What is AI Today
It’s not unusual today to hear people speaking about artificial intelligence (AI). It’s in the media, popular culture, advertising, and technology. It just sounds really cool.
At Fullpath, we are often asked how we leverage AI and what benefits our customers receive from it. Let's dive into what AI and machine learning actually are, and then we'll list some of the ways our CDXP is infused with it.
Artificial Intelligence
Today, AI is a term being applied broadly in the technology world to describe solutions that can learn on their own. These solutions are in most cases advanced algorithms, and these algorithms can look at vast amounts of data and find trends in it; these trends often reveal insights that would be extremely hard for a human to find. Simply put, AI is anything capable of mimicking human behavior, but better.
Machine Learning
We've established that algorithms capable of mimicking human behavior can be called AI. But if we start to narrow down to those algorithms that can “think” and provide an answer or decision, now we’re talking about a subset of AI called “machine learning.”
Machine learning algorithms apply statistical methodologies to identify patterns in past human behavior and make decisions. These algorithms are also pretty good at predicting; in our industry, we can leverage these algorithms to predict things like the vehicle you may be interested in, the loan terms that would best suit you, and the offers you are most likely to see and then click or convert on.
Leveraging AI across the CDXP
Fullpath leverages AI in several key areas to optimize marketing and operational efficiencies for automotive dealerships. Here's how AI is integrated into Fullpath's solutions:
1. Digital Advertising Optimization
- Real-Time Budget Allocation:
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- AI algorithms monitor the performance of advertising campaigns on platforms like Google and Meta. It reallocates budget in real-time from underperforming campaigns to those that are generating better results, ensuring optimal use of advertising spend.
- Benefit: Maximizes ROI by continuously optimizing ad spend based on performance data.
2. Audience Segmentation and Targeting
- AI-Driven Audience Activation:
- Fullpath uses AI to analyze CRM data and website behavior to segment audiences into specific groups. This allows for highly targeted marketing campaigns that address the specific needs and behaviors of different customer segments.
- Benefit: Increases the relevance of marketing messages, leading to higher engagement and conversion rates.
3. Personalized Marketing
- Dynamic Email and Ad Content:
- AI personalizes email and ad content based on the individual behaviors and preferences of customers. This includes tailoring offers and messages that are most likely to resonate with each customer segment.
- Benefit: Enhances customer engagement and improves the effectiveness of marketing efforts by providing personalized experiences.
4. Lead Scoring and Management
- AI-Powered Lead Scoring:
- AI evaluates the likelihood of leads converting into sales based on historical data and real-time interactions. Leads are scored and prioritized, enabling sales teams to focus on the most promising opportunities.
- Benefit: Increases sales efficiency by directing efforts towards high-potential leads.
5. Inventory Management
- Intelligent Inventory Promotion:
- Fullpath’s AI identifies aging inventory that needs promotion. It then creates and targets advertising campaigns specifically designed to move these vehicles, adjusting strategies based on real-time performance data.
- Benefit: Reduces the time vehicles spend in inventory, helping maintain a healthy stock turnover rate.
6. Website Engagement
- AI-Enhanced Website Interaction:
- AI tools such as chatbots and personalized landing pages enhance the customer experience on dealership websites. These tools engage visitors with relevant offers and information, increasing the likelihood of conversion.
- Benefit: Improves customer satisfaction and increases lead generation through more interactive and personalized website experiences.
7. Data Integration and Insights
- Customer Data Platform (CDP):
- Fullpath’s AI integrates data from multiple sources to create a unified view of each customer. This holistic view enables better decision-making and more effective marketing strategies.
- Benefit: Provides a comprehensive understanding of customer behavior and preferences, facilitating more informed marketing and sales strategies.
Example Scenario
A dealership using Fullpath can see how AI-driven digital advertising can adaptively reallocate budgets to maximize lead generation. Simultaneously, AI analyzes website visitor behavior to tailor real-time offers, increasing the likelihood of converting those visitors into leads. The dealership's sales team benefits from AI-prioritized lead lists, focusing their efforts on the most promising prospects and ultimately boosting sales efficiency.
By leveraging AI in these ways, Fullpath provides automotive dealerships with powerful tools to improve marketing efficiency, enhance customer engagement, and increase overall sales performance.