As the head of growth marketing for a 1-to-1 personalization platform, I probably spend an unhealthy amount of time thinking about the opportunities marketers have to leverage tech to do our jobs better. So I was excited to be asked by Multiplica to share thoughts on how marketers should start thinking about AI-powered personalization.
Go deep on personalization to acquire new customers.
I feel really strongly about this one, so bear with me. The phenomenal amount of continued growth in digital advertising spend (22 percent YoY!) and rising new customer acquisition costs in Mary Meeker’s 2019 report caught my attention immediately. Why? Because our Monetate data team had just set out to understand if the depth of personalization — i.e., a steady delivery of personalized page views — can transform the performance of acquisition channels.
When we analyzed millions of sessions, Facebook was the lowest converting referral channel for our customers, until visitors were exposed to several personalized pages. Then Facebook became the top performing channel. In an era of fast-increasing customer acquisition costs, knowing personalization can improve channel performance will help brands ensure ad dollars are going towards strong engagement and conversion rates.
And AI is one of the tools that helps marketers deliver that depth of personalization. More on that next.
Think real time.
The excitement of using AI is because not only does it save marketers time — and, believe me, I know we’re all being pulled in a million different directions — it also means we can deliver experiences based on real-time data. This is what’s making hyper-personalization finally possible at scale. Although initial rules will still need to be set up by someone, artificial intelligence can then act alone, gathering indispensable insights into customer behavior and shopping patterns. That intelligence also can establish patterns the human eye would miss, empowering marketers to make more informed decisions and prioritizations.
Don’t wait until you have the perfect data or organization.
One of the beauties of using AI is it can take on the heaviest lift of data analysis, freeing marketers from so-called information overload. However, sometimes we hear marketers saying their organizations aren’t ready for AI and don’t have enough first or third-party data to leverage. The truth is waiting for the perfect stack or team or inputs is going to put you farther behind the curve; whether it’s purchase history, referral channel, location, category of products viewed, or the type of device being used, 1-to-1 experiences can be easy to create by leveraging just a couple of simple data sources.