Overview
Artificial Intelligence is growing day by day and covering every industry. As per the current data, AI can increase business Productivity by 40%. Recent fast adoption of new technologies has encouraged many industry leaders to progress into deeper and more efficient fields, where AI has established itself as the most potent tool.
Businesses that have AI at their fingertips will undoubtedly have greater opportunities to remain ahead of the competition in a variety of ways. In fact, more and more people are making investments in AI marketing, which is a wonderful uptake that will completely change the procedure we conduct marketing.
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Artificial intelligence is a little bit new for Marketing. This is very effective in the professional marketing toolkit.
Before diving more in-depth of the term Artificial Intelligence, first we should clear the picture of AI in our mind.
What is AI Marketing?
AI is interdisciplinary having multiple approaches. It is a broad term which can be used to express many technologies that are able to perform tasks requiring human intelligence. It can learn and make automated decisions based on past events.
All the decisions an AI will develop come from the data & information it receives. The more data AI gathers, the more it will be helpful in targeting the needs of your audience. AI can perform the usual task equivalent to a human-like level of intelligence. It helps in saving us a lot of time and making money in business.
There are many scientists who have explored AI in four different approaches.
Names are as follows:-
- AI thinks Humanly
- AI thinks Rationally
AI is helpful for marketers also who can understand customers behaviour deeply easily, know their search intent and action over the same. It also can boost the Return on Investment.
For Example:- AI in marketing begins from Gmail and Google Docs that utilize AI smart compose to check what you are typing and then suggest you what to write next.
How Does Artificial Intelligence play a Role in Marketing?
1. Sales forecasting
Knowing what to do next and executing it well is what any firm should strive for in order to exceed customers’ expectations and increase revenue. AI in marketing makes it simpler for marketers to understand clients and engage in their actions based on data acquired through contacts and previous purchases.
With the help of this you will be able to predict what customers will buy in future and the quantity of products sold. This helps you to define what product is generating more sales and what should be promoted more. This way of growing business with the help of artificial intelligence will lead to balancing of your inventory neither overselling or out of stock products.
2. AI-Powered customer insights
The most important reason businesses use AI is for doing data collection. The insights that robots collect for business are a valuable source of information to understand their customer at best and create customer-centred decisions. AI takes external market knowledge by analyzing the maximum amount of online content on social media platforms, blogs or other informational sources.
3. Craft Personalized customer experience
AI can also be used by brands for improving customer experience by offering personalized content and offers the top customer support to each individual.
Give a thought when you visited last time an online store, You saw there a page with products, you checked features and selected exactly what you was looking for and you enjoyed it. So, AI track the whole process and analyze the interest of product you have purchased in past and recommends you in the future of the product with similar features. This makes AI improve customer experience with personalization and using this AI is more sales, engagement & customer retention.
4. Content Generation
AI powered tools can assist in the work of content creation more easily and efficiently. Although the roots of creating content is done from human creativity, still you can use AI tools to maximize your content team’s efficiency by specific tasks such as email content, report message or social media content.
5. Speech recognition
Have you ever heard of Siri, Google Assistant or Alexa? These are just some of the most famous chatbots which use speech recognition.
These AIs can understand spoken words or convert them into text to execute the command. This feature is also used in many applications such as shazam, Google Maps and Hand free systems. So, marketers can take advantage of speech recognition for their campaigns by selling through smart speakers. As per data 55% of households have
6. Dynamic Pricing
This AI is also known as personalized pricing. It is a pricing technique in which the price of a product is set by demand and/or supply. An excellent example is the pricing of ride-sharing applications, which climbs as demand increases, or when you can’t find a deal when you need to buy something online.
To give you real-time pricing, an application or website’s bot can monitor your predictive analytics use cases such as cookies, history, searches, and other behaviors. This implies you will receive fewer discounts and/or higher costs for the product/service you require right now.
When a product’s demand is low, customers might profit from dynamic pricing. Unsold hotel rooms are a good example of this.
7. Automated Image recognition
Top Brands like Google, Facebook, Pinterest and Amazon use AI to identify people and objects in images and videos with an accuracy of 99%.
If you are a Facebook user you might have noticed how AI recognizes the face of your friend and suggests tagging in your post. For the marketing approach, image recognition can perfectly sync with the online content and store visits. As many stores trace the customer’s face by facial recognition software and link to their profile to serve them with a better shopping experience. Many combine this AI with push notifications to send real-time offers, discounts and personalized messages individually. It helps in interacting between stores and customers.
What advantages of using AI in Marketing?
AI Marketing yields many benefits to a business.
- Collect Data-rich insights in a fraction of the time
- Understand your target audience better
- Streamline operations
- Real-time decision making
- Campaign ROI
Why is AI Marketing important?
Artificial Intelligence has a huge effect in digital marketing. If you are unfamiliar with this fact then let me make you familiar that 76% of customers expect companies to understand their demand and fulfil expectations timely. Al permits marketers to crack a huge amount of data from social media and the web in seconds. The robot catches the search intent of the user. That’s why AI marketing is mandatory in every business.
1. Automation
AI makes your marketing automation more intelligent. It can work with marketing automation to enable transforming data into choices, meaningful interactions and favorably affect your company outcomes.
All is about the data, still the main thing matters more is quick action of converting data into actionable insights. We can also say the speed with which marketing tasks are implemented is a delicate element that AI marketing can bring to your business. Marketers are helped by AI to know the number of campaigns they create, determine the best action for customers and then identify the best campaign to send them properly.
2. Minimizing errors
Humans are prone to errors by nature. AI and human error – a broadly-discussed issue that many have come to a debate over whether AI can be a solution for human error?
Undoubtedly, Artificial exist to reduce human intervention that repel the chances of occurring human error. Hence, AI can help to correct human errors, especially in the most concerning facet: Data security.
3. Cost savings
AI can help you to remove many unwanted expenses and engage by creating a marketing strategy. With AI you can achieve a great profit as it helps in cost reduction by providing results quickly and increasing revenue.
In case your organization spends too much money and hours to complete the task, AI can help to give a solution over this by shortening the time and eliminating the error done by the employee. The creativity of content writers doubles with the help of AI tools and makes it easier to perform critical tasks.
4. Increased ROI
AI assists marketers by better understanding the behavior of customers and improving experiences. With the help of AI, Marketers on the journey of customer insights can gain greater and know better how to group and drive better.
They can maximize ROI by deeply analyzing and Understanding what they actually want.
5. Increased personalization
Artificial intelligence will personalize your marketing in a variety of ways. Many businesses are already using AI to personalize their websites, emails, social media posts, video, and other content in order to better meet the needs of their customers.
For instance, eCommerce business services providers are getting more results by push notifications mobile-friendly. Push notifications delivered via mobile gain more attention from individuals when done well because they create a sense of personalization.
That’s because each individual client will receive their own customized push notifications with custom-tailored messaging depending on what they’ve watched or exactly what they want to hear from a company.
6. Smarter and faster decision-making
AI speeds up data processing compared to human interaction, ensures accuracy and security, and allows your team to focus on strategic goals to create effective AI-powered campaigns.
AI can collect and track real-time tactical data, allowing marketers to make decisions in the moment rather than waiting for campaigns to end. Based on the data-driven reports, they may decide what to do next, making better and more objective judgements.
Can AI replace marketers? How can they work in tandem?
Artificial intelligence (AI) has the potential to significantly impact the field of marketing, but it is unlikely to completely replace marketers. Instead, AI and marketers can work together in tandem to enhance marketing efforts. Here are some ways in which AI and marketers can collaborate:
1. Data analysis and insights
AI can process large volumes of data and identify patterns, trends, and insights that can inform marketing strategies. Marketers can work with AI systems to analyze customer data, identify target segments, and understand consumer behaviour, enabling them to make more informed decisions.
2. Personalization and targeting
AI can analyze individual customer preferences and behaviour to deliver personalized marketing messages, recommendations, and experiences. Marketers can leverage AI algorithms to segment their target audience and create tailored campaigns, improving customer engagement and conversion rates.
3. Content creation and curation
AI-powered tools can assist marketers in content creation and curation. For example, AI can generate written content, design visuals, or recommend relevant articles and videos for a specific target audience. Marketers can leverage these AI-generated suggestions to streamline their content creation process and improve content quality.
4. Marketing automation
AI can automate repetitive marketing tasks, such as email marketing, social media scheduling, and ad optimization. This automation frees up marketers’ time, allowing them to focus on more strategic and creative aspects of their work. Marketers can oversee AI-driven campaigns, monitor performance, and fine-tune strategies based on the insights gathered.
5. Customer service and chatbots
AI-powered chatbots and virtual assistants can handle basic customer inquiries, provide support, and assist with the purchase process. Marketers can work with AI systems to ensure that the chatbots are well-designed, aligned with the brand’s voice, and capable of delivering a positive customer experience.
6. Strategy and creativity
While AI excels at processing data and identifying patterns, human marketers bring strategic thinking, creativity, and emotional intelligence to the table. Marketers can use AI-generated insights as a foundation for developing marketing strategies and campaigns, infusing their expertise and creativity into the process.
It’s important to note that AI is a tool that supports marketers, rather than a complete replacement. The human touch remains crucial in understanding customer emotions, building relationships, and adapting to dynamic market conditions. By embracing AI technology and collaborating with it, marketers can enhance their efficiency, make data-driven decisions, and deliver more personalized and effective marketing experiences.
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