Need help finding clients? There is an AI for that
Can Artificial Intelligence Become Your Best Seller? According to Oracle, yes.
Earlier this week, the B2B software company announced the launch of Oracle Fusion Marketing: a new AI-powered platform that helps businesses automate their marketing campaigns and lead generation. The technology should analyze first-party user data, such as customer purchase history and email interactions with the customer. business, to determine what type of content they’re most likely to engage with in the future. Sales teams can then target the most likely consumer to convert and use existing customer AI analytics to better refine communication with new potential customers.
More personalized ad targeting results in higher email open and click-through rates, which translates into a better chance of making a sale. This can have a real impact on your bottom line: personalized marketing (for example, an email aimed at customers with a particular budget or an advertisement targeting a demographic niche) can reduce acquisition costs by 50%, increase revenue by 5 to 15% and increase the effectiveness of a marketing spend by up to 30%, according to a Harvard Business Review study.
Because AI simplifies the task of collecting data, it also allows companies to focus fully on the task, so employees can focus on generating ideas and developing strategies, the former wrote. Inc.com columnist, Amanda Pressner Kreusner, co-founder of Masthead Media.
Of course, if you think it looks like third-party cookies by another name, you might be right. Concerns about consumer privacy have led ISPs to cancel these cookies (Google Chrome will be the last to do so by 2023), which advertisers have long used to target users. If AI marketing leads to one-on-one tracking of potential consumers, it could suffer the same fate.
Additionally, increased reliance on AI for the marketing generation means that marketers themselves will have less hands-on experience in analyzing and understanding consumer behavior. This could result in a loss of skills in the marketing community at some point. Ultimately, it’s best if AI can help you work smarter, but that doesn’t replace human ingenuity.