Unlocking data and giving marketers key insights to make better decisions.
Marketers are facing so much uncertainty amid COVID-19. Certain markets fluctuate in openings and closings, there are surges in coronavirus cases sweeping the nation and unemployment is on the rise. Everyone needs an edge to put some certainty into such an uncertain time. That’s where artificial intelligence comes in.
Brands no longer have to sit back and take a reactive, unsophisticated approach to promotional or shopper marketing. Marketers can use AI to create a massive competitive advantage — especially now as the economy is skewing toward brick and mortar locations opening back up again.
Marketers are going to market regardless of the pandemic, but there’s extra pressure to target the right customers as the economy attempts to kick back into a pre-COVID pace. Not only do they need to optimize across digital and brick-and-mortar locations, but they have to be more mindful of what kind of customer they target.
For example, retailers offering 30 percent off or more to their entire audience may increase sales in the short-term — but at what literal and figurative cost?
Brands will want to retain customers by driving as many immediate, offer-driven sales as possible because the economic future is so uncertain. The idea is that some consumers seem to be roaring to go to spend money, while others remain more cost-conscious due to having less or no income at all. This is an opportunity for retailers and marketers to initially capitalize on that by closely managing their offers to a wide range of consumers.
But it’s clear that a possible short-term gain is more than offset by long-term potential problems. One size definitely does not fit all. They have to figure out how to target their marketing and messaging to people who they can best identify as most likely to pay full price; then they tackle the next segment of customers who may be a little price sensitive for low-level discounting; next they go after as much of the third segment as possible — the consumers that need more of an incentive; and they can largely ignore the fourth customer segment of the deep deal-seekers who all demand 50 percent off every day.
That is a whole lot of potential methodical, targeted, and surgical data sets to wade through in a short amount of time. With RevTrax AI, brands can incentivize intelligently by delivering the right offer value to the right person, increasing marketing effectiveness and campaign ROI across the board.
AI and machine learning technologies effectively leverage tons of customer data and to help anticipate customer preferences, and ultimately improve customer journeys to encourage consistent return sales. It changes the way brand marketers attract and convert customers by taking uncertainty out of the who-what-and-where equation.
Companies are expected to spend $57 billion on AI platforms by 2021, but the COVID-19 pandemic may accelerate that spend to better understand consumers. Unless brands are willing to adopt a customer-centric AI strategy to redefine their traditional marketing plans, then their doors — online or off — might not be around in the years to come.
We've helped hundreds of brands over the past decade enhance their discounting and promotional strategies. If you'd like to learn how RevTrax can help you, contact us to speak to a specialist.