDii Founder, Aaron Woolf for a risk-free trial, or head to our website.