The Golden Rule of Any Innovative Marketing Strategy for 2020
The best innovations in marketing happening right now center around one very specific thing. This type of tool allows any marketing team or solo marketer to scale and improve any working strategy while saving their time and that of their customers.
The Golden Rule of innovation in marketing for 2020 is simple: Automate Everything That Can Be Automated. Automation tools these days are easy to use and sophisticated enough to adapt to many different use-cases when properly set up and powered by modern AI and machine learning technologies. There are 4 main tools that any established business marketing strategy could benefit from in 2020.
Automate Data Gathering and Administration with Chatbots
Chatbots top the list as most useful and widely applicable. The chatbot industry itself is growing at a CAGR of over 30% in both North America and Europe. At present, 65% of consumers are more than willing to make the most of a chatbot interface. This number is continuing to increase year-over-year and experts expect it to reach over 80% as soon as 2026.
The best uses for chatbots are in customer service and data gathering spaces. Customer service chatbots can help customers with a variety of tasks, from finding information to tracking packages and even processing orders. Taking care of these simple and common tasks can help save customer service personnel valuable time. If a chatbot is unable to fulfill any request, it is easy for them to pass off any information they have gathered to a live service agent.
Beyond customer service, chatbots can also make the process of collecting data from things like surveys very simple. Depending on the program used, this information can also be processed into a more useful format.
In 2020, the ability to have an inbound sales process software to help funnel leads, collect data, and help facilitate the sales process can help even the smallest marketing teams maintain their edge. Automation helps any team do more in less time and with greater accuracy. Chatbots are a leading way to get started.
Automate Personalization With Segmentation
Not every customer will respond to the same marketing efforts. With segmentation, you can use only the most effective tactics for each sub-group of your customer pool. This is a tactic most often applied to email, SMS, or other types of direct marketing.
Segmentation itself may also be automated. While a standard practice at one recent point in time may have been to create segments based on how a customer signed up for a service, more and more businesses have begun implementing AI that analyzes customer behavior. It then sorts these customers into different segments based on this analysis. Once this process has been going on for several months, it may be possible to gain a better understanding of your ideal customer’s preferences.
Automated personalization is similar. Customers may also be grouped by product preferences and any promotions involving these preferred products will be sent to these customers only. Further, these customer profiles can be used to alter the web or mobile experience of these customers. Automating personalization at this granular level will, according to data collected by Boston Consulting Group, improve the revenue of companies that implement this type of automation by as much as 10%. Only about 15% to 20% of companies are, at present, implementing this strategy of automated personalization.
Increase Customer Retention and Overall Experience with Predictive CLV
Predictive CLV (Customer Lifetime Value) is a complex topic and can be challenging for many to get right. This is why automation in this field can help improve the accuracy of CLV predictions as well as help predict the most valuable actions that can improve these predictions.
Several commercial solutions exist that use machine learning to analyze a variety of data points that can help you determine what the lifetime value of the average customer or any given customer is. These calculations can be compared to those made when certain variables change. This can highlight certain actions that can improve CLV, such as the use of a loyalty program or changing the length of a free trial. While not offering immediate improvements, using automation to predict CLV can have long-term and long-standing results.
Automate Cross-Channel Marketing
Individual marketers and small marketing teams should always stick to the simplest marketing strategies until they come up with a proven system. However, when it comes to the broad reach and cross-channel marketing, these same teams may struggle with one particular resource: time. Even if they do have enough time, different team members working across many channels may pose a challenge for consistency of messaging and brand image.
Automation solves both of these challenges. By reducing the workload, they allow each individual to accomplish more in less time. Even better, automation with specific workflows and templates can drastically improve the cohesion of any marketing effort.
Consistent messaging across channels can improve purchase intent and brand perception by over 68%, according to the IAB (Interactive Advertising Bureau.) Consistent branding can decrease confusion and increase trust. With more time and automated data collection, it’s also possible to optimize strategies across multiple platforms for optimal results.
2020’s Golden Rule of Marketing Innovation in Automation
No matter what size your business or brand, even if your marketing team is just a single person, automation can easily be integrated to create a smoother experience for your customer. Behind the scenes, automation will save you time and, if the statistics are to be believed, the right automation strategies will dramatically improve the growth and revenue of your business.