DIGITAL INTERACTIVE SERVICES
8 ways to improve the future of marketing with Artificial Intelligence
Artificial Intelligence (AI) is gaining traction among marketing researchers and practitioners. Why? Because of three primary factors: the evolution of Big Data, the availability of computational capacity, and the advancement of technological enablers.
Consequently, AI in marketing is expected to grow. It was worth $15.84 billion in 2021 and is expected to reach $ 47.32 billion by 2025. That’s almost triple in just four years! It shows that there is tremendous scope for AI in marketing.
Eight ways AI improves marketing
- Marketing automation
- Advanced search features
- Smart ad campaigning
- Content delivery par excellence
Many people think of email marketing when they think of marketing automation. However, marketing automation can automate far more than just your email campaigns—lead generation, mobile marketing, media marketing, and so forth.
But you have to do the thinking, make the decisions, create a strategy, and establish the rules and regulations. Automation merely executes tasks in order to put this plan into action.
AI, on the other hand, elevates marketing automation by predicting a customer's next move based on data patterns, thereby aiding decision-making.
Simply put, it makes marketing automation more intelligent, and thus more impactful and efficient.
Did customer behaviour spark technological advancement, or did emerging technologies influence customer behaviour? A case of “Which came first? Chicken or egg?” conundrum. In any case, we know that clients prefer different search methods (image, voice) and demand speedy replies.
Where and how does AI fit in? With voice search becoming increasingly popular, there is a rising number of AI-powered breakthroughs fuelling the rise of voice-controlled searches.
However, the difficulty for most marketers right now is figuring out how to optimise SEO while also preparing for a future of AI-powered voice search.
What if AI could create advertisements? Not joking here. Lexus, a luxury vehicle company, did this in 2018. The company employed IBM Watson, an AI system to achieve this. Watson examined 15 years of award-winning car advertisements to determine which aspects of the ads were most appealing to audiences.
Whoa! And this is just the beginning. Advertisers are already employing AI to segment audiences, create & test ad content and improve ad effectiveness— all automatically, in real-time, at scale, and in a cost-effective way.
Furthermore, AI can give recommendations for these: when and how to put out campaigns; what channel mix to use; how many emails, texts, or messages to send; when to publish; and such. This is an effective way to reach a larger customer base.
The use of AI in marketing to create and deliver personalised content to a specific audience is gaining traction.AI has given birth to a new field known as content intelligence in which AI tools empower content creators with data-driven insights and comments. Marketers will now be able to improve the efficiency of their content development in a variety of ways, including:
- Create effective social media posts in a timely manner.
- Create data-driven blog content to improve rankings.
- A/B test landing pages for maximum performance.
- Conduct thorough keyword research
- Text marketing
Evolved customer services
Customer retention is a challenge for marketers. Customers are demanding and could abandon their loyalty for something as simple as a delayed response. Marketers may address this challenge by using AI-powered chatbots. These bots can work even when customer support staff cannot, and respond to users in real-time. This is an excellent approach for brands to increase trust, engagement, lead conversion rates and customer loyalty.
Nearly half of online marketing companies depend on bots to increase lead conversion rates.
Lead generation is tedious. Many days of campaigning, hosting events, and engaging potential clients generate leads. It then takes additional research to qualify eligible targets, establish contact lists and send outreach emails. Eventually, you are left with only half the prospects.
However, with AI-powered solutions you can automate all the tedious processes from identifying prospects to nurturing leads. Not only do they generate and gather leads, but they can also provide recommendations that can convert a prospect into a customer. This way a healthy sales pipeline can be built.
Businesses need a direction to grow. Prediction is the pointer and AI is the means to predict. AI’s ability to sift through massive amounts of data, learn about audience preferences and detect contemporary trends is a boon to marketers.
With trends forecasted, marketers can do a lot — run effective strategies, provide personalised services/product suggestions—to boost lead conversions.
Isn't it exciting to try on different wardrobe colours virtually? Augmented reality (AR) and virtual reality (VR) are the technologies enabling experiences such as these. But, if you are looking to enhance the experience (by adding features such as object detection, text analysis, and scene labelling), AI is the key.
Some of the ways in which AI has begun to ease the usage of AR and VR in are:
- Make the in-store experience exciting and novel.
- Increase consumer interaction.
- Increase online engagement.
- Improve the customer experience.
Welcome to the future
AI and marketing make a formidable team. It’s no wonder that leading businesses such as Google and Spotify are leveraging AI tools to improve their performance.
AI promises to have the potential to influence marketing strategies, business models, sales procedures, customer service solutions and customer behaviour.
Would you also like to step beyond the ordinary? Adapt to changes quickly? Give your clients a hard-to-turn-away experience? Then, it’s worth considering implementing AI, maybe in a couple of areas before rolling it all out.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.