With the increase in the number of customers some firms are acquiring, it can be difficult for marketers to track ongoing customer activity in a timely manner. Artificial Intelligence (AI) can help marketers determine if customers are remaining loyal or are about to jump ship.
Considering customer acquisition and retention, traditionally it was less expensive to keep existing customers than find new customers, but the cost of customer acquisition using digital tools has increased dramatically as Google and Facebook have gotten wiser about the audiences they measure and deliver. This has resulted in the need for even more focus on monitoring the current customer base.
In the past, market research had different teams of people focusing on different aspects of the customer lifecycle. AI collapses those silos, resulting in a cross-channel team to manage customers. And with the commoditization of products, customers know that if they can’t get what they want from one firm, they’ll go to another. They’re less loyal now. The following article looks at how AI can make marketers more efficient. Read the full article here.