19 Nov How to Use Artificial Intelligence in Marketing
Artificial Intelligence, or AI, transformed the digital landscape in more ways than one. Image-recognition software, semi-autonomous vehicles, medical robots and other AI-enabled technology are all possible with this revolutionary technology.
For marketers, AI also presents opportunities we never could’ve dreamed of. With AI marketing, digital markets can improve personalization and generate better performance and profits, adding to an already strong data-driven focus.
With AI, the consumer experience can be personalized in a way that’s easier and more cost-effective. This allows brands to achieve incredible gains through a deeper understanding of the customer base.
Learn more about the applications for AI in marketing and see how it can revolutionize your marketing campaigns.
What is Artificial Intelligence (AI)?
Artificial Intelligence is simulated intelligence in machines that are programmed to “think” like humans and mimic human behavior. At its best, AI can rationalize and take action to achieve a specific goal, which has virtually limitless real-world applications.
AI automates repetitive learning and discovery through data and adapts through progressive learning algorithms. By finding structure and patterns in data, these algorithms become a predictor and the machine can optimize itself.
AI works on a much larger scale than the human mind, however, which gives it the ability to analyze larger data sets and more detailed data. On top of that, the more data AI has to work with, the better it learns and the more accurate the predictions will be. Because of this, AI gives you a competitive advantage, since the one with the best data has the edge.
Search engines have come a long way from the days when you needed to know the exact product name to find what you were looking for. Search engines with AI are getting smarter and more capable of discerning your intent behind a search, so it’s able to provide you with more relevant results.
By using the techniques employed by AI-enabled search engines, businesses can help customers find the product or service they’re looking for, regardless of how jumbled the search term became.
As an example, searching for a product on a massive e-commerce platform, such as Amazon, only requires a general term. Like Google, it will finish your search term and correct any typos in an effort to give you the most relevant results. It also provides an advanced search feature, which offers more targeted searches.
Programmatic advertising is the automated process of buying and selling ads. Advertisers and publishers connect to an ad’s inventory, through which they can exchange advertisements. AI helps this process by using algorithms that analyze user behavior and optimize the campaign for more relevant results.
Like other sales platforms, this is achieved by targeting consumers with a high chance of converting. Basically, it’s targeting the consumers searching with the express intent to purchase. Cookies also provide insights to help AI tailor the campaign.
For example, AI and programmatic advertising can be used to target apprehensive buyers by analyzing internet trends and identifying preferences for better targeting. Matching the subscriber, cookie data, and other data sets offers a clearer picture of consumer behavior. This allows marketers to create better segments and duplicate audiences as well.
The customer experience is an important part of successful marketing, and it’s receiving more and more attention with the recent changes to the Google algorithm. Marketers want to meet or exceed customer expectations as much as possible, as well as determine if engagement will ultimately lead to the sale.
With AI, marketers can make better predictions about market demand, giving them the information needed to nurture a prospect or move on to the next opportunity.
For example, if you can gain an accurate prediction of how much inventory you’re likely to sell, you know when to boost your marketing efforts to get the sales. You can also double down on the inventory you have in anticipation of higher-than-average sales.
Though it may seem outlandish, AI can also analyze the conversations you have with a customer to identify your successes and failures. It can then advise you on whether to continue with the prospect.
AI systems can find, compile and present valuable content to your target audience by pulling information from different data sets. This is a complement to your content marketing strategy, because you now have relevant, highly targeted, curated content ideal for your audience.
Marketers can use AI to come up with marketing strategies based on this data as well. If the content curation is targeting the ideal customers with this insight, those insights can prove invaluable to developing a strategy to communicate with your audience.
A similar technique can also be used to gather information on prospects and send marketing messages to them. Over time, the prospect is likely to subscribe or buy, since the offer is exactly what they’re looking for.
Chatbots are a vital part of modern digital marketing. AI-enabled chatbots provide responses to customer inquiries and engage customers, leading to greater customer retention.
For example, a large business will struggle to keep up with millions of customers, even with a full team dedicated to customer service alone. Chatbots are available to address the minor needs of the customer, engaging them and freeing up a representative to handle the more involved questions and concerns. Chatbots are also available any time, day or night, which is more practical than having a full team around the clock.
The only way to tell if your marketing campaign is performing well is with analytics, giving you insight into what is and isn’t working. AI and machine learning provide detailed analyses and insights into which advertising efforts are succeeding. This allows you to make more informed decisions about where to direct your future campaign efforts.
AI shows you how many clicks an ad received, which country or region they came from, what platform they came from, and other valuable data. Using this data to inform your advertising campaign will give you a higher ROI.
These same insights can also be used for future predictions. Instead of focusing on right now, AI gives marketers a better picture of overall trends to tailor the strategy for future goals and continue to increase conversions along the way.
Predicting future market trends is one thing, but being able to apply accurate dynamic pricing strategy is another. This allows you to optimize sales when the demand is high and find out when to offer discounts to increase sales. AI is able to keep up with the imperceptible shifts on a much larger scale than we can, giving you accurate predictions to keep with the dynamic pricing trends.
With marketing enhanced by AI, marketers can rely on AI to determine the effectiveness of marketing campaigns and learn where to invest for the best ROI. AI also improves the customer experience and offers better opportunities for engagement, building a more loyal audience.
Regardless of industry, all modern marketing efforts benefit from the capabilities of AI. It not only simplifies the process and provides more cost-effective solutions, but it’s also more accurate and effective.
With so many businesses getting on board with AI-enabled marketing, you can’t afford to let your business fall behind.