Welcome back to the second episode of our series on AI and Intelligent Marketing. We're thrilled to have you join us once again. Rose and her colleague Adele from the BV Innovation Lab will guide you through the exciting world of AI.
You'll discover how it can help you achieve "Smart ROI" (Return on Investment) in Marketing.
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And don't forget to join us again Wednesday, November 15th,
as we look at Geomarketing with Alex!
Understanding the Basics
Before we delve into the details, let's begin with some essential definitions. ROI is a term often used in Marketing to measure the success of campaigns. Controlling costs is vital in this process, and that's where AI comes into play.
In our previous episode, we emphasised the importance of identifying your most profitable clients. RFM, which stands for Recency, Frequency, and Monetary Value, is one way to do so. With AI, RFM Analysis has become faster and more efficient than ever.
Another crucial element in maximizing ROI is cultivating long-term relationships with your best customers. As we often say in the agency, "Profitability comes from People." The more you understand your customers, including their life cycles, the more effective and relevant your Marketing efforts will be. This not only saves costs by avoiding unnecessary investments but also helps in delighting your customers and turning your brand into a profitable Lovemark.
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The Customer-Centric Approach
As we mentioned, AI plays a pivotal role in creating a customer-centric Marketing strategy. By putting the customer at the center of your Marketing efforts, you can achieve Smart ROI. It's all about understanding and serving people's needs. Keeping in mind LTV (their Lifetime Value) and the changing life cycles they go through, which create different needs and aspirations.
Thank you for watching Video 02. We hope it helps you create truly personalised & profitable Intelligent Marketing.
And remember: Episode 3 on Geomarketing drops Wednesday, November 15th!
As we say in BV,
"Profitability comes from People".
The more you know
your best customers,
the more relevant & effective
by not investing in the wrong media
or launching flawed content.
– Rose –
Preparing for the AI Revolution
So, how can you prepare to integrate AI with your Marketing data effectively?Let's start with your database:
- Collect relevant data from various sources,
such as CRM, Social Media, web analytics, and e-Commerce.
- Correct and eliminate inaccurate or duplicate records.
- Analyse your data using various techniques,
with RFM being just one of them.
- Visualise your findings using Infographics.
- Train and integrate your generative AI with your database.
To put things into perspective, McKinsey published a report in May that highlighted the adoption of AI strategies in companies. According to the report, three key factors are critical for success:
- A clearly-defined AI vision and strategy.
- An investment of more than 20% in AI Technology.
- Teams of data scientists to optimise algorithms.
Several startups are already harnessing the power of AI for Marketing optimisation. Names like Browse.ai, Copy.ai, Beautiful.ai, and Synthesia.io are leading the way. In the BV Story Studio, we regularly use Feeder's Predictive AI to pre-test videos, helping us locate and correct any issues before launch.
Moreover, platforms like Synthetic Users offer valuable insights into customer behaviour, allowing you to speak your customers' language and make informed Media buying decisions.
Integrated Marketing Technology platforms like Marigold's Selligent Cortex centralise Omnichannel customer data in the CRM. Cortex's Machine Learning capabilities recommend Smart Audiences, Smart Offers, and even Smart Subjects for Email Marketing, enhancing your overall Mmarketing strategy.
We hope you've gained valuable insights from these Programme Notes and that you're already envisioning how AI can help you achieve your Marketing goals.
We encourage you to explore the resources and examples here on our blog. And please join us for the remaining videos in our series.
In closing, we urge you to focus your efforts on creating Intelligent Marketing.
Not only is it more profitable, but it's also a lot more fun.
Wednesday is AI Day!
Be sure to tune in every Wednesday, starting on October 25th, 2023, to join us on this enlightening journey. Our series will provide you with invaluable ideas, strategies, and real-world examples that will give you a competitive edge in the ever-changing world of Marketing.
Stay Connected with Us
As we explore the realms of Intelligent Marketing, we encourage you to visit us at Bvirtual.com for more insightful content and updates. Together, we can unlock the full potential of AI and lead the way in Intelligent Marketing.
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