With AI & ML churning the Martech charts and AI in Marketing taking the branding and programmatic advertising berzerk, what more is in store for the future?
We are in the middle of the digital era and moving towards the age of Artificial Intelligence (AI) Technology. While most of us might associate AI with robotics, this technological innovation is utilized in various aspects of life. The by-products of AI technology range from vocal personal assistants such as Alexa, Siri to neural networks like Google’s DeepMind. It is integrated into various business processes including, research and development (R&D), Sales, Marketing, and finance.
According to Forbes, the adoption of AI and machine learning (ML) in research and development was the fastest of all enterprise departments in 2019. Moreover, marketing and sales utilize AI and ML more than any other department in the enterprise today.
According to Gartner, 80% of technology will be developed on an AI foundation by 2021. As AI is becoming more prominent across various industries, it is also impacting marketers in subtle ways that might not be obvious to them yet.
While AI was once labeled as “over-hyper,” marketers now use a handful of AI-powered tools in their everyday tasks.
AI in marketing has also become a hot topic of discussion in the market. It has been discussed in numerous events and summits in the past couple of years by various panels of marketing experts. Recently, it was on the agenda of BrandWagon Conclave 2020’s panel discussion with the topic ‘How AI and ML are helping brands optimize marketing’.
Some examples of ways in which AI in marketing can empower marketers are,
AI tools enable content strategists in defining SEO and keyword strategies, perform SEO-related tasks such as self-optimizing mobile pages and fixing duplicate content. AI can also assist marketers in tasks like creating basic social media content and drafting email subject lines.
Starbucks is among the brands that are leveraging AI effectively. Starbucks uses predictive analytics to deliver tailored marketing to its patrons, like recommended drinks when they visit local Starbucks stores.
Big data has become an essential asset to marketing. Large data sets that reveal associations, trends and patterns that help marketers in the marketing industry, designers, and the rest of the content marketing teams create and implement a solid marketing strategy.
One of the most talked-about products of AI in marketing is a reliable insight into the buyer’s personas. These financial representations of buyers or customers help businesses make well-informed marketing decisions.
A case study discovered that a website constructed on its buyer personas resulted in a 900% increase in visit duration and a 171% increase in marketing-generated revenue. AI simulation and modeling techniques draw a clear picture of the psychology and purchasing behavior of buyers.
This year, in 2020, AI and ML are expected to bring context and relevance to every marketing brief. The use of AI and ML has enabled businesses to enhance brand positioning, deliver strategic and targeted communication, apart from improving the consumer experience. More importantly, AI has allowed brands to become more relevant to consumers by getting a peek into their requirements and delivering upon it Demandbase Research with Salesforce Pardot Shows that 85% of Marketers Using AI Believe It Will Drive Double-Digit Revenue Growth Within Two Years
As companies are experiencing improvement in their performance and efficiency with the help of AI, they are investing and exploring it more. Let’s have a look at some of the latest innovations happening in AI for the marketing industry.
Discover underserved customers
Identify top opportunities for improvement
Fill the engagement gap
On September 29, 2020, Pegasystems introduced Value Finder with AI-powered capabilities to engage better with neglected customers with messages and offers designed for their specific needs. It is a part of the Pega Customer Decision Hub. Value Finder helps businesses in bringing 1:1 customer engagement to everyone by ensuring these under-engaged customers receive more relevant offers and messages.
Pega Customer Decision Hub serves as an always-on ‘brain’ providing centralized AI across all the touchpoints of the customer, both inbound as well as outbound, to optimize each interaction and maximize customer value. Its predictive analytics and customer decision management enables companies to surface unique insights and recommend the next best action in real-time during each step of the customer journey, from marketing to sales to customer service and retention.
Recently on September 22, 2020, Mailchimp launches a set of new AI-based tools as it continues its transformation to a marketing platform. The new tools and features launched by Mailchimp include personalized product recommendations for shoppers and forecasting tools for behavioral targeting to see which users are most likely to buy something. It will ease major pain points with content creation, demystify automation, and guide users through data-driven next-steps.
This latest launch Included tools namely, Stripe Integration, Creative Assistant, Smart Recommendations, Next Best Action, Subject Line Helper, Personalized Product Recommendations, Purchase Likelihood, G-Suite Add-On, Unsplash Integration.
A few days back, on October 5, 2020, IBM Brings AI at scale to the marketing and media industry. IBM launched three new products to add to its growing suite of artificial intelligence (AI) solutions for brands & publishers. These new capabilities are privacy-forward and designed to enable brands to reach clients while considering user privacy.
The IBM Watson Advertising suite of solutions leverages artificial intelligence to help customers make informed and data-based decisions. Newly launched AI-enabled capabilities include: Extensions for IBM Watson Advertising Accelerator, IBM Watson Advertising Attribution, IBM Watson Advertising Predictive Audiences with existing Watson Advertising Accelerator, Watson Advertising Social Targeting with Influential, and Watson Advertising Weather Targeting, etc.
Artificial Intelligence (AI) is being tried and tested in marketing at a very large scale to leverage its pros and enhance the capabilities of the martech industry.
AI in marketing is now being looked upon as the future of martech, and tech giants have already started exploring it to sketch an advanced and innovative future of marketing.
It’s a perfect time for every organization to start integrating AI in their marketing functions at least by taking baby steps so that none of us lack behind and even the martech industry will get a chance to choose the best of the best technologies to bring into use in the future.