Artificial Intelligence (AI) is getting thrown into a lot of marketing conversations. It’s one of those catch-all terms that can mean a lot of things, ranging from natural language processing (NLP), to machine learning.
Even if you don’t know much about it, AI-powered technology has begun to impact your life dozens of times daily. Did you ask Alexa or Siri to play music or a podcast for you during the commute to the office? Are you impressed by how Amazon and Netflix are able to find and suggest things you really like? These are examples of machine learning algorithms at work.
What’s going on here? AI is extracting insights from the huge dataset that represents your preferences, and it then uses this information to make predictions. Now, take the huge dataset of lead information you’ve collected and allow AI to extract insights and make predictions. AI’s ability to process massive amounts of information results in better choices about who you really want to talk to.
All leads are great, but some are better than others
We’re all familiar with the demand generation pyramid. Only 3 percent of your customers are in the market to buy your products at any given time. Then there is 7 percent that might be open to buying but aren’t looking. Meanwhile, the remaining 90 percent are equally distributed into three groups that are either indifferent to you, think they aren’t interested in you, or are sure they’re not interested in you.
You probably only want to talk to that top 3 percent. The unfortunate reality is that most of the information you have about these people was garnered via traditional information gathering methods. It’s either anonymized because you rely on advertising platforms like Google or Amazon, or the information is guarded behind the walled gardens of social media platforms.
Talk about frustrating. These organizations may know exactly who your most qualified leads are. They don’t plan to share. With the full breadth of information, AI would help you connect directly with that 3 percent who are ready to buy right now. AI extracts insights to tell you:
- Who in your database is an ideal lead
- What actions you should take to convert these leads
- What offer will capture their attention
Few companies today complain that they just don’t have a big enough lead database. Nearly all companies, though, agree that they just don’t have enough capacity to sufficiently analyze these databases to extract the insight needed to make decisions. As humans, we like to go from macro to a “slice-and-dice” mindset.
AI, on the other hand, excels by staying at the macro level. It wants as much as you can throw at it, such as your CRM database, website analytics, social media usage, and even trackable physical behavior.
The most powerful result is what’s known as Identity Resolution. Much of the lead generation-based data collected is fragmented. AI is capable of examining anonymous profiles gathered across multiple devices and numerous sources and resolving a conclusive identity. As a marketer, you’re rewarded with what matters most. A view of who wants to buy your product or service right now – and how to contact them.
Fasten your seatbelts
AI is going to help you with more. For example, it will be able to tell you who outside of your database is an ideal lead. Based on extracted insight, it also will be able to suggest the most appropriate offer, or generate personalized content that will further move a prospect along the buyer’s journey.
One thing’s for certain. Traditional lead generation efforts no longer work. Prospects remain anonymous because of platforms that won’t share identity information with you. Even organic search and social media has become only marginally effective. Learn how we can help you harness the power of AI to extract insights and actionable information from your data and uncover existing demand in your marketplace that’s currently anonymous to you.