Successful branding is so much more than a cool logo or packaging, it is all about brand strategies, engaging with the target audience and retaining them. Customer retention has always been a bigger challenge for organizations across all the industries. According to a recent study, the cost of acquiring a new customer is almost 25 times more than retaining an existing one.
On one hand, customers demand hyper-personalized content, customized experiences, and are already empowered, controlling their relationships as well as interactions with the brand. On the other hand, businesses are facing a challenge in attracting and retaining customers even with their proven methods, this is in turn affecting their brand success story, sales, and revenue.
To match this changing customer-brand dynamics and the increasing competitive pressures, almost 100% of the top forward-thinking companies are resorting to the hottest technology “Artificial Intelligence” which has subtly snuck into our lives and is here to stay permanently!
AI is the key ingredient for the business success in this hyper-connected online and offline communication ecosystem which is finally shifting from the ‘wouldn’t-it-be-a-nice-marketing fantasy’ to a full-on-customer-engagement hype cycle. It is the buzzword in almost every industry as it can do unimaginable things with its endless potential and abilities and help businesses in customer engagement, make them happy as well as dazzle and delight them.
Branding with AI – The State Play!
Since the invention of AI, it has been at the centre of a branding strategy for many companies. According to Gartner, almost 85% of all customer interactions will be handled by virtual robots without human intervention by 2020. AI has multiple subsets like machine learning, deep learning, Big Data analytics, which have dominated the industry with its capabilities, helping companies gain insights into their customers to improve conversion rates and shift their behaviors to meet the evolving customer expectations.
Consider advanced chatbots like Siri or Alexa or Cortana, Virtual Assistants, and other AI technologies which are increasingly becoming the face of the brands. Companies like Google and Microsoft are investing heavily to apply AI to all their products and services and not far behind them are Amazon, Airbnb, Alibaba, Facebook, Apple and more who also are shifting to AI to enhance the entire ecosystem of their products.
How can AI help churn and enhance the branding experience?
- Provide reliable service wherever you want:
AI helps to provide reliable customer service anytime, anywhere. Customers are the king and it goes without saying, if you wish to keep your customers happy, you need to provide unique and effective customer experience and not just a service.
If you are looking to run your business 24×7 you should definitely consider implementing AI into your branding strategy. Enhance intelligent search, improve content and product recommendations based on real-time demand and bolster your sales and customer service.
- Improve Brand Strategy:
Artificial intelligence takes your digital branding strategy and customer experience to the next level. Branding is all about developing the right platform for the right audience to reach them at the right time. AI in combination with machine learning helps in designing corporate strategy, identify gaps and opportunities, tell brands where to innovate to future-proof themselves, for product portfolio enhancement, helps to automate high volume core business processes which can identify system pattern to reduce cost and increase productivity. The key here is to identify which behaviours and patterns are to be optimized using AI and which are to be handled by human interaction.
- Demand Forecasting
AI also helps in demand forecasting, enabling companies to predict demand from consumers for each product category, products, and services. AI-based solutions help companies in successful marketing, advertising campaign and provide customers with what they really need, thus enhancing their experience. AI also enables deeper market segmentation to create audience-specific branding campaigns.
- Your personal shopper
AI-powered tools can tap into the discrete data available from multiple sources and convert this data into valuable and actionable insights to attract consumers. With AI, brands have an efficient data-driven tool to enhance personalization, service, order-handling, complaint management, and inventory management.