Artificial Intelligence, or AI, transformed the
digital landscape in more ways than one. Image-recognition software,
semi-autonomous vehicles, medical robots and other AI-enabled technology are
all possible with this revolutionary technology.
For marketers, AI also presents opportunities we
never could’ve dreamed of. With AI marketing, digital markets can improve
personalization and generate better performance and profits, adding to an
already strong data-driven focus.
With AI, the consumer experience can be
personalized in a way that’s easier and more cost-effective. This allows brands
to achieve incredible gains through a deeper understanding of the customer
base.
Learn more about the applications for AI in
marketing and see how it can revolutionize your marketing campaigns.
What is Artificial Intelligence (AI)?
Artificial Intelligence
is simulated intelligence in machines that are programmed to “think” like
humans and mimic human behavior. At its best, AI can rationalize and take
action to achieve a specific goal, which has virtually limitless real-world
applications.
AI automates repetitive learning and discovery
through data and adapts through progressive learning algorithms. By finding
structure and patterns in data, these algorithms become a predictor and the
machine can optimize itself.
AI works on a much larger scale than the human
mind, however, which gives it the ability to analyze larger data sets and more
detailed data. On top of that, the more data AI has to work with, the better it
learns and the more accurate the predictions will be. Because of this, AI gives
you a competitive advantage, since the one with the best data has the edge.
Targeted Searches
Search engines have come a long way from the
days when you needed to know the exact product name to find what you were
looking for. Search engines with AI are getting smarter and more capable of
discerning your intent behind a search, so it’s able to provide you with more
relevant results.
By using the techniques employed by AI-enabled
search engines, businesses can help customers find the product or service
they’re looking for, regardless of how jumbled the search term became.
As an example, searching for a product on a
massive e-commerce platform, such as Amazon, only requires a general term. Like
Google, it will finish your search term and correct any typos in an effort to
give you the most relevant results. It also provides an advanced search
feature, which offers more targeted searches.
Programmatic Advertising
Programmatic advertising
is the automated process of buying and selling ads. Advertisers and publishers
connect to an ad inventory, through which they can exchange advertisements. AI
helps this process by using algorithms that analyze user behavior and optimize
the campaign for more relevant results.
Like other sales platforms, this is achieved by
targeting consumers with a high chance of converting. Basically, it’s targeting
the consumers searching with the express intent to purchase. Cookies also
provide insights to help AI tailor the campaign.
For example, AI and programmatic advertising can
be used to target apprehensive buyers by analyzing internet trends and
identifying preferences for better targeting. Matching the subscriber, cookie
data, and other data sets offer a clearer picture of consumer behavior. This
allows marketers to create better segments and duplicate audiences as well.
Market Forecasting
The customer experience is an important part of
successful marketing, and it’s receiving more and more attention with the recent changes to the Google algorithm
.
Marketers want to meet or exceed customer expectations as much as possible, as
well as determine if engagement will ultimately lead to the sale.
With AI, marketers can make better predictions
about market demand, giving them the information needed to nurture a prospect
or move on to the next opportunity.
For example, if you can gain an accurate
prediction of how much inventory you’re likely to sell, you know when to boost
your marketing efforts to get the sales. You can also double down on the
inventory you have in anticipation of higher-than-average sales.
Though it may seem outlandish, AI can also
analyze the conversations you have with a customer to identify your successes
and failures. It can then advise you on whether to continue with the prospect.
Content Curation
AI systems can find, compile and present
valuable content to your target audience by pulling information from different
data sets. This is a complement to your content marketing strategy, because you
now have relevant, highly targeted, curated content ideal for your audience.
Marketers can use AI to come up with marketing
strategies based on this data as well. If the content curation is targeting the
ideal customers with this insight, those insights can prove invaluable to
developing a strategy to communicate with your audience.
A similar technique can also be used to gather
information on prospects and send marketing messages to them. Over time, the
prospect is likely to subscribe or buy, since the offer is exactly what they’re
looking for.
Chatbots
Chatbots are a vital part of modern digital
marketing. AI-enabled chatbots provide responses to customer inquiries and
engage customers, leading to greater customer retention.
For example, a large business will struggle to
keep up with millions of customers, even with a full team dedicated to customer
service alone. Chatbots are available to address the minor needs of the
customer, engaging them and freeing up a representative to handle the more
involved questions and concerns. Chatbots are also available any time, day or
night, which is more practical than having a full team around the clock.
Ad Performance
The only way to tell if your marketing campaign
is performing well is with analytics, giving you insight into what is and isn’t
working. AI and machine learning provide detailed analyses and insights into
which advertising efforts are succeeding. This allows you to make more informed
decisions about where to direct your future campaign efforts.
AI shows you how many clicks an ad received,
which country or region they came from, what platform they came from, and other
valuable data. Using this data to inform your advertising campaign will give
you a higher ROI.
These same insights can also be used for future
predictions. Instead of focusing on right now, AI gives marketers a better
picture of overall trends to tailor the strategy for future goals and continue
to increase conversions along the way.
Dynamic Pricing
Predicting future market trends is one thing,
but being able to apply accurate dynamic pricing
strategy is
another. This allows you to optimize sales when the demand is high and find out
when to offer discounts to increase sales. AI is able to keep up with the
imperceptible shifts on a much larger scale than we can, giving you accurate
predictions to keep with the dynamic pricing trends.
Bottom Line
With marketing enhanced by AI, marketers can
rely on AI to determine the effectiveness of marketing campaigns and learn
where to invest for the best ROI. AI also improves the customer experience and
offers better opportunities for engagement, building a more loyal audience.
Regardless of industry, all modern marketing
efforts benefit from the capabilities of AI. It not only simplifies the process
and provides more cost-effective solutions, but it’s also more accurate and
effective.
With so many businesses getting on board with
AI-enabled marketing, you can’t afford to let your business fall behind.