A survey conducted by Iterable and Wakefield Research revealed that 91% of marketers are already using AI in their work. Additionally, almost half of the respondents believed that AI, specifically generative AI, would make their jobs easier. Bela Stepanova, Iterable’s SVP of product, explained that marketers feel a sense of FOMO (fear of missing out) when it comes to adopting AI capabilities. They recognize the rapid growth and opportunity in the AI-powered customer engagement platform market.
According to market research firm Markets and Markets, the global customer engagement solutions market is projected to reach $32.2 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% over 2022. Similarly, the global market for retail omnichannel commerce platforms is expected to reach $16.9 billion by 2027, showing a CAGR of 16.4% from 2020.
Iterable faces competition from various companies in the market, including Pega, MoEngage, Adobe Marketo Engage, HubSpot Marketing Hub, Constant Contact, and OneSignal. However, Iterable has achieved significant success since its founding in 2013, reaching $200 million in annual recurring revenue (ARR). Their impressive list of customers includes well-known brands like Priceline, DoorDash, Box, Redfin, Calm, Zillow, and Volvo.
One of the challenges marketers face is creating personalized customer journeys based on vast amounts of data. Iterable aims to simplify this process with its newly unveiled feature called Journey Assist. With just one prompt, marketers can quickly create new customer journeys or enhance existing ones. Iterable provides commonly used templates to streamline the process. Andrew Boni, CEO and co-founder of Iterable, likened customer journeys to flow charts, where specific actions trigger corresponding messages. Journey Assist allows marketers to create these sequences of messages in just a minute, making the process less complex.
The first month of the customer experience is crucial for brands as they aim to drive conversion beyond the initial purchase. Journey Assist can help marketers achieve this goal by generating journey flows automatically using AI. It empowers brands to create a tailored experience for customers, increasing the chances of conversion and long-term loyalty.
Another challenge marketers face is effectively segmenting their target audience. Marketers often spend too much time dealing with complex data systems and struggling to access and utilize customer data for segmentation purposes. Iterable’s new feature, Smart Segmentation, aims to address this issue. Marketers can quickly build segments with more attributes and event signals, allowing them to make more accurate decisions about which specific audiences to engage with. Smart Segmentation provides contextual information about how and where data is used, as well as users’ behavioral data. The system also offers smart recommendations, helping marketers leverage their data more effectively.
Customers have lauded Iterable’s AI capabilities. Selen Kucukarslan, senior CRM and marketing automation manager at Wolt, praised the scalable method of crafting intelligent audience segments provided by Iterable. This enabled Wolt to target users more effectively based on specific goals important for their business. Josh Geiser, senior manager for CRM, lifecycle, and mobile at Redbubble, emphasized that Iterable AI gave his team more time to brainstorm creative ideas by eliminating busy work.
Iterable has enhanced its Brand Affinity feature to help brands gauge customer sentiment. This tool translates cross-channel engagement into user labels, allowing marketers to review historical trend analysis supported by explainable AI. The enhanced features provide scoring and insights at the aggregate campaign level, revealing how customer affinity changes over time based on interactions between audiences, content, and messaging. Customer sentiment analysis is crucial for understanding overall brand perception and making data-driven decisions.
Lastly, Iterable has integrated WhatsApp into its platform. WhatsApp, owned by Meta, is the world’s leading messaging app with over 2 billion monthly users, representing 33% of the world’s population. Iterable users can now send personalized messages based on customer preferences, engage in interactive communication with quick-reply messaging, and automate campaigns throughout the customer lifecycle. This integration enables brands to reach and engage with customers globally on one of the most popular messaging platforms.
In conclusion, Iterable is at the forefront of helping brands effectively navigate the AI revolution and improve customer engagement. Through their AI-powered capabilities like Journey Assist, Smart Segmentation, and Brand Affinity, marketers can create personalized customer experiences and make data-driven decisions. The integration with WhatsApp further expands their reach and communication options. With the growing market for customer engagement solutions and the increasing adoption of AI by marketers, Iterable is well-positioned for continued success in this space.
