Converting raw resources to a useful commodity is always an arduous process. Crude oil, for example, must go through heating and distillation in order to convert it into gasoline and other useful products. Data, which has become one of the most valuable commodities of the modern age, is no exception.
Businesses that want to benefit from the data they collect from interactions with their customers must have a system for processing it. The data must be enriched, analyzed, and converted to actionable insight. FirstHive brings businesses a robust and proven system that leverages artificial intelligence (AI) to derive the best value from each customer interaction.
FirstHive is a full-stack Customer Data Platform, or CDP, that gives marketers and brands the power to take control of their first-party data. By pulling together data from all sources, both online and offline, FirstHive’s platform eliminates frustration and ambiguity that can easily creep into the marketing process. It provides a clear, unified picture of customer activity that enables highly-personalized campaigns capable of consistently driving conversions.
FirstHive works with clients in a wide variety of industries, including retail, digital, manufacturing, tourism, travel, hospitality, and financial services. By applying its AI engine to the complicated task of analyzing customer data, FirstHive serves as a marketing decision engine. Businesses are given the insight they need to be able to understand what efforts are working and how to amplify them.
Using AI to empower more effective marketing
While data is empowering, too much data is overwhelming. Without effective processing tools, businesses can quickly find themselves drowning in a flood of fragmented data that lacks form and function. FirstHive’s AI gives businesses the processing power to quickly and accurately mine insights and use them to fuel effective conversion strategies.
“When faced with the challenge of assembling and converting customer data, as well as building unified customer profiles, analyzing optimal customer treatments, then executing upon those analytics and measuring them appropriately, the clear bottleneck at each of these points is human labor,” explains Aditya Bhamidipaty, FirstHive’s founder and CEO. “The concept of probabilistic matching utilizes AI to assign key customer identifiers — such as IP address, operating system, and device or browser type — to a particular customer by calculating the statistical likelihood of a match to data points generated by their online behavior.”
In other words, FirstHive’s AI analyzes what a customer has done in order to predict what that customer will most likely do. Armed with that insight, companies can make informed decisions about the kind of offers that will most likely convert a visitor to a customer.
Using AI to deliver a personalized customer experience
FirstHive’s decisioning hub allows businesses to put an end to costly conversion campaigns built on guesswork and risky experimentation. Through the use of AI, it empowers predictive lead scoring. This involves identifying the products that shoppers are most likely to buy based on their activity, then presenting opportunities to buy those products at the optimal point in the sales funnel.
“AI systems can read data source files, classify their contents, and recommend how they can be mapped into a central storage of customer data,” Aditya explains. “It can also more easily develop advanced processes to handle complex cases, isolate poor quality data inputs, and find matches based on subtle patterns that human analysts might easily miss or that are too complex to build into a conventional rule set.”
Whereas traditional marketing involves mapping out strategies prior to launching campaigns, the AI-driven data that FirstHive provides allows for an adaptive and reactive approach that empowers real-time decision making. As a result, businesses can hyper personalize every interaction across every channel. Because customer behavior can be predicted, businesses can tailor relevant, contextual experiences for each customer. These personalized interactions deepen customer relationships and result in higher marketing ROI.
With FirstHive’s predictive modeling as a foundation, businesses can configure rules to accomplish a wide variety of marketing goals. Whether the aim is increased revenue, optimizing customer lifetime value, reducing churn, or driving engagement with customers, FirstHive provides the tools that allow businesses to understand their customers like never before.
