IIFL Wealth is now 360 ONE Wealth. We’re updating our website and it’s new version will be live soon.

Ways marketers can strike the chord using data

The widespread success of ChatGPT over earlier generative AI and large language models shows that you can’t take the ‘Chat’ out of automation and expect it to strike a chord. Conversations, connections, and comprehension trump reams of data, monologues, and templates when it comes to making a real connection with audiences.

At the outset, let me clarify that this is not a data vs human connections debate. Instead, this is about the best ways data can be an ally to every marketer. It’s about how we can layer data with human comprehension – a frontier that automation might well conquer in the future but hasn’t yet.

Statista predicted that spending on social media advertising would reach more than US$ 268 Billion in 2023. Also, over US$ 384 billion of total ad spending will be generated through mobile in 2027. Imagine a shared space where every brand can access over 3.6 billion people daily. Why would brands not use, rather exploit, this space for showcasing their products and services to discerning audiences?

And if all brands are using it, how can one stand out amid the clutter of voices? The solution lies in personalised experiences and engagement powered by the underlying correct and comprehensive data on our customer base.

The way AI is revolutionising the world, data mining will continue to play a crucial role in sales and marketing. Data on customers and prospects are now increasingly used by brands to improve Return on Marketing Investments (ROMI). For instance, the analysis done on secondary research of predicted yields is used every quarter to set expectations with stakeholders, estimating whether marketing investment will increase or decrease, going forward. But are we resorting to the correct data? And is relying merely on data enough?

Truthfully, no marketer can be replaced by automation. Marketing is a multifaceted discipline that involves creativity, strategic thinking, and an understanding of human behaviour. Although AI can assist in some areas, it cannot completely replicate the unique skill set and insights of human marketers or for that matter any human being – they bring intuition, empathy and situational judgement which can never be replaced by machines.

Everyone wants their problems solved, and immediately, but no one wants to talk to a bot to get it done.

Chatbots are great, but their sophistication is at a very nascent stage. They abound in the market; a few are superbly crafted, and others have some distance to go. These chatbots are equipped with all the data available and can answer basic queries quickly. But the templated answers in the market today need a tremendous amount of fine-tuning before they can live up to increasingly demanding audiences. In addition, the data residing in our systems, needs refinement and enhancement to allow these bots to deliver a superlative customer experience.

We must bridge the gap between the value that data adds, and the experiences that audiences crave.

Data is irreplaceable, there is no doubt about this. Marketing campaigns hit the mark more resoundingly now that they are backed by insights gleaned from quality data. Think of all the time, money, and other resources saved because brands can now launch data-backed products and offerings and are more likely to win in the market. However, the important thing to be mindful of is that data cannot go the distance alone; where data stops, experiences begin. Audiences expect personalisation and a deep understanding of their specific needs. Marketers need to know the smartest ways to leverage data to make real connections with their audiences and provide solutions that stand out.

The sweet spot lies somewhere between harnessing data and making real human connections

The transformational power of data is visible in improved bottom lines, laser-focused launches, exponentially better efficiency, and increased agility. Yet, in all these success stories, data is just an enabler. From profiling audiences and identifying behaviour patterns to using this data to build real connections, curated brand experiences – such as campaigns, events, and product communications amongst others deliver results – leaders who leverage it right are the true drivers of exponential growth.

Know what your audience really feels or wants

On one end of the spectrum, it is unfair to make sweeping generalisations out of data. On the other end, it is invaluable to leverage data and its insights to develop products and service offerings that deliver superior experiences. Use data to remove the guesswork and to know your audience better.

Measure the impact

The most significant impact of rich data is the ability to measure the effectiveness of marketing efforts. Quality data take the speculation out of campaign performances. This has helped marketers make informed decisions and have the confidence to build a future that is unprecedented. Yet, data is a means to an end – with the holy grail being building an actual connection with the audience and earning their loyalty.

The last mile

Winning the audience over their needs, marketers need to go beyond numbers, graphs and dashboards to feel the pulse of the consumer. They need to enable businesses by helping develop products/services that are relevant and of the highest quality. To stay ahead, they will have to walk the tightrope between the extent of leveraging data and over-relying on it to anticipate consumer needs and create real business value. The key is to layer data and insights with generous helpings of interactions, conversations and actual experiences.

Read the original article:

Financial Express