AI MARKETING FOR MSME SECTOR
AI powers, marketing by equipping it with Real Time Data. Be it the data about ICP or about the performance of the digital campaign or even about the consumer behavior through all touch points. So prolific are the searches with the help of AI that today SEO has to be complimented with GEO or Generative engine optimization or optimization for the AI searches. How can MSME utilize AI tools at every stage of the business?
- Identify the ICP and discover the right target group through dependable data. Defining the ICP or the Ideal customer profile is a blend of human inputs of the solution and the AI identifying the match through real-time data. Data collection and analysis is done by AI by aggregating all the customer profile through AI tools like YUKIN or Salesrobot and then tools like HUBSPOT can segment them according to the parameters we need. We can also identify High Value ICP and create Predictive modelling. AI predictive analytics analyzed user behavior and predicted which market segments were most likely to convert.
- Reduce the acquisition cost drastically by Targeted and focused marketing campaign. Also if we are clear with the focus groups, the campaign can be custom made and often at lower cost.
CASE STUDY : GrowTech Solution, a SaaS who developed a CRM software for MSME sector to manage leads, customer support and follow up. Customer data was aggregated by HubSpot CRM and enriched with Clearbit which provided firmographic insights. Pardot (predictive analytics engine) was used to forecast the behaviour based on study of history and pattern. This resulted in 27% decrease in Customer Acquisition cost, and enhanced the conversion rate by 35%. Happy customer due to prompt engagement resulted in higher retention and lower sales cycle.
- Seamless reach through different channels has been made possible due to digital revolution and the boundaries stretched beyond imagination due to Social media. Hootsuite helps analyse the best timing for the posts and enables scheduling, and managing the posting of the content. Buffer goes on one step ahead and actually automates the posting itself and Lately optimizes the posting and even creates the posts
- Creating Marketing campaign, value, offers, content are the major ways to reach and engage with customers. Content creation and posting has to be consistent to secure a organic position at top in search engines. Even here Jasper helps with high quality marketing content and Copy.ai generates templates for advertising needs while Surfer SEO goes a step further by not just optimizing the website but also provide content suggestions based on search and competitor analysis.
- Providing customer service like enquiries or follow up requests or complaints can be handled by chatbots or AI assistants be it Tidio which automates responses to customer with integration with website and social media, or be it Chatfuel, which is AI driven chatbot for FB. ManyChat automates conversations on WhatsApp, messenger and Instagram.
- CX or Customer journey and customer experience can be recorded accurately all the way to the funnel and post sales can be analyzed. Al powered CRM and lead management like HubSpot CRM helps in managing leads, automate workflow and engage customers. Zoho CRM with AI assistant Zia helps in analyzing sales pattern and provide predictive insights. Fresh works CRM too provides customer behavior analysis and automates outreach.
- After Sales Service Be it AI assistant YUKIN which integrates with both website an social media or chatbots like gupshup, they provide round the clock responses to the customers and enables MSMEs to provide customer support all through.
- Analysis of customer pattern and repeat, cross or up selling. Be it Criteo or AdRoll which is a retargeting tool that helps to track and bring back visitors who left without purchasing or be it Google ads with AI providing insights into ad performance and audience behavior, AI is a formidable tool to MSMEs who stand to gain from account marketing.
- Receiving feedback is easier with AI powered Emails from Mailchimp, or Zonka feedback which helps creating forms for feedback or sentisum a easy to use tool to help analyze the feedback.
Case Study: RazorPay’s Adoption of AI for Marketing One of the fintech companies who targets the SME and Startups, opted for a very aggressive marketing especially in tier 2 and 3. They however faced a very high churn rate and very low transaction rate. They sought to redefine their ICP and used AI to focus on MSMEs as the aggressive yet manual sales team could only do so much. Razor pay implemented AI powered system to identify the ICP and analyse the customer data. The very first step of customer data integration and Management was done by HubSpot CRM thus centralizing, tracking and managing the leads. Automated follow up ensured that every lead was followed up and the high value ones were sieved off for further engagement. Salesforce Einstein provided insight through historical data along with behavioural pattern with other details, both firmographic for business and demographic for individuals. This enabled the effective use of sales resources. Google Bigquery was used as the data warehouse which enabled real time data processing, ensuring the updated and accurate data feed for the AI to crunch on. Looker, the BI or business intelligence platform was used to visualize and interpret AI generated insights. This in turn helped strategize the Marketing plans and enabled sales further. Amazon Sage maker was used to build and train and deploy the machine learning models. This enabled identification and validation through feedback from customer interactions. Razor Pay used Clearbit to enrich the lead profile thereby enabling AI models to better segment. With Amplitude, Razor Pay tracaked the feature usage, product interaction. This in turn helped them to improve customer retention through higher engagement. So Razor Pay succeed by aggregating the data and creating predictive models and analysing the customer behaviour. All these inputs were again used to generate a insight that helped the marketing and sales. All of these enabled Razor Pay to reduced the customer acquisition by 22% and improved customer retention by 20%.
Pic Curtsey
https://indiatechnologynews.in/how-ai-is-revolutionizing-indias-msme-sector/
