How does Artificial Intelligence in marketing help you calculate ROI?
The success of companies that have adopted artificial intelligence for their business processes can usually be tracked when looking in detail at the changes and/or improvements that have occurred within the organization after its incorporation.
And while this adoption information is really valuable, how can artificial intelligence help you calculate and boost your ROI? Here are a few tips:
1. Understand how your metrics and artificial intelligence drive the personalization of your strategies.
Artificial intelligence should no longer be seen as a complex technology. While it is true that there are algorithms that give anyone a headache, it is also true that a little exploration and effort is enough to understand them.
Artificial intelligence takes your data to identify trends, applies them to your customers' journeys and guides them to the action you want them to complete. This is why it is important to understand that the data that artificial intelligence tracks is necessary to achieve the goals your company wants.
2. Use your metrics and artificial intelligence to guide customers to make decisions.
Another way artificial intelligence drives your company's ROI is through its ability to apply data from personalized shopper journeys. With that in your hands, you can guide customers to the best action, which is the one you want them to take.
When your data is useful, your return on investment is in good hands. However, it is vital to choose the right tools to work with such data, otherwise your data will not be put to good use.
There are tools that make your data more manageable and artificial intelligence can be used to identify such information.
Again, with the right information you can offer personalization at scale, because you know what motivates your customers, where they are, what they need and what motivates them to buy a product or service.
3. Measure meaningful metrics on which you can act.
Ok, this sounds complicated, we know, but there are ways to make sure the data you capture is intelligent. The first thing to remember when considering what metrics to measure is to always keep ROI in mind. But, to do that, you must leave behind vanity metrics like page views and the number of Likes on your social networks.
If your goal is to increase traffic to your website, measuring conversion rate is much more worthwhile for ROI than measuring page views alone. This information also helps your artificial intelligence inform which campaigns, tactics and channels work best not only for traffic generation but also for conversion generation.
Understanding 100% of business intelligence solutions and how to calculate and boost your ROI may seem complicated, but with the help of experts in the field it is easier than you think. Contact us at Nuvalia to learn more about how to do it.