Leveraging Generative AI for Better CX and Revenue

Leveraging Generative AI for Better CX and Revenue

“Customer expectations will increase year after year. How do we, as marketers, meet these demands and differentiate our brands?” asked Talisha Padgett, Microsoft’s general manager, of martech platforms and AI, in her presentation beginning off Day 1 of The MarTech Conference. “I believe it’s all about infusing AI, from planning through analytics, which will also enable a unique customer experience.”

Padgett referenced a recent McKinsey analysis that predicted genAI would provide up to $4.4 trillion in yearly global productivity. Furthermore, Sales and Marketing was identified as one of four functional units capable of delivering 75% of that value.

“That means, every time we engage with our customer and they’re engaging with our brand, it’s an opportunity for us to get better and to blow the customer’s mind,” Padgett went on to say.

Where to integrate genAI into customer experience

There are five stages of the marketing funnel where genAI can be used:

  • Understanding the Customer
  • Developing ideas and strategies
  • Campaign creation and deployment.
  • Customer Personalisation and Engagement
  • Campaign monitoring and performance analysis

Generative AI can help [marketers] at all five stages,” Padget told me. “And you can have other stages, but that’s how I think about it.”

Moreover, Padgett sees three key marketing goals that marketers may achieve by incorporating genAI at various stages. The technology can be used to generate more leads, boost income, and encourage repeat business or loyalty.

Generate more leads using genAI

Marketers should take a cautious approach to new AI tools. When content development has been improved to produce several versions, marketers can speak to client segments in more personalized ways. These interactions provide more data, allowing marketers to better understand what works and what doesn’t. And these insights can generate more leads.

Understanding the consumer. Marketers may use natural language processing (NLP) to inquire about current consumer information. Padgett is familiar with a firm that uses artificial intelligence to create synthetic personas from composite data taken from numerous datasets, including survey data and CRM, to learn more about their prospects and why they aren’t converting.

Strategy. GenAI solutions like Bing Chat can be used to conduct competitive analysis and determine how competitors reach their target audiences.

Campaign creation and deployment. Use genAI chatbots to generate content and visuals for campaigns to increase prospect engagement.

Customer personalization and engagement. Personalize the chatbot experience with demographic or behavioral data to make client engagement more relevant and efficient.

Campaign monitoring and performance analysis. Deploy a next-best-action engine with NLP that allows marketers and the data science team to ask queries about how to improve the customer experience and drive the most effective actions.

“As long as a customer is finding value, the company is getting better engagement and you’re saving steps, that is a win for everyone,” Padgett said.

Using GenAI to earn revenue

Chatbots and genAI technologies make it easier to produce more personalized experiences and content faster. Marketers that experiment with these technologies will not only be able to create more versions, but also test and validate what works. Winning combinations can be utilized more frequently, which improves consumer satisfaction.

Understanding your customer. Reduce abandonment and boost order value by segmenting clients based on landing page referrals and personalizing the landing page experience to these groups.

Strategy. Use genAI to develop images of new items and features to quickly test them on customers. These findings can be swiftly translated into product roadmaps. Including your clients in this process can help increase their passion for the brand and get them closer to making a purchase.

Campaign creation and launch. Create new, more relevant calls-to-action at scale and integrate them into genAI-produced ads and emails. Padget suggested inserting a notice “content produced with AI”  to inform users that product recommendations and format may change.

Customer personalization and engagement. Integrate genAI with a chatbot to offer personalized responses.

Campaign monitoring and performance analysis. Consider automating and streamlining campaign monitoring tools, then overlaying NLP over them so that team members can ask questions regarding performance. This makes monitoring more inclusive, and more hands will be available to alter ads and increase sales.

Increasing repeat purchases and loyalty with genAI

Organizations that use genAI to increase content creation and messaging can launch customized campaigns for more specific client segments. This means communications are more personalized and targeted at specific places of friction in the consumer experience. Over time, a better customer experience will increase retention and loyalty.

Understanding the consumer. With the ability to scale content production with genAI, marketers can test creative variations on sub-segments and validate what works. “These are different ways in which you can build upon things that exist, but be very specific for your customer,” Padgett added.

Strategy. Create “act-like” messaging tailored to consumer segments experiencing certain friction points in their customer journey. When you address these issues, you will earn the trust and loyalty of your clients.

Campaign creation and launch. Anticipate and address friction spots through targeted messaging, experiences, and chatbots.

Customer involvement and personalization. Use genAI to build and launch a re-engagement campaign for lapsed clients.

Campaign monitoring and performance metrics. Use past data to uncover common pain spots and risks of client loss. Create a campaign addressing these threats to keep customers interested.

“The difference with generative AI is you don’t have to be a developer or a data scientist to leverage its powers,” says Padgett.

Source- Martech

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