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30 Artificial Intelligence facts separate hype vs reality 0

Posted on March 19, 2018 by Rob Petersen

Artificial Intelligence

Artificial Intelligence (AI) is the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

The bulk of the AI development happening today by industry leaders falls uses human reasoning as a guide to provide better services or create better products rather trying to achieve a perfect replica of the human mind. Artificial Intelligence holds great promise for industry.

Where are we today with artificial interaction and where do experts say we will be in the next few years.

To bring clarity, here are 30 artificial intelligence facts that separate hype vs reality.

  1. 85% of all customer interactions won’t require human customer service reps by the end of this decade (Gartner).
  2. 80% of executives surveyed are “eyeing the peaks” and view AI as a strategic opportunity. (MIT Sloan Management Review)
  3. 80% of executives believe AI boosts productivity. (The Motley Fool)
  4. 72% of business leaders believe artificial intelligence is a “business advantage.” (PwC)
  5. 61% of those who have an innovation strategy said they are using AI to identify opportunities in data that would otherwise be missed. Only 22% without a strategy said the same. (Narrative Science)
  6.  61%, regardless of company size, pointed to machine learning and AI as their company’s most significant data initiative for next year. (MeMSQL)
  7. By 2020, 57% of business buyers will depend on companies to know what they need before they ask for anything. This means having solid prediction capabilities with your AI will be the key to keeping your customers. (Salesforce)
  8. By 2020, 57% of business buyers will depend on companies to know what they need before they ask for anything. This means having solid prediction capabilities with your AI will be the key to keeping your customers. (Salesforce)
  9.  When asked about expectations for marketing technology providers to have native AI capabilities, more than 50% of respondents said it was important or a must-have. (BrightEdge)
  10. 44% of executives believe artificial intelligence’s most important benefit is “automated communications that provide data that can be used to make decisions.” (Narrative Science)
  11. 41% of consumers believe AI will make their lives better. (Strategy Analytics)
  12. The impact of AI technologies on business is projected to increase labor productivity by up to 40% and enable people to make more efficient use of their time. (Accenture)
  13. By 2020, smart agents will manage 40% of mobile interactions. (Gartner)
  14. Could you lose your job to AI? According to PwC, maybe. By the 2030s, they predict that around 38% of all U.S. jobs could be replaced by AI and automation. (PwC)
  15.  While only 33% think they use AI-enabled technology, 77% actually use an AI-powered service or device. (Pega)
  16. 32% of executives say voice recognition is the most-widely used AI technology in their business. (Narrative Science)
  17.  When asked about the next big marketing trend, survey respondents identified consumer personalization (29%), AI (26%), and voice search (21.23%). These top three responses, which total 75% of all AI applications, demonstrate that AI is more pervasive and prominent than respondents realize. (BrightEdge)
  18. 20% of business content will be authored by machines by 2018 (Gartner).
  19. Artificial intelligence will replace 16% of American jobs by the end of the decade. (Forrester)
  20. 15% of Apple phone owners users use Siri’s voice recognition capabilities. (BGR)
  21. Only 15% of enterprises are using AI. But 31% said it is on the agenda for the next 12 months. (Adobe)
  22. The largest companies—those with at least 100,000 employees—are the most likely to have an AI strategy, but only half have one. (MIT Sloan Management Review)
  23. In the U.S., only 4.5% of self-reported data scientists or data researchers specifically work as machine learning engineers. (Kaggle)
  24. One AI specialist on staff, with salary and company stock, can fetch compensation of $300,000 to $500,000. (The New York Times)
  25. “Netflix saved $1 billion this year as a result of its machine learning algorithm which recommends personalized TV shows and movies to subscribers.” (StatWolf)
  26. Harvard University has received $28 million to build artificial intelligence as fast as the human brain. (Wired)
  27. Over 16.1 million Amazon Echos and 5.9 million Google Home devices have been sold, according to data collected in June 2017. That means 7% of the population aged 12+ owns an AI-based speaker device. (Edison Research, Voicebot.ai)
  28. By 2018, more than 3 million workers globally will be supervised by a so-called “robo-boss” (Gartner).
  29. By 2018, an estimated 2 million employees will be required to wear health and fitness tracking devices on the job (Gartner).
  30. Heliograf, The Washington Post’s AI writer, created approximately 850 stories in 2016 during the Rio Olympics and the 2016 presidential election. Humanity’s saving grace? Editing and analysis polishing came from human editors. (The Washington Post)

Do these artificial intelligence facts separate the hype vs reality to you? Did you learn something new? Does your organization need help understanding AI?

12 Peter Drucker quotes on marketing and entrepreneurship 0

Posted on March 12, 2018 by Rob Petersen

social analytics benefits

Peter Drucker quotes prove he is the most enduring marketing guru of them all. His quotes and their wisdom are as relevant and applicable today as they were decades earlier when he first said them.

Peter Drucker (1909-2005) was the author of more than three dozen books, translated into almost as many languages. McKinsey Quarterly said: “In the world of management gurus, there is no debate. Peter Drucker is the one guru to whom other gurus kowtow.”

Drucker thought of himself as a loner, as someone well outside the mainstream of management education. “I have always been a loner,” he said once. “I work best outside. That’s where I’m most effective.” While he may thought himself as being on the outside, his succinct truths strike right at the heart of the matter and provide essential direction for today’s marketers and entrepreneurs.

Here are 12 Peter Drucker quotes on marketing and entrepreneurship to inspire and provide direction for you.

MARKETING

Drucker saw marketing as a core responsibility of management. He said that “marketing is so basic that it is not just
enough to have a strong sales department and to entrust marketing to it. Marketing is not only much
broader than selling; it is not a specialized activity at all. It encompasses the entire business. Concern and
responsibility for marketing must therefore permeate all areas of the enterprise.”

 

Peter Drucker quotes #1

Peter Drucker Quotes #2

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Peter Drucker Quotes #5

Peter Drucker Quots #7

ENTREPRENEURSHIP

Drucker identified entrepreneurs as people who see “change” as the standard. “The only constant in life is change.”
He treated both innovation and entrepreneurship in the “new entrepreneurial economy” as practices, decisive duties that could be controlled best in a systematic work environment. Unfortunately for corporate America, the bureaucratic organization structure was not able to sustain an entrepreneurial spirit, and many of the proponents left to start their own ventures.

Peter Drucker #6

Peter Drucker Quotes #8

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Peter Drucker Quotes #12

Do these Peter Drucker quotes on marketing and entrepreneurship inspire and provide direction for you? Are you ready to put them into practice?

7 points every persuasive business proposal makes 0

Posted on March 05, 2018 by Rob Petersen

Business Proposal

A business proposal is a written offer from a seller to a prospective buyer. It is a critical link in the business decision for two parties to work together.

That’s because a business proposal sets expectations, clarifies the process, defines deliverables and serves as a promise explaining:

  • What a company will do
  • How they will do it
  • When the work will be done
  • Where resources come from
  • Why they are the right partner

The strength of a business proposal often makes the difference between winning and losing the business. Isn’t  worth knowing what makes a winning one?

Here are 7 points every persuasive business proposal makes.

  1. NEEDS AND REQUIREMENTS: Begin by confirming what the proposal covers. By starting the business proposal with a prospective client’s business needs,  you demonstrate good listening skills; ones that establish credibility. By talking about their business instead of yours, you gain confidence. You build a solid foundation for everything you will be providing from this point on.
  2. UNDERSTANDING THE BUSINESS: Demonstrate knowledge of their business. This is often done by identifying the opportunity and challenges; the client’s strengths and weaknesses; competitors and competitive threats and industry and consumer trends. If your company has done something like this before or has a relevant example, mention it. This section shouldn’t be long or include a lot of jargon. But it should be smart and leave the reader with the impression: “These guys get it.”
  3. PROCESS OR METHODOLOGY: Show how your company solves problems and gets to solutions. Now that everyone is grounded on what has to be done, start to illustrate the way that your company does it is different and better than your competitors. By describing a process, you are showing your company has the experience, capabilities and expertise to give the prospective client something they wouldn’t be able to get anywhere else.
  4. SCOPE OF SERVICES AND DELIVERABLES: This is the nut and bolts of the proposal. Start by covering the range of services that would be offered. Then, the activities that provide what’s going on behind the scenes at your company to get the job done. Finally, list the items that you be giving them so there is hard, tangible value to support your efforts.
  5. VALUE PROPOSITION: Although terms like supplier and vendor are often used when requesting a business proposal, make it more of a partnership. State what makes your company different; show how your values are aligned with the potential client’s. Make this something both parties can see as the possible beginning of a long term relationship.
  6. COMPENSATION AND PRICING: This, of course, is where the rubber meets the road. If the proposal has been well crafted up to this point, the fees should justify the services. And if it’s necessary to break down the numbers, give some details. Explain the cost of key activities. Explain staffing to provide context on compensation if it is going to help clarity and transparency,
  7. TERMS AND CONDITIONS: Every business proposal is going to come with terms and conditions to protect both parties. While this may refers to the terms from a contract or services agreement, it should be stated in the proposal. This section will likely be written with input from lawyers on both sides but it is  necessary and an expected part of any final, agreed-to business proposal.

Are these points persuasive to you? Do you practice them? Will you put them to use?

Retargeting. 10 myths vs realities 0

Posted on February 26, 2018 by Rob Petersen

retargeting

Retargeting, also known as remarketing, is a form of online advertising that can help you keep your brand in front of bounced traffic after they leave your website.

For most websites, only 2% of web traffic converts on the first visit. Retargeting is a targeted advertising technology and tactic designed to help companies reach the 98% who don’t.

It works through a small, unobtrusive and unnoticeable piece of code (or pixel) that is place on your website and drops an anonymous browser cookie to retarget visitors. Later, when your cookied visitors browse the web, the cookie will let your ad provider know when to serve ads to only people who have previously visited your site.

AdRoll, ReTargeter and SiteScout are companies that offer retargeting services. Ad platforms like Google Adwords and Facebook ads offer it directly to their advertisers as a feature of their ad buys.

But there are pros & cons and plenty of fact vs fiction.

Here are 10 retargeting myths vs realities:

MYTHS:

  1. MOST MARKETERS KNOW ABOUT IT AND USE IT: Only 25% of marketers have a dedicated budget for retargeting. 10% of agencies and 9% of brands have it as a separate budget.
  2. RETARGETED ADS ARE JUST STARTING TO CATCH ON IN SOCIAL MEDIA: 67% of online advertisers are now using Facebook ads for retargeting. Social media is a sophisticated and widely used channel.
  3. MOST PEOPLE HATE BEING RETARGETED: Actually, it’s the opposite. 30% of consumers have a positive or very positive reaction to retargeted ads, vs. 11% who feel negatively about them. The greatest percentage, though—59%—have a neutral reaction.
  4. IT REACHES ONLY PEOPLE WHO HAVEN’T BOUGHT YOUR PRODUCT OR SERVICE: It could just as likely be reaching current customers too. That’s because the retargeting code triggers for any visitor who has gone to your site, viewed one page and left. There is no way for the code to discriminate if this is someone who has never bought or already brought your product.
  5. RETARGETED ADS COSTS THE SAME AS REGULAR ADS. Not necessarily. If you are using a service, definitely not. Since you are likely to be paying a premium to do retargeting, make sure you know how many more people will have to convert to make the investment worthwhile.

REALITIES

  1. AD PERFORMANCE IMPROVES: Retargeted customers are 3 times more likely to click on your ad than people who haven’t interacted with your business before. Retargeting can boost ad response up to 400%.
  2. SOME PEOPLE ENJOY RECEIVING RETARGETED ADS: 25% of online buyers enjoy  being retargeted because it reminds them of what they were looking at. 60% of U.S. online buyers say they notice ads for products they look up on other sites.
  3. RETARGETED CUSTOMERS CONVERT MORE OFTEN: Retargeted customer are 4X more likely to convert than new customers. CPG company Kimberly-Clark relies on retargeting, saying it is seeing 50 to 60 percent higher conversion rates among consumers who have been retargeted.
  4. MANY MARKETING BELIEVE IT SHOULD BE USED MORE OFTEN: 46% of search engine marketing professionals believe retargeting is the most underused online marketing technology.
  5. IT’S BASED ON HOW WE BUY: It takes up to 6 to 8 “touches” to turn a lead into a customer. It can take many contacts before the lead turns into a paying customer. Its greatest value may be replicates our real buying. behaviors.

Do these myths vs reality help? Is it for you? Does your business need help putting retargeting to use?

24 most effective lead generation tactics surprisingly 0

Posted on February 12, 2018 by Rob Petersen

lead generation tactics

Lead generation tactics are the activities marketers use to identify, attract and nurture relationships with prospects so they turn into customers for your product or service.

According to 600 marketers from an eMedia survey, B2B Lead Generation: Trend Report, the choice of lead generation tactics plays a key role to achieve the best results. That’s because:

  • 68% of companies say increasing lead quality is more important than lead volume
  • 59% of companies say they are generating high quality leads.
  • 42% are converting leads into customers.
  • 37% deliver effective lead nurturing programs.
  • 36% say lead generation is impacting revenue and is achieving ROI.

What are the lead generation tactics marketers say are most effective? The list may surprise you. And the sources  for each of the lead generation tactics is given at the bottom of the list.

Here are the 24 most effective lead generation tactics surprisingly.

  1. 83%: Company Website
  2. 81%: Articles on your Website
  3. 80%: Email Marketing
  4. 78%: Events, Conferences and Trade Shows
  5. 77%: Case Studies
  6. 77%: Search Engine Optimization (SEO)
  7. 71%: Content Marketing
  8. 62%: Webinars
  9. 59%: Social Media
  10. 56%: Public Relations
  11. 53%: Blogging
  12. 56%: Paid Search (PPC)
  13. 52%: Telemarketing
  14. 48%: Online Advertising
  15. 45%: Content Syndication
  16. 44%: LinkedIn
  17. 37%: Direct Mail
  18. 37%: Facebook
  19. 36%: Online Directories
  20. 32%: Re-targeted ads
  21. 26%: Affiliate Marketing
  22. 26%: Mobile Marketing
  23. 22%: Print Advertising
  24. 19%: Rented Lists

Source for  1, 3, 4, 6, 8-15, 17, 22 and 23 is eMedia. For 2 and 5, the source is MarketingProfs. For 19-21 and 24, the source is Chief Marketer. For 7, 16 and 18, the source is Capterra.

This list is intended as a guide. If you are pursuing lead generation, now you know if your going about it using the tactics that marketers say are most effective.

If you’re are like me, in any given week, you probably get emails from companies offering these services for your business stating how much they will help your business grow.

Doesn’t it also help to know the ones that probably deserve the more serious consideration based on the experience of people who depend on effective lead generation tactics?

Does your business need help developing a lead generation strategy with the most effective lead generation tactics?

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    BarnRaisers builds brands with proven relationship principles and ROI. We are a full service digital marketing agency. Our expertise is strategy, search and data-driven results.



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