According to Webopedia, conversion marketing is:
“often used to describe the act of converting a customer who browses your site to a paying customer.”
For example, if your customer abandons their shopping cart, you may market a special offer (e.g., free shipping or discount) to convert the customer from browser to paying customer.
Look at other sources, and you’ll find very similar definitions.
But while its definition may not change for a long time, how we do it is developing at an extremely fast rate.
One of the reasons for this is that new AdTech AI tools are coming on to the market all the time. Another is that we’re becoming more and more data-driven in our businesses, no matter what industry we’re in.
AI has come to change and improve the way we do conversion marketing. It has made it easier and better in a number of ways, including:
- Enabling us to process hundreds, thousands or even more times more data, effortlessly
- Allowing us to communicate with our prospects and consumers quicker and more effectively, so we can fulfil their wants and needs more fully, convert more of them, and make them loyal return customers
- Freeing up a huge amount of time, so you and your team can focus on creative ways to develop your brand and appeal to prospects and customers using the data AI provides about their preferences and behaviour
There are many more benefits related to the specific use cases of AI in conversion marketing. The business applications are almost endless, and are developing in sophistication all the time.
Let’s have a look at five of the most recent.
In late 2017, for example, Kia launched Kian, a Facebook Messenger and chatbot, to provide a direct source for all the information a user might search for. The company 3Xed their conversion rates in the first 4 months after their chatbot launch.
Winnie is a chatbot designed to help website owners make more informed decisions about which hosting provider to choose for their business. From when the bot first opened on Facebook Messenger, it achieved a 72% CTR of users clicking through to an affiliate hosting provider.
Thirty percent of RewardStream’s converted leads in the first 45 days of using Leadbot came from their chatbot.
Thanks to AI, chatbots make sales steps shorter, provide really good customer service, gain insights to upsell or cross-sell to your customers and reduce costs remarkably.
Under Armour, Inc. is an American sports footwear and apparel manufacturer that recently started using IBM Watson Cognitive Computing platform technology within its Under Armour’s UA RecordTM app.
The app was designed as a personal health assistant that provides users with real-time, data-based coaching. App users are also encouraged to purchase UA HealthBox devices via the app and website, such as the UA Band and Headphones, which synchronize with the app.
According to UA’s 2016 year-end results, revenue for Connected Fitness accessories grew by 51% within the same year.
IoT & Azure Stream Analytics
Plexure is a New Zealand-based media company that uses real-time data analytics to help companies tailor marketing messages to customers and optimize the transaction process.
The company used Azure Stream to help increase customer engagement at McDonald's in the Netherlands, Sweden, and Japan, which make up 60% of the company’s locations worldwide.
Azure Stream Analytics was used to analyze the company’s big data in the cloud (around 40 million endpoints), customer behavior patterns and responses to offers, and make sure that targeted ads were reaching the right groups of individuals (Adext also does something quite similar).
Plexure also combines Azure Analytics tech with McDonald’s mobile app to customize the user experience with contextual information and social engagement statistics and uses the insights to place the most appropriate ads to users.
McDonald’s in the Netherlands saw a 700% increase in customer redemptions of targeted offers, and customers using the app returned two stores twice as often. On average, they also spent 47% more in stores than non-app users.
Peter Glenn & AgilOne Advanced Analytics
Peter Glenn is an outdoor apparel and gear provider with a long history. AgilOne Analytics’ Dashboard allowed the company to begin viewing customer behavior trends across online and offline channels and make better segmentation decisions.
And when Peter Glen then began to use this information to launch integrated promotional, triggered and lifecycle campaigns across their channels, they came across some incredible information: 80% of the company’s customer base had lapsed.
But as a result of automated marketing campaigns and more aligned channel marketing strategies to increase sales during non-peak months, in-store traffic and re-target and re-engage stagnant customers, they were able to increase its Average Order Value (AOV) by 30%.
Adext’s AI Adtech: AMaaS
Adext’s AMaaS uses machine learning to find the best audience for any ad without taking over your strategic and creative decisions.
It supercharges the efficiency of your entire conversion marketing campaign by ensuring that the conversion rate of your Facebook Ads and Google AdWords increases, or the service is free. The average increase in ad spend efficiency it produces is 1265%.
The Adtech AI tool allows its customers to invest less time and resources while increasing ad conversion performance, results and revenue. It’s constantly working on optimizing your budgets, too, and can perform up to 480 budget updates across 20 audience segments for every ad in your campaign, every day it's running.
It only takes 5 minutes to deploy the AI. Find out more here.
Are your competitors using AI to fuel conversions and increase their growth? The answer is that they’re probably looking into it, if they haven’t gotten started already. Even small companies are jumping on board.