Businesses have undergone a tremendous transformation just because of the analytical abilities AI and Machine Learning based tools offer them. AI and ML were once looked at as tech from the future and well the future has arrived. These technologies enabled and empowered businesses with quick and accurate marketing analytics.
Implementation of AI and ML-powered marketing tech was quicker in B2C enterprises in comparison to B2B businesses. Less than 20% of companies use these technologies in a meaningful manner. However, the opportunity is open, and businesses should really look at the advantages of implementing AI and ML.
Rewarding, Robust, and Potent
AI and ML-powered tools are great in the sense of their predictability, accuracy of predictions, time and accuracy of analysis, etc. In the year 2017-18 alone there was a 23% YOY growth in marketers using these AI and ML-powered tech. This number must have gone off the charts by now. There are good reasons why marketers are using AI and ML intensely. The tech offers benefits that a business can no longer ignore if they want to stay relevant and at par with their competition.
- Accenture’s report suggests that AI and ML-based tools can boost business productivity by 40%.
- It helps you analyze millions of megabytes of complex data within minutes which makes these techs very efficient.
- It allows businesses to work in multiple dimensions parallelly, giving them a larger scope of function.
- Provides deep customer insights and quickens the customer’s decision-making process.
- This is the reason why the world today knows hyper-personalization.
VP Artificial Intelligence LinkedIn, Mr. Deepak Agarwal expresses, “At LinkedIn, AI is like oxygen. We’ve been using it for over a decade to create the member experiences that people value most on our platform. It adds structure to the rich and valuable data that we have – and crucially, it helps to keep our site safe.”
Let’s look at how AI and ML are changing the B2B marketing landscape. We’ll look at how many ways AI and ML-powered techs have brought transformation in B2B marketing.
Effective Behavioural Analysis
It is important for any business to understand the trends in customer behavior. Having a clear picture of customer behavior allows for effective targeted advertising and the implementation of marketing objectives. AI and ML-powered behavioral analysis can even enable enterprises to identify what the customer is interested in purchasing. The best thing about it is its ability to handle huge loads of complex data and predict various trends with decent accuracy.
The accuracy however depends on the amount of data. More data means more accuracy and more predictions and identification of trends. B2B enterprises can marry this data with a deep learning system to enhance their customer outreach methods.
Automated Design Intelligence
It is very important for a B2B enterprise to offer a smooth experience when a customer lands on their website. It is even more important for an eCommerce enterprise. You can automate your design intelligence to offer an impactful experience. What automating your design intelligence implies for your eCommerce store is that instead of manually choosing your layout, themes, and navigation, the AI chooses it for you based on your preferences, and questions asked. This saves time and mitigates decisions. You can add anything on top of it manually as well.
This can again be clubbed with a system of deep learning to offer a personalized experience to customers. Design intelligence also benefits non-tech-savvy marketers by offering simple drag-and-drop tools to build websites, landing pages, etc. in which the design and functionality can be automated as well.
Improves Lead Quality
AI and ML-powered tools can drastically impact your sourcing and scoring. Usually, marketers believe that generating more and more leads is an effective way of boosting conversion or making sales eventually. However, more than the number of leads, the quality of leads you generate is more important. It is better to create fewer leads that convert more than more leads that convert less.
This translation from sourcing to scoring, from lead generation to sales is where AI and ML-powered tools come in. It helps you prioritize high-quality leads and gives you insights on how to interact with them. It gives the enterprises the ability to account for behavior across numerous stakeholders.
You can monitor trends and patterns so that it’s easier for marketers to focus on the personalized effort.
The way systems and industries have evolved, it is nearly impossible for the B2B enterprises to go on with generic approaches. It is crucial that B2B communication and marketing strategies are personalized.
Today AI and ML offer this possibility of hyper-personalizing your approach. A study by Salesforce suggests that 57% of B2B customers expect that they’ll be approached with personalized communication and offers. Creating a custom-tailored newsletter that includes your podcasts, blogs, videos, news, etc., and sharing it with your customers can be a great way of taking yourself to them in a very personalized way. This alone can boost your engagements by 23%.
Every individual is generating hundreds of gigabytes of data, and this data is the key to personalization. This data allows the AI tools to identify a customer’s touchpoint with you, profile customers, and even categorize their likes and dislikes. By doing so, it enables you to create personalized communication and outreach strategies.
AI and ML are a boon to B2B enterprises. They have contributed immensely in making the businesses grow and revolutionize how they function. The depth and dimension that can be explored today with these tools are unimaginable. AI is estimated to contribute $15.7 Trillion to the global economy by the year 2030. It is also estimated that it’ll boost the U.S. GDP alone by 14.5% by 2030.
Surveys suggest that only 30-40% of all B2B businesses implement AI and ML-based tools to their fullest. Though the percentage will grow naturally as time progresses, it should be our effort and endeavor that powerful tools should be utilized by more businesses globally.