Artificial Intelligence in business is impacting our lives in more ways than we could dream some 10 years back. Machine learning systems, neural networks, speech and image recognition, predictive analytics, and natural language processing all fall under the broad spectrum of AI.
AI empowers our computers to reason and applies logic with qualities to self learn and act on new knowledge at a superhuman capacity with common capabilities such as
Data ingestion and deciphering unstructured data
Learning from experience and adapting to new environments
Predictive Reasoning to form a hypothesis
Interacting naturally with humans
The Artificial Intelligence (AI) platforms are expected to touch a whopping 10 Billion USD mark by the end of 2022 and the Marketers will be the flag bearer in this journey of unprecedented growth.
Marketing professionals are now at the forefront to adapt to the changes triggered by AI and moving towards the transformation of the entire advertising industry for online business outperformance.
A Marketing and the Key Elements
AI (Artificial Intelligence) based Marketing commonly refers to Smart Marketing wherein customer data is used to understand customer choice and priorities for converting prospective customers to potential and real ones.
Big Data and Advanced Analytics have made it possible for marketers to come out with a clearer picture of the target audiences through AI marketing and communicating with customers and delivering timely personalized messages without any assistance from marketing team members.
AI-powered marketing comes to use in tools and platforms that are embedded with pre-built AI capabilities and AI marketing solutions offer ways to bridge the gap between data science and execution. Insurmountable it might seem, however, analyzing huge chunks of data with incredible speed is now very much feasible and easy with AI.
The key elements of AI marketing such as Big Data, Machine Learning, and Powerful Intelligent Marketing Solutions highlight the importance of adoption of AI marketing for all companies across various industries today.
Putting AI Marketing into Action
AI marketing has come with a lot of promise to the marketing function and is delivering value in quantitative terms to the real business world. AI-powered marketing professionals perform the following tasks regularly.
Measure customer data through the entire marketing chain.
Save daily working hours by automating tasks.
Learn Customer preferences.
Identify customer experience issues and take necessary corrective and preventive actions.
Analyze high performing ad placements and create automated ads.
Allocate marketing budgets more intelligently to maximize marketing ROI.
Deliver hyper-personalized communication at the right time via the right channel.
The Benefits and Challenges of AI Marketing
Technological advances in Machine Learning and AI are revolutionizing every single aspect of today’s business and marketing is no exception. A closer look at AI marketing reveals the following benefits and challenges.
1. Delivers High-Quality Responsive Customer Experience:
With the in-built quality to learn from experience, AI gets smarter every time it interacts with a customer. It also acquires valuable lessons from every single chat unlike us, the humans who often fail to do so. This unique ability helps AI to deliver highly responsive personalized customer experiences.
2. Generates Higher Marketing ROI:
As AI can allocate funds more intelligently across channels, analyze high performing ad placements, increase value for marketing campaigns; effective budgeting with wise spending rules can enable AI platforms to substantially improve marketing ROI.
3. Higher Website Conversion Rate:
AI platforms can optimize conversion rate through
AI-Powered Site Search
Intelligent Product Recommendations
Dynamic Headlines and Product Catalog
4. A Great Deal of Cost Savings:
AI doesn’t need a fleet of customer service representatives in your marketing team and Fewer headcounts can save a lot of money especially for the startups.
5. Make Better Use of Time and Efforts:
AI with its unparalleled ability to handle huge chunks of data can easily relieve you from laboriously looking into thousands of individual chat interactions and help you focus on a few meaningful reports.
6. Ensures Efficient Use of Data:
Tons of data are generated every day and in every marketing campaign and if not used timely to address a problem or remain unused for long, it could simply be treated as redundant. AI-powered systems can capture real-time data from many resources and immediately assimilate the valuable information against its data points.
1. Cost and Maintenance:
AI-powered systems can be costly like other high tech stuff and may require frequent maintenance. So before you invest in AI tools, just evaluate the worthiness.
Everyone is not comfortable with Chatbots: Hard but true, some of us are not comfortable speaking with robots like AI Chatbots.
3. Algorithms can fail:
Though Algorithms are pretty reliable with lots of testing and validation are done, it may sometimes misbehave and cause serious inaccuracies. Trouble is most of the time you may not even notice it.
4. Needs Human Support:
AI-powered systems as on date can’t function without human help and support.
Types of AI Marketing Tools
New AI tools are coming to the market almost every day and helping new-age marketers execute smarter hyper-personalized marketing campaigns and save time. Here are some AI marketing tools worth exploring by marketers.
- Email Marketing AI Tools provide better deliverability and increased revenue. It chooses the best time and best day to send emails to get more opens and click-throughs attracting more traffic to your blog. Can instantly generate millions of copy variants, create a tailored language for individual customers and reconfigure prediction level every time the audience responds.
- Content Marketing AI Tools help marketers automatically generate content, automate chatbot conversations, highlight appealing content as per customer needs and interests, and customize new feeds, produce complex content with machine learning.
- Chat and Messaging AI Tools can help e-commerce businesses by seamlessly integrating between Social Media and Ecommerce platforms, run drip messenger campaigns to keep the customers engaged, automate FAQs, connect with Facebook messenger, Twitter, Google Assistant, Amazon and more.
- Ecommerce AI Tools can help eCommerce businesses compile and meaningfully analyze huge customer data to provide better customer experience and higher conversions.
- Analytics AI Tools can effectively handle the most vital marketing aspects of collecting and analyzing data, saves time in gathering insights, plug into marketing technology stack, used across various media outlets such as email, content and mobile.
AI Video Analytics software solutions used for facial or image recognition have attracted great interest among social media users. Over the past few years, many people have been using filters over social media such as Facebook, Instagram etc. Brands use these filters to connect with the target audience and as a part of marketing campaigns.
Driving Conversions with Chatbots and Other Ways
Chatbots are getting increasingly popular as companies strive for answering customers and clarifying queries in an effective manner 24×7.
Besides answering to the customers, AI Chatbot solution can organize contests, deliver promotions and provide quizzes and help gather email addresses and phone numbers.
Other AI Marketing tools can come handy to the Marketers
Sharing your AI experience with your customers and involving them in AI journey
Using Predictive Analytics for increased lead generation
Executing effective marketing campaigns through automated emails
Create detailed and engaging content
It is believed by most of the technology and industry experts that AI will provide useful and actionable solutions to most of the issues we are faced today such as Economic growth, climate change, clean energy, cybersecurity and data privacy, economic and gender inequality, cancer and diseases, personal financial security, global education and health and medical breakthrough to name a few.
AI Marketing is evolving at a high pace and is all poised to transform businesses, consumers and governments across the globe in the recent future.