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Consumer touch points are now spread across social media, search engines, print advertisements, email, podcasts, and more. Since consumers are exposed to thousands of messages on a weekly basis, it has become essential for companies to stand out amid all the noise by investing in the touch points that resonate most with their customer base. But greater exposure has also come with a rise in costs-per-clicks. The Harvard Business Review estimates that global spending on media ballooned to $2.1 trillion in 2019. This reflects the difficulties companies face in understanding which touch points matter and which ones don’t. Since customer acquisition is multidimensional, where consumers are led to a brand not due to only one touch point but many, the aggregate analysis companies make today to determine future uplift is ineffective in the face of having to deliver individualized consumer preferences. The array of marketing touch points are too complex for marketers to optimize through a manual analysis.
AI enables your marketers to optimize their marketing attribution by discovering which combination of touch points will lead to the highest amount of conversions. Unlike A/B testing where companies experiment different combinations and collect lagging data, AI saves marketers time by predicting in advance which combination of investments towards their 50+ touch points will generate the highest lift in responses. Using advanced algorithms, AI trains itself by learning the data from your past campaigns to discover underlying patterns that suggest what outcomes you’ll see in the future based on similarities and differences in the combinations of your marketing attribution. AI allows you to develop a unique marketing mix tailored to the purchasing decisions of your customers. You will not only increase your conversions but also do so more efficiently with as few resources as possible. Greater exposure does not always require greater marketing costs, but it does require greater personalization and utilization of the marketing you already deploy.
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AI can help organizations across the board, no matter their industry, with a variety of internal and external challenger - from driving operational efficiency and optimizing expenditures to transforming marketing activities and improving forecasting.