At the core of good marketing lies in-depth customer insight. Before technology took over the world, customer insight was a lot tougher because it meant physical surveys, in-person interviews / meetings / conversations, etc. With technology allowing us to do many things at the click of a mouse, it is much easier to gather knowledge about what customers want, what they like, what they dislike, how they react to different marketing tools, etc.
Data Science and Analytics used to be a field associated with those in technical workspaces. However, it has become critical to digital marketing as well. Data science allows you to collect data about your customers while analytics segregates that into segments of different categories. Basis the quality of data acquired, this information can be the ammunition required to create a successful marketing strategy.
IAMAI’s recent research revealed that there are around 500 million active internet users in India. This is a HUGE opportunity for brands because it allows them to gather data from different geographies and demographics, tabulate it, infer from it and thereby utilise it to their advantage.
Was the content engaging?
Did it reach the right people?
How did the target audience react to the marketing targeted at them?
What worked best?
What didn’t work well?
These are typical questions in the mind of any marketing professional that data science and analytics can answer. It also mitigates the risk massively because you can now offer a service / product that has a market, rather than use guesswork to create something.
Another huge change has been the extensive use of artificial intelligence, which is transforming digital strategies completely. Be it google AI, Siri, Alexa or any other assistant that caters to all our questions, we are slowly becoming heavily reliant on AI. It is believed that AI will become indispensable in all future digital tools and products, especially those connected to marketing.
If you are one of those that doesn’t use voice search through an assistant, you may think that artificial intelligence has not made its entry into your life but you are definitely mistaken. AI is also behind showing you relevant products based on your searches and purchases. It tracks your digital journey, recognises and analyses your behaviours and then shows you what you may like to see. This proves to be a win-win for both the customer and the brand as there is a higher chance of conversion.
Artificial intelligence is also effective in implementing good Customer Relationship Management through tools like AI chatbots. Programming the chatbot with relevant questions and answers can reduce the work of multiple people, thereby reducing costs in the long run. Global tech giants are choosing to combine data science, analytics and artificial intelligence in order to create a machinery that can be depended on for customer inputs and insight.
Although India is still in its nascent stage in terms of heavy use of this technology, it is catching up quickly. Some of the biggest firms across the country are realising its value and walking down this path. The question that arises always though is – how much is too much? How far should a brand dive into the lives of its potential customers for its benefit? What do you think?
- By Mr. Vikram Kumar, Co-Founder & Managing Director, SRV Media Pvt. Ltd.