Acquiring new prospects can be a very difficult endeavor no matter the size of the business. Increasing [brand] visibility and generating quality leads are two of the biggest marketing challenges businesses face.
Traditionally, marketers employ highly manual, time-consuming, and blunt approaches to win new customers. To get a decent list of prospects, for example, they use demographic data such as industry and job title to purchase lists, get referrals, and harvest their website visitors. After pulling this data into their systems, they then have to start engaging with these prospects to further narrow down this list to pinpoint and target the right customers.
AI can give marketers the capability to obtain relevant and useful information quickly using behavioral data. In fact, almost half of surveyed marketers (43%) use AI primarily to acquire new prospects using audience expansion techniques such as the following:
Look-alike audience expansion.
AI can be applied to the demographics, preferences and behavior of your existing customers to develop predictive scores of your best customers. You can then use this set as a seed list on a large network like Facebook to acquire similar audiences there.
Targeting and re-targeting users.
Almost 40% of surveyed marketers use AI techniques to better target audiences on large networks such as Facebook and Google. AI can be applied to prospect behavior to develop predictive scores that can then be used to re-target prospects with specific offers on the large networks. Similar techniques can be used to re-activate existing customers and prevent them from churning.