Using AI to predict customer acquisition

If you have ever had a passing interest in digital marketing (or marketing) you’ve heard of the marketing funnel. Consumers at the top are gaining awareness while those at the bottom are most likely to purchase. The funnel shape because there are a lot more consumers at the top than there are at the bottom. When consumers approach a professional service firms they often communicate where they are in the sales funnel. For example, a customer may tell a contractor that they want to have their kitchen redone and they want the work done by the end of next month. Another consumer may approach the firm and say that they are exploring some renovations in their kitchen. Clearly, the former customer is further down the funnel than the latter. Research that my co-author (Michel Laroche) and I are currently pursuing examines how AI can use these words to determine where the customer is in the sales funnel. Once customers are identified in different parts of the funnel, the firm can use different marketing approaches.

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