HOW ARTIFICIAL INTELLIGENCE IS CHANGING THE WORLD OF MARKETING
Intelligent technology is being adopted by several businesses across the globe and in the field of marketing as well. This dependence on the usage of intelligent technology is swiftly increasing with each passing day. The primary rationale behind this is that intelligent technology solutions are more efficient and provide a more comprehensive insight into the potential customers thereby allowing better marketing of products or services. It helps in establishing an advantageous connect with the consumers. Vast amounts of data are being collected from consumers on a daily basis. AI helps marketers to act on this data collected by applying it to their marketing strategies.
WHAT IS AI MARKETING?
Artificial intelligence (AI) marketing makes automated decisions on the basis of methods such as data collection, analysing the collected data, and further assessments of the market or economic patterns that is likely to influence marketing strategies. AI is frequently utilised in marketing campaigns where a fast pace is critical.
WHERE CAN AI BE USED?
AI can be used for a variety of functions such as for automated decision making, analysing data, content creation, language processing, media buying and personalization. It can be used for product recommendations, ad targeting and speech recognition.
COMPONENTS OF AI
· Artificial intelligence enables machine learning, which entails computer algorithms that can study data and improve constantly over time. Machine learning devices assess new data based on data collected throughout the past and make decisions taking into consideration what has worked in preceding situations.
· The advent of the digital age has led to the existence of colossal amounts of data online which allows marketers to analyse the customers and put in their efforts accordingly. The excessive amount of data has, however, made it slightly difficult for marketers to find the data that is useful to them.
· AI enables marketers to manage the data available to them and gain knowledge about consumer patterns and make informed decisions based on the data about how each marketing strategy is being perceived by the customers.
HOW AI IS CHANGING THE WORLD OF MARKETING
· AI can be used to enhance the website of a business by making it more personalized, catering to the needs of each specific visitor on the website. This can be executed by AI by collecting information about the visitor such as their location, device, mode of interaction with the website, etc. Personalization on websites has proved to increase the conversion rate.
· Businesses can receive reports which analyses the traffic on their websites. This assists in analysing visitors on the website on a large-scale.
· AI can additionally be used for content creation as well in the form of summaries, descriptions, etc.
· It can be used to create chatbots that guide visitors on the website and also render customer support 24×7. The answers and solutions given by chatbots are immediate which is preferred by customers over waiting for a human customer support executive to revert back to them. It is often more efficient than human customer support as it puts forth suggestions based on data collected, demographics of the person requesting support, etc.
· Emails can be curated and sent out using AI which reduces the time and effort that would have to be spent on it by a human by a drastic level. These emails can also be personalized to suit each customer and sparking their interest to buy the product or service offered by AI analysing their data including time spent on the website, wish list, popularity of products, other websites visited, among others.
· AI can help in predictive analysis, i.e., what advertisements are likely to draw in more customers, at what prices are customers more likely to purchase the product, etc as AI learns how customers tend to behave.
· Ad placement and content of the ads can be boosted using AI as it can target the audience that is looking for the particular product at the right time which would influence them to make the purchase.
· Visual searching has been made possible by AI. This tool has been useful in increasing sales because often typing in keywords do not accurately deliver what the customer is seeking.
· AI allows businesses to be more aware about what is working in their favour and what is not through insights. Customer satisfaction is analysed in an efficient manner. This paves the way for improvement and innovation.
· AI can study historical data and come up with dynamic pricing by taking into account the demand for the products, economic conditions, etc. which would give the business an edge over their competitors.
· Speech recognition enables a seamless and smooth experience for customers.
IMPORTANT ASPECTS TO KEEP IN MIND WHILE USING AI IN MARKETING
· The implementation of AI in marketing must be planned ahead of time by demarcating those segments which can be improved by AI.
· One must keep in mind while employing AI tools to not breach the privacy of individuals in the search for personalization.
· The tools used and data extracted from the customers must be to an acceptable level.
· For AI tools to be applied, there must be a repository of data available for the AI to use to learn as it is the very basis on which AI works.
· The data must also be updated to ensure relevancy, accuracy, etc.
While there are certain drawbacks to using AI such as training time and quality, concerns about privacy and striking a balance between personalization and maintaining privacy, difficulty in evolving in the background of a changing market, etc., AI can provide an abundance of advantages to marketers.