While AI is now a key driver in transformation, it is equally crucial to know why this change is needed
We are living in a fast-paced competitive world. If business brands are not innovative and eager to experiment with the updates of the disruptive technologies, they risk staying behind in this rat race. So the marketing teams in the upfront must take bold initiatives and invest in technologies like Artificial Intelligence (AI), Big Data, and machine learning before it is too late. While we are at the height of inflated expectations of what AI can do, it does help us achieve customer engagement, trends forecasting, price optimization among its numerous benefits. This revolution is driven by the entry of affordable and accessible advanced data analytics tools and the abundance of qualitative and extensive data sources. Besides, there has been an increasing realization and acceptance among marketers about the potentials and possibilities of data-driven practices that help in making better marketing decisions. Most of the models employed are based on machine learning techniques. Hence it is necessary to be familiar with some of the buzzwords of AI in the marketing industry. Since AI is effectively evolving as an integral part of marketing, Forbes urges visionary marketing leaders to put efforts into understanding AI and how it impacts both marketers and consumers.
One of the key terms that are popular in the marketing sector is AI analytics. Cognizant describes AI analytics as the product of automating data analysis—using the algorithms of artificial intelligence and machine learning. Examples include natural language processing (NLP), speech analytics transcription, and computer vision for image and video analytics. Thus, when incorporated with Business Intelligence, it helps marketers in solving the challenges of the supply chain, risk management, find out the expectations and preference of customers and use those insights to boost customer engagement. Further, these AI analytics allows to push updates to existing products and create new innovative ones and devise focused and targeted campaigns. AI can merge vast amounts of customer data in ways marketing teams cannot scale.
Further, marketers should be aware that AI helps them in making more accurate predictions. They can leverage these predictions to get enhanced results by targeting areas they did not have prior knowledge of. This allows to generate more creative ads, identify possible risks and ways to avoid them, and more effectively use their time and funds, just like AI analytics. This also empowers marketers with the confidence about the success of brand campaigns, offers, and sale. Apart from that, marketers have also realized the importance of AI tools too in consumer search, choice set construction, and purchase decision making. This is because some of these tools also offer propositions ranging from how to advertise to how to handle customer relationships and after-sales support. For instance, Amplero, a Seattle based company, helps marketers to detect patterns in data to build dynamic audience profiles. In one case study, a company using Amplero to increase upsell lowered its acquisition cost from US$40 to US$1, which resulted in an 88 percent lift in average revenue per postpaid customer.
Moreover, AI can ease the burden of employees by automating several monotonous rote tasks. These include, lead scoring, scheduling meetings, personalizing content, inbound email sorting, A/B testing for subject lines in emails, social media monitoring, programmatic advertising, creating social media messages and ad copy, correlations, deliver real-time segmentation and information clustering and many more. Because of automation, much time and costs expenses can be saved.