Our SVP of Product Marketing, Patrick Tripp and the VP of Customer Success at Phrase, Matt Potter, hosted a webinar where they examined how personalization and AI are the future to driving transformation in 2021. Here are some key takeaways from the session:
1. What marketers learned in 2020
Marketers came into 2020 with strong marketing plans and were quick to shift their tactics in the matter of a month. Messaging changed, consumer behaviors changed, and AI became a commercial must-have for marketers and transformed the way brands use traditional marketing. AI technology has become the only way to pull off the new norm digital transformation at scale by creating empathetic messaging, 1:1 personalized experiences, and making smart decisions based on data.
2. Content is king and context is queen
Amazon is known for their recommendation engine, “you might also like.” For example, if a customer has a dog and when shopping for dog food they get recommended baby diapers (when their kids are long past that stage), this is a failed recommendation, not personalization. Personalization should go beyond what everyone else is looking at and rather be unique to the consumer’s situation and wants, which is able to be scaled through AI.
Content is king and context is queen when it comes to personalization. According to McKinsey Research, released in 2018, personalization when fully implemented, can unlock significant near-term value for businesses — such as 20% more efficient marketing and great cost savings. Getting the right content in the right channel and touchpoint is central to effective engagement, and getting the right context is versatile to activating data and quickly uplifting revenue and retention.
3. Know your ABCs
ABCD is a well-known term at Cheetah Digital by Marigold . “Always Be Capturing Data” and we’ll also add — Always Be Testing. It’s an obvious concept, but in the current climate, it can definitely be challenging. Brands are under pressure to perform and data is the key to performing with the most successful messaging. Capturing data drives an ongoing value exchange with the brand and customer to grow long-lasting relationships and build an intelligent customer journey. Sometimes, it’s just going back to the basics and understanding what data you already have and how you can personalize content.
Access the full recording of the webinar below.
