How can you Acquire more customers with AI?
Customer Acquisition and AI
Customer acquisition is the process of convincing a consumer to buy your products. A customer acquisition manager takes into account the cost associated with this process when measuring the efficiency of a customer acquisition strategy. For a customer acquisition strategy to be deemed efficient, the profit garnered from acquiring a customer should justify the expenditure done to obtain the customer.
Artificial Intelligence (AI) is the concept and the discipline dealing with computers that can imitate a human being’s decision-making process. AI systems are more efficient than humans as they can take into account a significantly larger amount of data while making a decision.
Traditional ways of Customer Acquisition
Conventionally, customer acquisition managers rely on email marketing, referral programs, giveaways, print and multimedia advertisement, SEO and online marketing, and using analytics to segment their potential consumers.
The most significant factor affecting the efficiency of the strategies mentioned above is the human element in these processes. While managers and marketers do use analytics to segment consumers and generate insights; these insights are only as good as the judgment of the person analyzing them. Charts and statistics may lead to different inferences for different people.
Since the efficacy of each decision rests solely on the human element, there is a high margin of error as well.
Further, the consumer today expects more from the products and services they pay for. Consumers expect products and services to cater to their unique demands, instead of opting for a standardized product and just making it work.
Hence, it becomes crucial for organizations to understand demand correctly, target the right consumer section using the most effective channel, and employing the most effective strategies to attract customer interest.
Using AI in Customer Acquisition
Using AI-Powered Smart Segmentation Techniques
AI-systems that you may employ for customer segmentation are capable of adapting themselves according to real-time data. Hence, insights generated from such systems are comparatively more useful and allow decision-makers to identify the correct consumer segments, more efficiently.
Further, these AI systems update themselves as user behavior changes, informing marketers well about shifting consumer dynamics. Such information is vital as it directly increases marketing strategies’ efficiency and saves cost that might have been wasted on an irrelevant approach.
Customized Offers and Deals for Each Customer Segment
Once you have identified your customer segments, the next step is to tailor the product according to their needs. AI systems closely study user-profiles and determine the demands, needs, and expectations of customers from a particular product or service.
Considering that approximately 84% of customers feel that being treated as a person and not a part of the statistic is integral to their decision when choosing a service provider, the insights an AI system provides are critical to a business’s growth today. Using these insights, you can tailor your products, your marketing strategies, the communication that you have with your consumers, and the overall tonality of your organization’s image according to emerging consumer trends.
Using Predictive Analytics to Understand Customer Behavior
Predicting customer behavior and market trends is key to deciding production quantity, inventory, product mix, etc. AI-powered systems use predictive analysis to gauge the market trends and how your organization can best prepare to stay ahead.
AI-Powered Customer Support
A study predicts that AI usage in customer support services will shoot up by 143% in the coming year. Another study conducted by Deloitte concluded that using AI alongside human agents yields best results in providing customer support service.
Keeping the intense competition and shifting customer dynamics in view, an organization must make the right move at the right time. AI-powered systems significantly boost an organization’s capacity to make these decisions correctly and well-in-time. It is safe to say that AI-powered customer acquisition is the next norm in marketing; it is up to you how soon you choose to reap the benefits of the AI revolution.