How to Increase Revenue During the Most Uncertain Economic Times?
If you’ve worked with me before then you already know that my love for data compels me to be brutally honest at all times. My promise to clients is simple, analyze the data, identify the problems and the opportunities, and build the right solution.
Data-driven marketing couldn’t be more topical right now – there’s nothing like a financial crisis to shine a light on the benefits of AI and why it should be a foundational element of marketing during a recession. Don’t just take my word for it, Mckinsey and Company found that ‘44% of executives say AI has reduced costs.’
You might be reading this and feeling daunted by the notion, but the truth is, if you’re implementing any type of digital marketing, you’re already using it, or you should be. AI-marketing is all around us, what it often lacks is a savvy marketer who knows how to harness all of its data and turn it into a digital marketing strategy that meets business KPIs and exceeds business goals.
Do it better for less: targeted marketing gets in front of the right people, saves time and money
It sounds too good to be true, doesn’t it; doing your job better than you were before whilst saving time and money?
I get that but hear me out.
AI-powered marketing uses machine learning to help you understand your company’s audience. It can analyze large data sets and present you with the results once you’ve set it up. From there, you – or your marketing team can pull out insights into our audience’s behavior and help you predict their next move.
For example, if you know from data provided by AI-marketing, that your audience is searching a specific keyword before they’ve converted on a landing page, you can tailor your strategy to meet them on the web.
AI-marketing tools work away in the background, they analyze data while you spend your time improving your strategy and client/customer services. Once you’ve got one campaign under your belt, you’ve got data tailored to you, your business, and your audience.
And that is why AI-marketing tools are crucial when it comes to marketing during a recession. It’s no wonder Forbes shared that ‘63% of executives whose companies have adopted AI report that it resulted in increased revenues in the business areas where it is used.’
Prove your value: turn business objectives into tangible marketing metrics
Outside of data-analysis and audience-insights, AI-marketing should be your go-to when it comes to proving your worth and showing that your marketing efforts are in fact, meeting (and exceeding) business KPIs.
I have over ten years of experience as a marketing executive – and that includes all the thrills that go with it – I’ve felt the pressure that comes with meeting a companies KPIs.
The pressures come from two main sources:
⦁ Not knowing how to meet business objectives with marketing
⦁ Not knowing how to monitor marketing efforts in line with business KPIs
It’s simple: if you’re not measuring anything, you’re not managing it and if you’re not managing anything, then it simply won’t work.
AI-marketing during a recession isn’t about letting the show run itself, AI-marketing absolutely needs a human to analyze data.
The first step is taking the all-important KPIs, whether it’s growth, leads, online conversions, brand awareness, or something else. ‘I want to grow my business’ doesn’t communicate well to marketing goals, and so you can’t build a strategy around that.
This is the reason why I am committed to working with business leaders. For over a decade I’ve helped many c-suite executives create and drive marketing strategies that achieved business goals. To do this, I help them connect the dots between data & business objectives.
Once a campaign is underway – the focus changes. We start to look at:
⦁ Data analysis and how marketing efforts are working towards pre-determined goals and business objectives
⦁ Refining campaigns based on marketing insights from AI-powered tools
⦁ Track campaign progress
⦁ Repeating successful campaigns and potentially moving into other markets (a different sector for example)
AI-marketing in action
Let’s look at this AI-marketing case study, Sotere Medical Solutions. They wanted a new website that would show up on page 1 of Google’s search results. And, like I said before, if you want a page 1 ranking you need to know what your customers are searching for. We achieve this by using AI-powered tools for the keyword research – we found keywords that their targets audiences were actually searching for.
For the ads we had to work with a limited advertising budget, so we needed to attract high-quality leads. I used SKAGs (Single Keyword Ad Groups) to focus on the most relevant keywords (as per research).
To improve the ad conversion rate, I matched the ad copy to website content and drove leads to the most relevant landing pages. This led to a 60% boost to goal conversion.
Do you need to convince someone that AI marketing is the way forward?
⦁ Data-driven marketing, powered by AI works in the background analyzing large data sets, which frees up your time so you can focus on business strategy
⦁ Data from AI-powered tools is only useful for marketing during a recession if you have a savvy marketer who knows how to harness the data to meet business KPIs. Yes, my sales pitch is that simple, and that’s why we should chat! 😉