Their platform is not human or machine, it is human and machine, explains the team at Persado, an artificial intelligence (AI)-powered software solution that allows enterprises to make data-backed decisions about the words they choose for customer communication. In fact, by using Persado’s natural language generation technology, companies have increased conversions by an average of 41%, across tens of thousands of campaigns across all channels—proof that human/machine partnerships can create deeper connections with people than humans do on their own.
JPMorgan Chase, one of Persado’s early adopters, saw the potential of AI to drive measurable business outcomes from the start. By using Persado on its marketing campaigns, Chase generated significant increases in performance and announced a five-year, enterprise-wide deal with Persado.
AI’s power realized
Most companies are at some stage of a digital transformation journey, striving to be more customer-centric and data-driven and to achieve personalization at scale. And it is worth the effort, says Jason Heller, president and former partner and digital marketing lead at McKinsey. Personalization at scale will create $1.7 trillion to $3 trillion in new value, according to McKinsey predictions; but companies won’t get a piece of that pie unless they have the technology to capture it, according to the company’s research. Persado fills a gap in the market enabling brands to design more powerful, personalized messages using AI, Heller says.
By unlocking the power of a technology that feels intangible to many businesses, Persado earns the No. 2 spot in the AI category on Fast Company‘s Most Innovative Companies list. Hundreds of enterprises, including Chase, Humana, American Express, Microsoft, and Verizon, use Persado to optimize customer communication. Some are using the solution across all communication channels, including marketing, servicing, and compliance. “Any piece of communication that matters can go through Persado to improve efficacy,” says cofounder and CEO Alex Vratskides.
Persado’s work with Humana demonstrates how AI can improve wellness campaigns. When Humana used Persado to encourage more customers to get flu shots, it doubled campaign performance compared to the original messaging. According to Vratskides, a data-driven approach to communication is critically important in the current environment. “The language you use can reinforce trust or erode it, especially in uncertain times. Guesswork is not an option.”
Value Beyond Addressable Channels
AI won’t replace human ideation, but it will augment it. Persado’s newest product, Insights to Ideation, extracts implicit insights from experiments on addressable and measurable channels which brands and agencies can use to improve efficacy across channels, including out-of-home, print, and television. For example, Persado might suggest evoking a particular emotion or focusing on a certain concept to give marketers a leg up as they craft the “big idea.”
Building innovative solutions takes a multidisciplinary team, Heller says. At Persado, people with backgrounds in commercial SaaS, data science, management consulting, and natural language processing work together—not to sell software, but to deliver customers tangible business outcomes.
Innovating also takes clients. Vratskides notes their customers are disruptors in their own right, willing to upend legacy processes to try a new technology solution. That is the mentality that earns a business a slice of the trillion-dollar AI pie. And, in a sense, Persado is the knife and fork.