Invoca Summit 2018 is officially in the can and we think that it was our best Summit yet! Now that we’re done high-fiving ourselves, we must say that much of the success is owed to our customers and partners who presented at the keynotes and breakout sessions. It’s their insights, stories, and experience that make this event so valuable, and what one attendee said was “…honestly the best conference I have ever attended. Super well-organized and so much focus on value and ROI, not just theoretical fluff.”
A huge thanks goes out to all the speakers from: Aragon Advertising, CHG Healthcare, Clearlink, Clutter.com, Dignity Health, DISH Network, Drips, Forrester Research, Frontier Communications, Genesys, Google, LeadSquad, Lunar, Mutual of Omaha, Progrexion, Robert Half, Starkey Hearing Technologies, T-Mobile, University Hospitals, US Bank/Elavon, Visiqua, Vivint, Weitz & Luxenberg, and of course all the brave souls at Invoca that spoke at Summit! It was an awesome event, and it was all thanks to you!
Now that we have that out of the way, let’s take a quick look at what the big takeaway was from day three of Invoca Summit 2018.
Attribution is Great, but Experiences are Awesome
The first day of Invoca Summit drove home the fact that attribution is everything in digital marketing. But put your consumer hat on for a second and think about how much attribution means to you. That’s right—bupkis. The only things that you care about are getting help you need when you need it and a simple and pleasant shopping experience. In the marketing world, we call this “customer experience” or “experiences” and it’s also known as “the only thing your customers really care about.”
Adobe looked at the customer experience like an orchestra. Many of today’s multichannel customer experiences (or as your customers know it, shopping) feel like a full orchestra where every member is trying to play their own song. It is painful to listen to and just doesn’t make any sense. Marketing and service channels in many organizations function independently, so they each just go on playing their own tune. What businesses need is akin to handing the band sheet music, letting them practice, and giving them a conductor to coordinate the whole act. Siloes need to be broken down, data needs to be shared, and every customer contact point needs to mesh seamlessly.
All of this is needed to satisfy the biggest demands from your customers, highlighted by Adobe’s Amit Ahuja: “Know me and respect me. Speak in one voice. Make tech transparent. Delight me at every turn.” Accomplishing this is as difficult as the demands sound, but connecting siloed data and business units is the first big step to making it happen.
Insight-Driven Businesses will Lead the Economy
How do we provide the experiences that customers demand? It’s all about insights. It’s not just piles of data, but the action that you have been able to take with it. Forrester analyst Tina Moffett liked to use the AI-powered personal shopper Stitch Fix as an example of a company that is taking customer insights to the next level. Dressing a stranger is a really intimate thing, and it can so easily go all wrong. However, Moffett’s experience with Stitch Fix was so smooth and the wardrobe boxes that arrived at her door were so dialed that she felt like she had “a stylist in some showroom in NY picking these things for me,” not a robot. “Stitchfix is using AI not just to scale, but to provide customer experiences at scale.”
She went on to demonstrate that these insight- and experience-driven companies won’t just make customers happy, they’ll actually be the biggest drivers of the economy. They will produce almost $2 trillion in revenue and grow at nearly 8x the rate of the economy at large by 2021. And many companies want to be a part of this insights-driven growth, as the top priority (36 percent) for companies surveyed in the Forrester Global BT Marketing Survey is to make better use of data and analytics for marketing measurement and gaining customer insights.
These insights are now being used to deliver experiences to customers in the moment—think of it as just-in-time marketing—to create new engagement opportunities with customers. These engagements are driven by the insights, but they can’t be delivered at scale by humans. That’s where AI comes in.
Marketers Coming to Grips with AI
While AI wasn’t exactly the buzzword of the week at Invoca Summit, you could feel its inevitability in nearly every talk. It came up, because it’s going to happen. To scale all of these insights-driven, data-heavy customer experiences, we’ll need AI to manage the messiness of data, to gain continuous insights and to make accurate recommendations to consumers in real time. But many marketers are still struggling with the concept.
Invoca Sr. Director of Product Marketing Ian Dailey said “I have a lot of people ask us about AI but very few of them know what it means. AI can be used to draw correlations between customer service, sales, marketing and even down to the store level. It’s all about incremental wins.” And in the end, it’s all about using AI to scale. We’re already drowning in data, and AI is the only way we will be able to take action on any substantial portion of it.
Invoca Product Announcement
The big product announcement points to the direction of Invoca’s future growth with multi-language support for Signal AI coming in 2019. Invoca’s industry-leading AI-powered call analytics will soon support Mexican Spanish, British and Australian English, and French Canadian languages. More to come on this announcement soon!
Thanks again to everyone who made Invoca Summit possible. We hope to see you there next year!