AI and the Future of Marketing
Advances in technology mean that Artificial Intelligence (AI) and Machine Learning (ML) tools are propelling every industry forward – including marketing. Just like the efficiencies found in manufacturing and the error reduction found in a quality setting, marketing AI has the opportunity to improve branding, customer communication, and advertising – almost any aspect of a company’s marketing domain.
AI marketing has been used by companies with a global presence for a number of years. But as the technology becomes more accessible, smaller providers of AI technology are appearing in the market that are able to help businesses of any size.
To give some context, the number of businesses using AI services grew by 270% from 2015 to 2019 – and that acceleration of uptake is only set to increase. But how can organisations like yours get started – and automate aspects of your marketing?
What is AI in Marketing?
AI marketing is a way of using AI to take customer and company data and in some way augment the use of that data beyond what a person or group of people could achieve. AI can improve marketing campaigns and customer journeys, as well as how firms attract, nurture, and convert prospective customers.
AI is a very broad term and encompasses really any computer program that can carry out complex tasks without human intervention. While it isn’t ‘intelligent’ in the way that you and I are, its extensive processing capabilities mean it can handle more data in an hour than a person could in a lifetime. Data has become a modern-day commodity, and as methods of transmission and storage become more effective, programs that can derive insight from these growing data lakes are the key to unlocking the potential of any marketing team.
How to Use AI in Marketing
AI is certainly developing at a rapid pace, and businesses need to consider including AI in their marketing efforts to create a unique brand persona and improve efficiency overall. Here are some ways you could use AI in reaching your marketing goals.
With the use of AI, a customer-oriented brand may be able to discover which customer segments are capable of generating higher conversion rates, retention rates, and active engagement of the brand. AI-powered softwares have the ability to make sure that your current and past marketing campaigns are aligned with past and future business objectives, whilst discovering key performance indicators (KPIs). With such technology, it would be easier to come up with a refined marketing plan and to reassess your brand persona.
The Use of Chatbots
Chatbots have been proved to be extremely effective in helping customers navigate their way through a brand website. AI-powered chatbots act as human representations in handling customer interactions on a site, whilst answering questions concisely and tailoring the conversation to suit the customer’s unique persona. After a conversation with a chatbot, you can link a sales representative to further carry on persuasion and marketing tactics to increase engagement rates.
AI-infused marketing tools and software have the ability to use machine learning, predictive learning and outcome to forecast revenue. You can receive accurate results on conversion rates, customer retention, cost per acquisition and many more.
Examples of AI In Marketing
AI frutifies computer science and incorporates smart techniques into management and business information systems. Here are some examples on how AI is straying away from the futuristic ideal we view it to be, and instead becoming more realistic.
- Content recommendations and curation
- Speech and voice recognition
- Ad targeting
- Dynamic pricing
- Formation of SEO optimised headlines
Benefits of using AI in marketing
There are numerous applications for AI in marketing and each of them provides unique benefits. These benefits can be quantitative, for instance, increased purchases via mobile, or qualitative for things like improved customer satisfaction. If you’re wondering why a business would pursue qualitative instead of quantitative, consider that brands that want to break into new markets need to raise awareness of the products and services in that sector before they can enter it fully.
The specific benefits are going to be linked to each piece of AI tech and its application but there are some more general perks that can be associated with artificial intelligence in marketing. 32% of marketers use AI in communications and media so there’s clearly a hunger for what the technology offers.
In a world where engagement is key and brands are fighting over the attention of customers, personalisation offers businesses a way to attract new buyers and retain them. AI can assist you in sending customised communications to customers at the right times in their buying journey. AI may also assist marketers in identifying at-risk clients and provide them with information that will encourage them to return to the company.
Improved marketing metrics
Many businesses struggle to keep up with the volume of data generated by their digital marketing initiatives which make it difficult to review the success of specific campaigns. AI-powered dashboards provide a more comprehensive perspective of what’s working, by creating a web of the data available and gaining insight from all the connections between that information.
Quicker decision making
AI can perform tactical data analysis faster than humans and use machine learning to arrive at quick decisions based on campaign and customer context. This frees up team members to focus on strategic projects or other tasks that a robot wouldn’t be able to complete. Being tactical is extremely important, particularly in the world of social media campaigns where the landscape can shift quickly and brands must respond at the same speed if they want to be successful.
Shorten sales cycles
One of the main aspects of providing exceptional service is to have a better understanding of your clients. It’s a lot easier to determine your leads’ interests and buying behaviours using AI, and that means you can provide them with options that speed up the buying process. Whether you’re using WhatsApp, email or any platform in between to communicate with customers, having the information at the right time to help push them through the customer journey is a big bonus that AI offers.
Who’s doing it best?
As with any rapidly growing piece of tech, there are startups left, right, and centre. With AI, there are so many different applications that there is space for new businesses to thrive and usually, the technologies that are built are highly specific so niching down isn’t a problem. Let’s look at some of the interesting companies that are out there right now pushing AI marketing.
Votek – AI voice analysis
Votek is a Dubai-based AI firm that specialises in Arabic Natural Language Processing (NLP). They’ve built an Arabic Speech Recognition System which operates offline and recognises both standard and spoken Arabic accents. Governments, businesses, and educational institutions all use their technology. Their NLP system is used in Loujee, an educational smart toy which interacts with children to provide learning and skills-based activities.
Narrative – AI content generation
Narrativa is a natural language artificial intelligence and data augmentation platform for CX, advertising, e-commerce, communications & sales. Their solutions improve text variability, readability and conversion by using AI to generate custom content. The Narrativa Knowledge Graph includes contextual information so you can go beyond the next best offers and targeted marketing to create more relevant end-to-end customer experiences.
Persado – AI copywriting
Persado uses ML to create hyper-relevant content by understanding each individual user’s preference for distinct linguistic elements. It sounds complicated because it is, but Persado’s machine learning models are trained on individual-level response data from previous campaigns and use anonymised data to protect customer privacy. Persado creates content using machine learning algorithms that are tailored to each individual user to increase engagement across all platforms.
GumGum – AI ad placement
GumGum’s Verity is a platform for pre-bid contextual targeting that ensures that advertisers reach users in contextually relevant, brand-safe and brand-suitable environments at scale. Unlike post-bid measurement and verification solutions, the contextual intelligence platform classifies the page before the impression is served, allowing for more accurate and effective cookieless targeting for advertisers.
Market Muse – AI metrics
Market Muse uses AI-powered stackable filters to make content discovery simple and quick for internal marketing teams. The platform lets users delve into any aspect of their site or content topics to identify the most popular and engaging content they have to inform further marketing efforts. Metrics are intended to help content marketers in identifying, prioritising, and executing well designed content.
Where’s AI headed?
Well, that question is really very open-ended. So far the technology has been used to tackle the challenges associated with data. That’s what the current industry is built on. But, as people find new and imaginative ways to think about AI and how it can help us, we’re going to see big changes in how it is used in marketing.
Processing power and memory are not the limiting factors of this technology; instead AI is only shackled by preconceptions and existing schools of thought. Thankfully, developers everywhere love what AI and ML can do and so there is an influx of talent and investment into the industry.
FAQ 1: What is Artificial Intelligence in marketing?
AI marketing uses artificial intelligence technologies in the process of collecting data, analysing data and observing customer behaviour and other metrics. With rigorous and effective methods powered by machine learning, AI helps marketing management make decisions in a fact-based, automated manner.
FAQ 2: How is AI used in marketing?
AI is targeted towards improving customer satisfaction and experience in marketing. From targeted, predictive content, chatbots, recognition technology to curated content, AI plays a huge role in making sure customer service is optimally improved.
FAQ 3: Is AI important for marketing?
In simple terms, AI ultimately helps businesses deliver personalised and curated messages to consumers at different stages of the consumer journey, in an articulate and effective manner.
FAQ 4: How will AI affect marketing?
The impact of AI would be that it would increases customer satisfaction, customer loyalty, customer engagement, and customer retention, whilst nurturing deeper relationships and providing insight to what customer segments prefer.