Growth marketing is the ultimate tool for building and maintaining effective marketing strategies that lead to sustainable growth. It is a holistic marketing approach to digital marketing that requires utilising data-driven strategies throughout the customer journey to attract and retain customers while building blocks for long-time growth.
However, growth marketing requires dedicating a large amount of time and investment, as marketers need to constantly analyse to get actionable insights and develop data-driven, short- and long-term strategies that fit the needs and goals of businesses and their customers.
Thanks to the latest advancements in technology, artificial intelligence (AI) is helping marketers to approach growth marketing more accurately by providing an unprecedented level of automation and insights.
Would you like to explore the future of growth marketing? If your answer is yes, you are in luck! Through this blog post, we'll explore the ways in which AI is being utilised in growth marketing and how it's generating value for the growth ecosystem.
It is clear that AI is revolutionising growth marketing practices. However, it is not meant to function as a disruptive technology that replaces growth marketing teams. Rather, it is here to assist marketers in making better data-driven decisions and automating processes.
That's why many companies are investing in AI and machine learning-based technologies to succeed in today's competitive market and keep up with changing dynamics. According to McKinsey research, between 2012 and 2021, organisations worldwide invested more than $490 billion in AI, and this amount is expected to increase in the near future.
To understand why leveraging AI and machine learning is so promising for growth marketers, let’s take a closer look at some examples of how it can be utilised.
Personalisation in marketing refers to tailoring messaging, products, and services to individual customers based on their unique preferences, behaviours, and needs.
While it is a crucial step for growth marketing, creating customised messages for each customer is a time-consuming process that can be accelerated by AI-based practices.
AI-driven personalisation involves leveraging machine learning algorithms to analyse customer data from multiple sources, including website interactions, purchase history, demographic information, and other behavioural data.
By analysing this data faster, marketers can easily segment customers into specific groups and create targeted and highly relevant messaging through organic and paid channels, which are key for higher engagement and conversion rates.
Machine learning algorithms can help growth marketers predict the outcomes of campaigns, such as return on ad spend (ROAS), customer acquisition, and revenue growth, more accurately with predictive analytics.
By simultaneously analysing historical and real-time data, predictive analytics can identify customer patterns and provide insights into what strategies and campaigns are likely to work best in the future.
So it can help marketers to make faster, data-driven decisions about where to invest their time and resources and which campaigns to prioritise.
Chatbots are one of the most widely used applications of AI in growth marketing. They can improve the overall customer experience by providing customers and prospects with instant support, helping them make purchases, and addressing their needs and questions.
By using natural language processing (NLP), chatbots can understand customer queries and provide highly relevant responses.
Additionally, chatbots are available 24/7, making them a cost-effective alternative to hiring customer service representatives.
Digital advertising has become an essential part of growth marketing. However, with the rise of digital channels, fraud has become a significant issue for marketers. AI can help with fraud detection by analysing data in real-time and identifying suspicious patterns.
By using machine learning algorithms, AI can detect fraudulent activities, such as click fraud and impression fraud. This can help marketers ensure that their advertising budget is being spent effectively.
Content marketing is a crucial component of growth marketing. It generates brand awareness, brings in leads, and builds trust with potential customers, which explains why it is expected to reach $137 billion by 2026 as a global industry.
Effective content, however, requires significant time and effort to create. Fortunately, AI-powered content creation tools can help marketers generate personalised and SEO-optimised content that speaks directly to the target audience's interests, preferences, and needs.
By analysing data to identify trends and patterns in the audience's behaviour, AI-enhanced tools can inspire marketers to create high-quality and informative content that drives more website traffic and increases the chances of conversion.
Moreover, AI can help automate time-consuming content marketing tasks, such as keyword research, topic generation, and proofreading, freeing up marketers' time to focus on other strategic activities.
From building effective growth strategies to creating personalised content, there is something that each member of a growth team can benefit from by utilising AI. Additionally, there are numerous ways that AI and machine learning tools can support businesses in reaching their goals and sustaining growth.
Here is a deeper look at AI's potential benefits for businesses:
AI-powered automation tools can help businesses streamline various processes, reduce manual work, and increase productivity.
With the help of AI, marketers can automate manual tasks, like data entry, lead generation, and email marketing. This can free up marketers to focus on more high-value tasks that require creativity and critical thinking.
So utilising machine learning and AI-powered technologies ultimately translate into increased efficiency, cost savings, and faster growth.
By utilising AI and machine learning tools, businesses have the capability to make more data-driven decisions. These tools analyse vast amounts of data, allowing for the identification of trends, patterns, and insights that can inform growth strategies.
By doing so, businesses can optimise their marketing campaigns, improve customer retention, and increase their ROI. This process aids in pinpointing the most effective growth strategies for a business.
AI and machine learning tools can enhance customer satisfaction by providing faster, more personalised, and more efficient experiences for customers. For example, chatbots enable businesses to provide real-time responses and personalised recommendations, while reducing wait times.
AI and ML tools also enable businesses to analyse customer feedback and predict behaviour and preferences with sentiment analysis, which allows for prompt responses to complaints, personalised experiences, and higher customer loyalty.
All of these factors are essential in today's competitive market to achieve sustainable growth by improving customer satisfaction.
There are many ways AI and machine learning technologies can generate value for growth marketers and businesses. Moreover, the current investments in the industry show that the benefits of utilising these technologies will even exceed their own limits.
Yet for all marketers, it's crucial to understand that AI is not meant to replace anyone but rather to support them in making better decisions and automating processes.
As the marketing landscape continues to evolve, growth marketing teams that leverage AI will have a significant advantage over their competitors. Therefore, it is imperative for marketers to keep up with AI's evolution to remain competitive and succeed in the long run.
