M&E companies can use AI to keep up with the evolving consumer landscape and address behaviors and needs in real time. There are two ways to think about action and implementation: predictively and prescriptively. That’s because AI helps M&E organisations keep up with the evolving consumer landscape and market dynamics and address behaviors and needs in real time. There are two ways to think about how AI works: predictively and prescriptively.
Predictive intelligence mines through large volumes of data in order to identify valuable relationships between cause and effect. It uses those patterns and relationships to make educated predictions. This makes it possible for an M&E company to anticipate behaviors and create and maintain a more personalised customer experience in these ways:
- You have insight into how marketing affects factors such as leads and open pipelines by region, segment, and product
- You can use historical browsing and purchase data to predict which channels, content, products, and messaging will garner the best response
- You can create custom models that predict churn risk, likelihood to convert, delayed payments, and lifetime value
Prescriptive action describes the process by which AI uses predictions to suggest a range of prescribed actions that improve outcomes. When combined with predictive analytics, prescriptive action can suggest options that take advantage of future opportunities while mitigating future risks. Here are a few common examples for M&E organisations:
- You have the ability to adjust campaigns to better target audiences and get a better ROI
- You can surface specific content or offers based on previous engagements as well as viewing history
- You can create personalised journeys for predefined customers. So, if you have a segment likely to churn, you can anticipate it and proactively take them on a personalised, win-back journey.