The building of any company, no matter the sector, often comes down to data. Without information, decision-making isn’t effective, and risks grow. Today, there are more opportunities than ever for valuable data assets. New research is pointing to companies’ need to utilize data in the way they market and build their business in the year to come.
Getting to Know the Consumer
One of the core benefits that insightful data offers is a look at the way to get to know customers better. Marketers know the value of this because the more they know about their customers and target buyers, the better they can tailor their pitch to get the biggest and best results.
Data like this is critical, especially when it comes down to getting more information than the competition has. Krishen Iyer is noted for his ability to grow companies in the industry and the success of MAIS Consulting. His company has long viewed valuable data and focused on utilizing the most innovative solutions for building marketing success.
What does 2023 have to offer? What should marketers be looking for to take things one step further?
Know Your Customers and Their Needs
One of the ways Krishen Iyer has found success is by utilizing data to get to know the people who rely on his services. That was a core component in his growth of MAIS Insurance & Consulting, a tech-based health insurance agency that is serving the Affordable Care Act. The company, which just launched its venture funding path, secured its first capital commitment and is continuing to grow, according to a recent news release.
It’s critical to use the data available from your customers to make decisions and not just rely on what Google has to offer. That’s going to be even more important now that third-party data will no longer be as readily available. The bottom line is, “You have to build trust with consumers, and this will continue to be one of the most important ways to develop products and reach consumers in the future. You have to know what your consumer actually needs and wants,” Krishen Iyer shared.
Krishen Iyer’s AI Insights
Another expected component of the 2023 marketing world will be the heavier use of artificial intelligence, a tool that could help to improve operations and help to create more stellar campaigns. Algorithms and marketing campaigns will grow to rely more on AI than ever before. Yet, there are some limitations there, and companies that dive in and only use AI will find pitfalls along the way.
For example, people have core skills that AI does not, including the ability to adapt to the unexpected needs of your customer or to provide empathy to a customer that is in need of more than just a product. It is going to be more important than ever, then, for companies to find a way to provide a high quality of service, utilize AI for cost enhancement, and then incorporate actual people into the process as well.
“When building our health insurance platform, we knew we were doing more than just creating an insurance company. The products and services we offer are going to impact real people in very significant ways. For that reason, it’s critical to incorporate the human component into your business no matter how much technology you plan to focus on,’ shares Krishen Iyer.
Krishen Iyer Thoroughly Understanding People and Cultures
The next important tool to consider for 2023 is the need to make marketing-wise to cultural differences and people themselves. A company that launches a product or service has to realize that, beyond just providing a great sales pitch or a fun Tweet that they are, in fact, impacting people. To do well, then, companies using data innovations or simply relying on the same standards they have will need to ensure they are focusing on who they are talking to.
“I think it’s very important to understand who you are talking to when it comes to marketing your company or brand. If you do not have a strong understanding of the cultural implications of the words you use or the statements you make, that can negatively impact your brand. It takes just a social media post that’s a bit off to create a big tidal wave of a costly negative reputation in the current market,” shares Krishen Iyer.
Krishen Iyer, with his background in insurance, marketing, mergers, and acquisitions, has a unique perspective on what’s to come. He’s always worked to balance business and to meet the needs of real people in various ways, including through the philanthropy he does on his own and with his company.
What Else to Expect Going Forward
What other trends are likely to develop in the coming year from a marketing and tech point of view? Here are some significant changes companies will want to focus on as they work to redefine and manage their current campaigns.
- Recession means more marketing: If there is a recession looming, the amount of impact is likely to vary based on the industry, but now is the time for companies to embrace a marketing budget that’s going to get them in front of new customers. It’s easy to pull from a marketing budget, but instead, creating a more refined marketing plan could help your company to do well even x this time.
- Remixable content is coming: There are now more opportunities to use remixable content, which means the content is powered by in-platform features on all of the major social media sites and then shared across multiple providers. If used well, this could help you to create new signals in your social marketing that could enhance your company’s results.
- Customizable website content: Though it may be something of the future, one of the ways some companies are leveraging technology in the industry today is to create web pages that incorporate customer-specific needs. The pages are intelligent, learning what the customer wants and needs, and, within a log-in model, it enables companies to create very direct campaigns based on what that customer is looking for and delivering.
- Updating email marketing for more customization, too: Email campaigns are still very much worthwhile, but to make them successful, companies will need to keep them personalized. That’s not just adding a name to the heading but creating emails that are designed based on the very specific needs of that customer.
- Compliance will be costly: Mistakes across compliance requirements, which seem to be tightening in many industries, will become a thorn for companies that make mistakes, and a costly problem, too. Staying up to date on them and ensuring there is a lower overall risk to the company will minimize this expensive fine.
Krishen Iyer, who is noted for his experience in the insurance sales, management of leads, and digital marketing sectors, is likely to dig in and create new campaigns to meet the demands of the 2023 customer and beyond. It is a key component in creating his company’s tools and resources to meet the needs of changing customer demands. Through MAIS Consulting, he will continue to work to meet the needs of his customers and clients while utilizing the most innovative data and technology to enhance outcomes.