- The new platform will finally be unveiled at the company’s Activate Summit North America in September.
- With its predictive objective capabilities, brands may set goals specific to their business requirements and forecast the possible reactions from their customer base.
Talking about customer outreach, the so-called “batch-and-blast” emails, targeted online ads, and word-of-mouth are no longer sufficient. People are now living on their phones and are continually inundated with texts, emails, and notifications.
Andrew Boni, CEO of Iterable, a customer engagement platform company, said, “We’re online more than ever before, acutely aware and concerned with how our personal data is used, and, importantly, we demand to be valued and recognized for what makes us unique.”
It is an exceptional challenge for marketers to reach as many clients as possible in hyper-personalized ways. According to Boni, it is impossible to connect each customer with “a personal marketer and focused message at every touchpoint” without the use of Artificial Intelligence (AI) and Machine Learning (ML).
It is here that Iterable just revealed its new AI Optimization Suite. According to Boni, the platform possesses new predicted goals and explainable AI capabilities to support tailored brand-consumer communication.
The new platform will finally be unveiled at the company’s Activate Summit North America in September.
Bela Stepanova, Senior Vice President of Product, Iterable, said, “Understanding the inner workings [the ‘why’ and ‘how’] behind the system gives marketers the clarity and confidence to improve and refine the predictions they create, design goals that fit their unique business needs, and implement fresh ideas about how to approach customer-first campaigns.”
Iterable treats customers as its most asset
Most brands have access to customer data and a goal in mind for connecting with their customers. But the most important ingredient is often missing – building true customer insight and acting on that.
This has resulted in increased opportunity and growth in AI-powered customer engagement platforms. According to Markets and Markets, the global customer engagement solutions market will grow to USD 32.2 billion by 2027, representing a Compound Annual Growth Rate (CAGR) of nearly 11%.
According to ReportLinker.com, the global retail omnichannel commerce systems market will grow to USD 16.9 billion by 2027. According to the company, this represents a CAGR of 16.4% from 2020, growth over the COVID-19 pandemic.
Adobe Marketo Engage, Blueshift, HubSpot Marketing Hub, Pega, Braze, and MoEngage are some companies competing for the market share.
And Iterable is rapidly increasing its presence: The nine-year-old series E “centaur” company that now serves more than 1,000 customers — including DoorDash, Calm, Jersey Mike’s Subs, Zillow and SeatGeek — has surpassed USD 100 million in Annual Recurring Revenue (ARR) and has recently expanded into Latin America and Asia Pacific territories.
Ingest, centralize, activate
According to Boni, Iterable’s AI Optimization Suite enables marketers to “ingest, organize, and activate” client data and leverage real-time data to create customized campaigns.
With its predictive objective capabilities, brands can set goals specific to their business requirements and forecast the possible reactions from their customer base. They can use those predictions to create consumer segments and modify the message to maximize conversion.
With the explainable AI element within the predictive goals capability, marketers can identify the specific data points that contributed to forecasts. Boni says this offers a behind-the-scenes look at AI and additional insights that can inform future campaigns.
Boni added that marketers could comprehend the behaviors that influence predictions and prioritize them by importance. Using a predictive strength tool, they can also evaluate a goal’s accuracy and reliability and get insights into the related variables that affect how probable an event is to occur.
According to him, the firm intends to develop the platform to enable marketers to understand better how goals function over time, as well as to evaluate cohorts and enhance unique user experiences through journeys and experimentation more thoroughly.
“By setting goals and measuring outcomes, marketers can lean into strategies that are working and adjust any that aren’t,” said Boni.
He marveled, “we can make predictions about the future. This is where the world is heading. It is less about looking into the past and making a guess, and more about (establishing) future behavior.”