March 29, 2019
Categorized: Artificial Intelligence
Author: Jarrad Swain, Marketing Manager, IBM Watson, IBM Australia and New Zealand
The role of the CMO is evolving into ‘Chief Experience Officer’. Chief Marketing Officers lead the charge for understanding the needs of the customer and delivering differentiated brand experiences for clients.
At the recent AI Inspiration Series held in Auckland, Melbourne and Sydney, there was significant focus on the interdependence of customer experience (CX) and AI, resulting in three key insights:
1. CX is pivotal to brand differentiation
It is estimated that by 2020, customer experience will overtake price and product as the key brand differentiator1. A recent study revealed that utilising AI in CX helped improve productivity by 40 percent and increase profitability by 84 percent2. It therefore comes as no surprise that 90 percent of businesses are making investments to improve CX.
2. The end of manual data analysis
Marketers charged with delivering customer experiences no longer have to plow through mountains of data to extract actionable insights. AI ensures customer experiences that are:
- Seamless, with no breaks within a channel or cross-channel
- Efficient, timely and relevant
- Personalised to specific customer interests, behaviors, and needs
- Consistent across every channel, each time
3. AI puts your data to work
Solutions that leverage ‘augmented’ intelligence, such as IBM Watson Marketing, can help deliver excellent customer experience by:
- Understanding your audience with sentiment analysis and predictive insights
- Detecting journey patterns to make purchase experience seamless
- Understanding intent and personalising engagement
To learn more about how to create a connected, CX-driven ecosystem, download our report on the 9 biggest shifts that are revolutionising marketing, AI and CX in 2019.
Learn more about IBM Watson Marketing.
1. A White Paper by Frost & Sullivan
2. How AI Boosts Industry Profits and Innovation