Artificial Intelligence (AI) is growing so much in popularity that consumers are developing an expectation that shopping and marketing needs will be met by the all-knowing eye in the sky.
Many companies have already entered the world of data-driven marketing, and consumers are not surprised to see their items viewed on one site showing up in the advertisement bar of an entirely different web-page. Some companies even have tools that allow ads to show up between different devises.
While the technology is still in the early stages, there are some companies who don’t understand how it works. Ultimately, it is forecasted that AI will develop into “thinking machines” as technology improves. While we are a long way from that, current artificial intelligence used in marketing reads algorithms from multiple sources and develops a marketing plan that accommodates the interests of the potential consumers.
Ensuring that we are keeping up with marketing demands, it is important to understand the importance of AI in the marketplace. Despite the acceptance, less than 40% of companies have a plan that involves clear plans to expand use of AI. Deciding to implement this strategy offers several benefits. The Warc Toolkit report (2017) reveals that despite the low number of companies with a clear plan, 58% of global CMOs expressed that companies are going to need to incorporate AI in order to succeed in the market place.
How does artificial intelligence contribute to a company’s growth?
1. SOLID MARKETING
It is impossible to take on the task of sifting through everything potential consumers are saying. Even the largest marketing team can’t effectively follow blogs, surveys, and social media. Using AI as a marketing solution provides tools for the marketing team to be able to analyse what consumers are saying in real time, providing feedback crucial to the marketing process. Utilizing AI data, the marketing team creates an advertisement that will offer the most impact in gaining the attention of their audience.
2. SMARTER SEARCHES
Analysing search patterns assists marketers to gain essential data. While consumers can quickly find information on google or other search engines, the algorithms changing constantly. AI analyses the best way to provide search information based on consumer searches.
3. STREAMLINED ADS
Consumers are bombarded with advertisements; utilizing AI Marketing strategies provides smarter advertisements, giving consumers choices restricted to the items they want to see. Incorporating keyword searches, online data and social profile information, marketing departments can create ads that results in more return on the investment.
This is achieved by customers willingly providing information through a chat bot and then used to create individual data for each consumer. This not only targets the individual, but provides information for markets to create better target ads for other groups of like individuals.
4. SUPERIOR CUSTOMER SERVICE
Customer service is one of the top demands from consumers, and with the advance of AI this has not changed. Now, customer services representatives are able to find out what a customer wants or needs based on simple entry of phone numbers or social media profiles. The artificial intelligence works to immediately interpret mass amounts of data that wasn’t possible before. This ensures that issues can be solved quickly?—?sometimes not even utilizing a customer service agent. The initial investment upfront saves money on the tail end, as representatives can invest time with more complicated issues.
5. IMPLICATIONS FOR THE FUTURE
While some are intimidated by the advancement of AI into the marketing arena, fearing it will take away jobs traditionally held by organizations, it doesn’t threaten jobs like some fear. It actually frees up marketing consultants to change how they do things and provide a strategic implementation of marketing skills. It will redefine what the marketing job looks like, but in the current state it holds great promise for those who learn how to incorporate it into the business.
6. RETURN ON INVESTMENT
Every advertising dollar is crucial and needs to be spent wisely. Throwing a net over a large area and hoping you will get one response has been the technique employed in the past. In order to compete, businesses are finding that they must reach consumers where they spend the most time?—?on their phones, tablets, and computers. Utilizing strategic advertising strategies ensures that there will be a much higher return on investment per person.
Customers are being trained to expect that immediate gratification and anticipation of needs. As more companies begin to utilize AI, the consumer expectation is going to change, with every type of business needing to anticipate needs and wants of consumers. AI frees marketers up to find creative ways to reach consumers who already want the product they offer.
• How do you think AI can improve your marketing?
• What problems did you face when you have integrated AI into your marketing plans?
• What advice would you give to someone looking to incorporate AI in their marketing?
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James Gray Associates Ltd
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