AI: From Science Fiction to a Marketing Tool
Artificial intelligence (AI) and machine learning are an increasingly integral part of many industries and business units. Marketing is no exception. But while we frequently talk about these technologies, how can they be incorporated into the field of marketing? This article describes two examples.
First, we have to understand what these terms actually stand for. Simply said, AI/machine learning enable us to do things we could not do before. To be more concrete, AI is able to process huge amounts of data/information and come up with recommendations for actions.
In a marketing context this means that AI technologies are able to analyse consumer’s behaviour across many platforms. Companies can learn who is searching where and when for which products and services. This evaluation of data leads to a better consumer understanding. This in turn facilitates companies to enhance customer experience - one of the most important aspects of a successful digital marketing strategy. Based on historical data and past behaviour AI can help to show personalized ads that are most relevant to consumers. By doing this, users are more likely to become recurring loyal customers.
Another important aspect is consumer interaction. In nowadays world, speed is key: when customers shop online, they expect quick responses and resolutions from businesses. But this can be very costly and requires a lot of manpower. Or an AI chatbot. Chatbots are another field in which AI is very useful – they can provide answers to customer requests in real time. In contrast to human beings, a chatbot can be reachable 24/7 and is way more cost-effective in the long-run.
These are just two examples out of the huge AI universe. With AI, information can be better used, marketing campaigns be more efficient and conversion rates as well as revenue increased (while at the same time decreasing Customer Acquisition Costs). It is definitely a trend that will stick around in the marketing landscape for a while and every company, that has a certain size, should consider making use of it.
Written by: Yannic Egli
Edited by: Nicola Curci