[ad_1]
What if you could hyper-personalize each message your customers see with each engagement to deepen loyalty and increase LTV?
That’s the promise of Movable Ink, a marketing tool that uses AI to personalize each user’s engagement with unique messages for each user.
We spoke to Vivek Sharma, co-founder and CEO of Movable Ink, to learn more about the AI-powered solution.
In one sentence or statement, describe Movable Ink.
The Movable Ink platform uses the power of automation and artificial intelligence to personalize every user engagement.
How does Movable Ink use artificial intelligence in its products?
Movable Ink’s Da Vinci application is a marketing AI solution that helps brands take a fundamentally different approach to email by understanding individual customer needs and building brand loyalty. The app sits on top of your email service provider and runs autonomous email campaigns using a series of AI models that learn and adapt from every interaction.
Da Vinci AI uses a combination of machine learning, deep learning and generative AI to analyze, predict and create unique messages for each user. Da Vinci looks at every aspect of the customer to generate fully personalized marketing communications for each subscriber – sending the right content to the right person at the right time to create an optimal customer experience and increase lifetime.
Unlike other AI models that augment what users already like, Movable Ink Da Vinci guides users on a unique path of discovery that maximizes both short- and long-term revenue. It doesn’t just focus on the next conversion. Instead, it follows a relationship-building strategy that creates a better customer experience, builds loyalty, and leads to higher lifetime value.
On average, Movable Ink’s benefit over three years across all of its services, including Movable Ink da Vinci, was $20.3 million with efficiency gains of more than 28,000 hours. This impact represents a 422% ROI for clients using the company’s technology, as seen in a Total Economic Impact™ (TEI) study commissioned by Forrester Consulting.
What are the primary marketing use cases for your AI-powered solutions?
Da Vinci is changing legacy campaign processes by offering a fundamentally different approach to email marketing for all industries. Within retail, Lands’ End, Bloomingdale’s and LLBean use da Vinci to personalize their email marketing programs. For example, through Da Vinci, Lands’ End is changing its email marketing program to focus on building loyalty and developing long-term customer value (LTV).
What makes your AI-powered solution smarter than traditional approaches and products?
In 2022, we saw 18% overall average growth in incremental revenue among Da Vinci customers. The platform can streamline marketing workflows and give marketers valuable time back to focus on strategic work by streamlining the traditional email planning process without changing existing technology. In addition, da Vinci determines which assets bring the best results for each individual user. Teams then have the data to understand what creative is resonating and can then adjust creative strategies accordingly.
The engine is discovery-oriented and learns about the user rather than just repeating what they’ve heard before. By learning about products and who they resonate with for each customer, marketers can engage with them early, not just when they’re close to buying. Through this, they can build long-term relationships, tell the brand story and ultimately see profits. Instead of relying too heavily on promotions, da Vinci helps curate editorial content designed to deliver messages to users most likely to engage with it.
Are there any minimum requirements for marketers to get value from your AI-powered technology? (eg data, list size, etc.)
Minimum requirements will be marketers working with brands that have a large database of active email subscribers (ideally 2M+). For marketers working with large enough files, it’s critical for Da Vinci to run tests quickly and achieve maximum value.
Who are your ideal customers in terms of company size and industry?
Our ideal clients are retail or travel brands with a large customer base and a diverse product or offer mix. They are brands that are trying to not only achieve personalization at scale, but also inject depth into their email program, combining promotional content with editorial/lifestyle content (ie, not just flyers, product recommendations, super heavy promos, etc.).
How do you see the limitations of AI as it exists today?
AI serves as an assistive tool for humans to create great things. It’s far from building anything truly remarkable on its own, but it provides invaluable assistance to people by empowering them to solve complex challenges with their own ingenuity.
In the field of marketing and e-commerce, artificial intelligence is not yet advanced enough to function independently without human intervention. Thus, the relationship between the machine and the marketer is essential to achieve optimal results.
What do you see as the future potential of AI in marketing?
We are still at the beginning of seeing the true potential of artificial intelligence. Atomization of knowledge is underway. We move from the oral tradition to books, then the printing press (democratization of publishing), the web (one page with global distribution), social media (short ideas in 140 characters), and now AI-generated content (synthesizing thought fragments)—connecting us through a global mind of ideas. As we continue to explore the possibilities of artificial intelligence, the potential applications and implications are likely to be interesting and complex.
In the world of marketing, there is an opportunity to create an ideal version of each customer. AI is best suited when it is paired with analytics on how to create a more loyal customer over time.
With da Vinci we can create a content quality report for brands. We create a lot of information about which creatives/products are good “teasers” to help customers navigate their loyalty journey. This feedback loop is ideal for marketers, as they can use it to help shape the creative and what offers they make. From the leadership side, this is useful in their discussions and part of the value they can bring back to their partners. It is monetizable.
When it comes to frequency and promotions, using analytics is great for understanding how often to reach out to customers over time to maximize channel engagement. Analytics are also valuable in understanding how to increase lifetime value without relying too much on sales or discounts.
As marketers have been able to move further with next-level analytics, they’ve been slower to adopt more sophisticated but highly valuable AI tools like Da Vinci. As marketers begin to realize the benefits that long-term analytics offer now, AI has a huge opportunity. Especially for brands trying to take a longer-term marketing view without offering frequent short-term deals and discounts.
Any other thoughts on AI in marketing, or advice for marketers just getting started with AI?
The AI disruption happening in the industry is a great opportunity for marketers to step back and rethink how they plan and execute email today. One thing’s for sure – batch and burst email programs are ripe for disruption, and there’s no better time to start overhauling them.
If marketers check their email calendar, they will find that most of the dates are arbitrary (examples: 4/17 Men’s Spring Fashion, 4/20 Women’s Blouses – can these editorials only go out on those days?). Except for major promotions or exclusive product launches with hard dates, most calendars are actually flexible.
Today’s approach to ordering requests from merchants or other business units requires a lot of time and effort, especially when there are last-minute changes (photo retouching, inventory not ready on site, etc.), which equates to a lot of time and effort for marketers. . Not to mention, it’s not a great customer experience because most users don’t open their email every day, let alone every week or month. Thus, content created only to go out on one particular day equates to a huge missed opportunity of 80-90% of the file to those who missed out on seeing it.
So the way to break out of this mold is to separate the campaign from the creative by planning campaigns separately, choosing templates and managing a creative library full of content related to lifetime.
So you’ll rely more on AI to make decisions about what content to show to whom and when. Furthermore, recognizing that there is a way to approach AI as a “marketer and a machine”. For example, this can be done by setting around content that cannot be displayed next to each other (ie certain categories or promotions), giving the content a lifetime and also deciding which blocks of content will remain static (ie shown all or specific segment), which is based on other business rules or logic.
[ad_2]
Source link
