This is the thirteenth of 20 daily ‘thoughts’ examining the trends in marketing in 2018 and beyond.A recent survey found that 34% of businesses considered themselves unprepared for AI, at least with respect to marketing. My experience would suggest that while 34% might recognise that they are unprepared, a further 34% plus are actually unprepared – without knowing or understanding that they are unprepared.
So, how has AI been applied in marketing? Here are some examples:
- AI generated content – WORDSMITH, for example, can pick elements from a dataset and structure a ‘human sounding’ article
- Voice search – GOOGLE, AMAZON, and APPLE, among others are now providing voice search capabilities, impacting significantly on SEO strategies
- Media buying – machine learning algorithms can more effectively target ads at the most relevant customers
- Propensity modelling – using large amounts of historical data to create a propensity model which that can make accurate predictions about the real world
- Email marketing – analysing large amounts of data about the consumer to then isolate the best times and days of the week to email, the ideal frequency, the most potent, and which email subjects and titles will generate more clicks
- Digital advertising – FACEBOOK and GOOGLE use machine learning to target the right messages at the right audience at the right time
The benefits of these technologies include:
- Time-saving – less human effort required for planning and implementing plans
- Money saving – greater efficiency reducing waste and increasing returns
- Greater accuracy – again increasing efficiency and reducing waste
AI and machine learning, in general, will significantly increase the return on investment in marketing, where they are applied appropriately.
The application of AI has contributed significantly to the success of the famous FANG businesses with:
- FACEBOOK – tailoring its product and targeting its advertising
- AMAZON – tailoring its product and its search capabilities
- NETFLIX – tailoring what you see on your home page and in promotions
- GOOGLE – improving its algorithms every time you search
That said, the applications of AI extend well beyond these larger businesses to businesses of all shapes and sizes in all sectors of the economy. Indeed, there will be no sector of the economy and no aspect of marketing, that will not be impacted by AI over the next few years. Most have already been impacted.
Keep an open mind and stay abreast of the ways in which AI and machine learning are being applied and used in marketing.
Embrace AI technology where it has the potential to save time, reduce costs, increase efficiency, and increase the return on investment in marketing
AI will have a growing impact on marketing in 2019 and beyond – especially where larger volumes of data are involved.
SOURCES OF CORE DATA
Smart Insights, The Drum, Social Media Week, CSR matters, Louder Milk, Forbes, Quicksprout, Wider Funnel, Trends and Insights, Core DNA, Digital Current