For any marketer, one of the first and most critical steps in any successful new product launch is identifying the right audience. Rather than relying on demographics and guesswork, leveraging artificial intelligence (AI) can help you find the prospects with the highest potential to convert among your existing customers, and beyond.
During a new product launch the pressure is on. Not only do you need to come up with a sound marketing plan, you also need to work within a budget and demonstrate good ROI.
Before you get into the detail and tactics, the first and most important step in any product launch campaign is identifying the right audience – the potential customers most likely to engage with and buy your new product.
This is typically done by figuring out the ideal audience profile for your product. For example, if you are launching a new top range razor, you might narrow your audience down to males, aged 25-45, who like personal grooming and have a high disposable income.
However, by talking this generalized approach it is hard to guarantee, with any level of certainty, who in this group will engage with or buy your product. In addition, if you only target these people, your campaign may miss others outside of this predetermined target profile who may in fact be highly likely to purchase.
With the right tool, you can overcome these limitations, and ensure you get the most bang for your marketing budget by better understanding who your audience are, or what they are interested in outside of the product they bought. You can then apply these clues in your messaging, making it resonate more.
Predict Conversions Among Interested Audiences
You can use AI to analyze data on behaviors of consumers who have already viewed a similar product or product category on both internal and external sites.
For instance, if your online retail store is launching a new line of ladies sneakers, you can use AI to search through the data collected from your website and app, and external data from third-party sites to identify which visitors have recently viewed sneakers, or similar product categories, such as boots or flats.
You can then apply a predict conversions model on that group to forecast how likely it is that each person will buy your new sneakers, as well as when they are most likely to buy, and on which device, such as phone, tablet or PC.
Expand Audience Base Among Outside Prospects
Apart from identifying high-value customers among those who have already viewed the similar product, AI can also pinpoint prospects from a wider pool of online shoppers who have not yet engaged with your brand by creating custom interests that describe your ideal audience profile. For example, this could include people who have recently searched for shoes or showed interest in various topics such as hiking, traveling or fashion on both internal and external sites.
Once the criteria are determined, AI can then crunch external information collected from monitoring the behavior of online users, to identify potential customers who fit this profile and are therefore highly likely to engage with your campaign.
Turning Insights Into Action
Once you have identified high-value prospects using the right models or tools, you can then dig down further to create even more specific and effective audience segments.
These insights can then be exported into your CRM system and used to help you tailor your marketing messages and campaigns for better results.
Ultimately, by identifying the right audience with the highest accuracy, you can increase visibility and engagement, boost launch sales and justify your efforts by delivering a strong ROI.