The AI Factor by Asha Saxena

Author:Asha Saxena [Saxena, Asha]
Language: eng
Format: epub
ISBN: 9781637584583
Publisher: Post Hill Press
Published: 2022-12-08T09:44:32+00:00

Another characteristic of extender companies is an emphasis on greater marketing efforts, both for their existing products or services and for those of any acquired entities. It is always difficult to create a compelling brand message for a large, diverse set of deliverables, but it is essential in order to retain and expand a company’s market share and top line revenue. Companies in this quadrant may not have a strong desire to innovate, but they do know that new customer acquisition, retention, conversion, and brand loyalty are the keys to success.

Marketing initiatives can take many forms, of course. For many, today’s marketing landscape contains far too many forms of communication. What was once a relatively simple task of advertising in publications, broadcast media, and on signs or in-store displays is now a bewildering array of media channels. To name only a few: these include websites that always need fresh content, endless social media feeds, surveys, and direct online interaction with customers. Topping it all off are the endless streams of unstructured data coming from all these channels.

That last sentence will give you a hint about the likely solution for extender companies and their marketing campaigns. By utilizing artificial intelligence and big data effectively, companies can find meaningful patterns that are all but impossible to detect manually. Knowing these patterns of likely customer behavior will inform decisions on which channels and content are most effective in gaining attention, provoking interest and desire, and prompting meaningful action.

Marketing itself comes with inherent risks,15 including declining brand awareness, misguided product development, and failure to anticipate actual demand. A University of West London study found a direct relationship between marketing and consumer trust. It also found a relationship to purchasing decisions and the risk to web vendors.16 Obviously, all of these initiatives are a potential source of data—in addition to the company’s existing customer data—which represent fertile ground for the use of artificial intelligence.

All of these risk factors can be anticipated and avoided when the available data are properly used. With the right application of AI, extender companies can approach both M&A and marketing efforts with a much greater likelihood of success.

Innovator Companies

The next quadrant—innovators—includes those aggressive risk-taking companies whose growth potential is not yet obvious, at least to the outside world. Typical, perhaps stereotypical examples of innovators include tech startups and entrepreneurs of almost every type and size. (It also includes “intrapreneurs,” those individuals and groups within large companies who innovate internally.) Others include traditional service providers and manufacturers looking to transcend their existing offerings and broaden their customer base. An innovator’s chief characteristics are ambition, vision, and a desire to change things for the better, even before their big ideas for products or services are proven successful.

Innovator strategies nearly always involve R&D. New products or services must be planned, designed, and tested—which is fertile potential ground for artificial intelligence and big data. By analyzing relevant unstructured data on consumer behavior and other factors, AI can more reliably predict the types of products and

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