How AI Improves Conversions and Retention in Cross-Channel Marketing

We’re living in a data-centric business ecosystem. Things have started changing rapidly for businesses, especially when it comes to marketing — the lifeblood of any organization’s revenue.  Artificial Intelligence and Machine Learning algorithms allow us to make data-driven decisions that’ll help us improve our customers’ experiences with our brand more by making them more fulfilling and engaging.  These technologies can help us identify our customers’ behavior patterns, understand what topics and products appeal to them most, and thus significantly increase their retention rate.  In this article, we’ve compiled a set of reasons why organizations should invest in AI-based cross-channel marketing. Let’s dive right in, shall we?

Why cross-channel marketing?

A cross-channel experience provides customers with much more incentive to purchase your product. Some reports indicate that customers that communicate with your brand on multiple channels spend up to three times more, compared to single-channel shoppers. “More importantly, multiple channels mean multiple sources of user data and more insight into their behavior and preferences. Each data source influences the other. All of them fall into place and form the so-called great picture, which allows companies to understand their customers and calibrate their marketing efforts,”- says Estelle Leotard, a tech writer for Studicus and TrustMyPaper. However, it’s understandable that many businesses are having a hard time managing an online presence on a broad spectrum of social media platforms and marketing channels since this can be too time-consuming and costly. This is where cross-channel marketing platforms come into play.

Here’s how you do it

Tailoring online experiences is an essential component of a modern marketing strategy. In a recent study published by Salesforce, 85% of respondents suggest that being treated like an actual person, not just a number in some marketer’s spreadsheets, is a critical factor in winning their business. To do that, companies need to tap into each of their customers’ interests, passions, and fears. 

Say hello

A very basic approach to personalization is acknowledging a return customer. Visitors that access your site more than once make larger purchases, at a higher rate, compared to first-time visitors. Therefore, it’s essential to underline that you’re happy to see them back.  How AI improves conversions and retention in cross-channel marketing

Make sound recommendations

By tapping into the power of AI, you’ll be able to predict what a person might be looking for, based on a set of factors, like their previous purchases, the brands they like, the price, and so forth. In effect, this will allow you to advertise products to your existing and potential customers by using the communication channel they prefer. 
“A great example of this kind of hyper-personalization is Airbnb’s search. It’s powered by an AI algorithm that uses a vast number of signals, in order to provide users with tailored recommendations both on the website but also across multiple channels like social media,”- says Diana Adjadj, marketer and writer for GrabMyEssay and WowGrade.

Create seamless experiences

Customer experience is a vital component for both retention and conversion. A few years ago, a Gartner survey indicated that customer experience is projected to be “the only truly durable competitive advantage in 2017 and beyond.” This trend has been established in 2014 and remains highly relevant today.  To ensure better customer experience, organizations need to ensure better customer journeys across multiple channels.  For instance, if you’re looking to minimize your abandoned cart rates, you can choose to remind your customers about an unfinished purchase via push notifications or in-app notification. In case they haven’t reacted to it, you can persevere by sending them an email or a message on a social media platform of their choice. There’s a myriad of opportunities to explore.  Having a well-designed customer journey allows you to engage potential and existing customers, retain your passive clientele, create a new customer base, and establish a customer-centric approach in your company.

Stay on top of communication

A study published by Aberdeen indicates that circa 51% of companies use at least eight different channels to communicate with their clientele. Being able to do that efficiently can be daunting. Services like Engage360 allow businesses to facilitate cross-channel interaction by combining App Push, Web Push, and In-App Push Notifications, along with Email, SMS, social media platforms like Facebook, dynamic display ads, & video ads in one tool. This will allow you to excel at marketing communications while using all channels to their fullest, without cannibalizing either one — something that is very complicated to achieve in cross-channel campaigns. 

Automate it

Tech-oriented marketing always seeks to automate processes that capitalize on their specialists’ time. Why spend a worker’s time, if a machine can do that task for them? This allows your specialists to free up some of their time and invest it in the things that demand their undivided attention.  The Engage360 tool we mentioned above enables marketing specialists to continually improve the quality of their campaigns, by carefully monitoring, optimizing, and eventually automating them, which allows increasing the ROMI over time significantly. As a result, marketers can control everything from one dashboard, rather than having to deal with multiple tools, and more importantly, paying various recurring subscription fees. 

Long-term effects

It’s essential to underline that combining AI and cross-channel marketing won’t just yield higher conversions and retentions — there are also long-term positive effects on it. 

Customer loyalty

Collecting data from multiple sources will gradually allow you to get a better understanding of who your actual customer is, what their interests are, and what their actual needs are. As a result, you’ll be able to build a long-term relationship with your customers by regularly providing them with high-quality services or products that address their needs.  This is critical for business. It’s much, much easier to increase your revenue by focusing on the retention and satisfaction of your existing customers, rather than trying to attract new clientele. The main reason is that your current customers are 3.5 times more likely to purchase your products and services, compared to a new one. As a result, ensuring a loyal customer base will allow your business to flourish. 

Higher staff satisfaction

Remember the last time you had to do a tedious job that drove you insane just because of how repetitive it was? Investing in AI to fuel your marketing efforts will allow your workers to focus on the things that matter. Humans are gifted with creativity, analytical and critical thinking, and many other essential qualities that become gradually impaired if we have them do repetitive tasks that can otherwise be automated. 

Conclusion

In the modern business ecosystem, businesses that engage and retain their clientele are the ones that reach the top of their industries. Therefore, it’s safe to say that organizations that aspire to become niche leaders need to invest in AI-based technologies, and marketing is most certainly among the first fields they ought to automate.  AI-based cross-channel marketing will enable you to efficiently communicate with your customer base, engage them, deliver personalized experiences, and earn their loyalty.
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