Exponentially enhance your data-driven marketing efforts.
COVID-19 has had an impact on companies of all sizes, disrupting markets and affecting the lives of countless people across the globe. It has forced many businesses to recalibrate their processes and reconsider fundamental strategies to keep their companies afloat. For marketing during this time in particular, brands need to rethink the way they engage with customers from a much more innovative point of view to stay ahead of an uncertain curve.
Even before the pandemic hit, the number of businesses that used data to actually implement actionable steps in their marketing was minimal. Now, as the pandemic rages on, that data is critical. Marketers must not only become increasingly aware of the amount of data that their businesses use, but how to enhance their marketing efforts using artificial intelligence.
Identify What You’re Looking to Learn
Way too many companies invest heavily in software in a quest for big data and analytics without truly defining the problems that they’re looking to solve, and what the result of solving those problems would look like. Knowing what questions to ask is equally important for marketers than having the best tools for data analysis. More data doesn’t necessarily mean better insights.
The biggest factor AI brings to table for marketers is to be able to easily organize toward solutions. Brands investing heavily in connecting to different data sources enhanced by artificial intelligence ensures quality data for real-time consistency and accuracy. That causal analysis can determine and streamline future promotions.
Prepare your Data to be Functional
Data is a fickle thing despite being so direct. Smaller brands think that their size means they can offer more bespoke, data-backed solutions. Larger agencies tend to be more confused sometimes because they have an overabundance of data and they aren’t even sure what to do with it (please see the first section above if you’re still wondering about this point).
Marketers over-complicate things when thinking they have to understand and capture every data point that could be associated with certain consumer segments. There could be hundreds of thousands of unique property fields that could be associated with a business of certain consumers alone. Trying to do everything all at once, with a one-size-fits-all attitude, doesn’t work well. Using data and price sensitivity backed by AI can instead inform discounting strategies.
To gain value from the mountains of information, data science and AI techniques allow brands to observe and categorize customer behavior at scale to pinpoint buying patterns more efficiently than the pre-COVID era. There’s a huge opportunity here for new players to re-define the standards by establishing AI-backed solutions with functionality in mind.
Establish a Simple Tech Solution
A clear path of AI-backed checks and balances will truly drive actionable results. Too many marketers over-promise on all the different kinds of results they hope to achieve. But it can easily get out of hand — especially during COVID. All too often, marketers create too much noise to actually glean any real insights. They must ask themselves: What’s the minimum viable solution in terms of what’s going to get answers the quickest?
The AI-based methodology from RevTrax recommends and changes offer-values for brands across a wide-range of consumer segments and engagement levels. These real-time recommendations are based on over a decade of experience studying consumer response to offers, and backed by state-of-the-art machine learning algorithms.
Brands are on the right path when it comes to wanting to take a quantitative approach during this time. Crunching the numbers provides at least some certainty. But having big data doesn’t just mean much. Processes create new data at every touchpoint, and there needs to be actionable quantitative analyses to gain nimble insights. When it comes to doing something with data during COVID-19, marketers need to take practical, but innovative steps to improve or perish.
If you’d like to learn how RevTrax AI can help enhance your data-driven marketing efforts, contact us to speak to a specialist.