Listen to this article now
Artificial Intelligence technology is important because it enables human capabilities – understanding, reasoning, planning and communication, and perception – to be undertaken by computer software increasingly effectively, efficiently, and at low-cost.
Simply put, AI is a system that can perform tasks that normally requires human intelligence.
These include problem-solving, recognizing emotions, and even diagnosing diseases.
Marketing has become more data-driven
Currently, only ten percent of marketers use AI. Artificial intelligence marketing can work with truckloads of data at a much faster rate than when compared to any marketing team run by humans. The AI revolution has forced marketers to be more data-driven, and marketers have more data to analyze and better ways to analyze it.
AI helps in fostering relevant and compelling interactions with customers, boosts ROI, and positively affects revenue figures. AI assists in finding hidden insights that affect customer behavior, critical data points, and recognizing purchaser trends are valuable touchpoints for any marketing team to develop creative content and impact strategy.
The rise of AI-powered marketing allows marketers to refocus their efforts on marketing that matters and gives them more time to address any challenges that come their way.
Helping marketers create more effective strategies
AI also provides traditional marketing with tools that open the door for personalized and relevant content presented at the right time to positively impact conversion rates for various types of businesses. It can also assist marketers in predicting a customer’s future purchases by analyzing the purchases they’ve made in their past.
An interesting aspect to examine is how customers have responded to incentive offers such as a 15 or 30 percent discount in the past. Marketers can then build their customer offer and call to action based on previous customer interactions and purchases. When you take into consideration the time and effort needed to build a marketing team to gather past consumer data, it won’t be feasible manually. This is where AI comes in and serves up the data needed.
Customer segmentation is enhanced by AI technology since it enables marketers to separate their customers into distinct personas and understand exactly what motivates them.
“Most companies view segmentation as a method of clustering similar customers together at a given point and time. Imagine harnessing the power of AI to map the journey that each customer has taken to reach his or her present segment,” says Pini Yakuel, founder and CEO of Optimove.
Freeing up marketers to be more creative
Technology is already starting to automate predictable and repetitive tasks, freeing up marketers to do what they do best, connect with people. As AI evolves, so too will a marketer’s ability to truly understand what those customers need and they’ll have more time to focus on creative ideas and ways to innovate. Despite its attempts, AI is still limited on creativity. That’s just one reason that AI created content lacks the magic touch making a blog post, article, or even Facebook ad engaging.
In the next 5 to 10 years, we might have a new and enhanced breed of marketers and we could see an uptick in ingenuity, imagination, and out-of-the-box routes to market that algorithms can’t replicate. Empathy, compassion, and storytelling are all attributes that machines can’t emulate, at least not yet.
How do you feel about the role AI will play in marketing and advertising? Let us know in the comments!
This article originally published on GREY Journal.