It’s no surprise that Artificial Intelligence (AI) is increasing productivity in almost every industry it is adopted. The latest statistics show that current AI technology can boost business productivity by up to 40%.
As new technologies become more widespread, market leaders are motivated to improve their efficiency by adopting AI.
Businesses that invest in artificial intelligence will have a competitive edge in many different ways. More and more businesses are investing in AI marketing – a great way to revolutionize the way we do marketing.
This Artificial Intelligence Online Course will help you understand AI marketing strategies through practical examples, assignments, and projects. You will learn how AI can help you drive business value with successful and innovative marketing strategies.
This article provides an overview of Artificial Intelligence and its potential benefits for marketing professionals.
What is AI Marketing?
AI is a subfield of computer science dealing with the creation of intelligent agents, which are systems that can reason, learn, and act autonomously. We should first understand what Artificial Intelligence (AI) is. AI is a subfield of computer science that deals with creating intelligent agents. These are systems that can reason, learn, and act autonomously.
There are many different ways to answer the question “What is Artificial Intelligence?” because it is an interdisciplinary science with multiple approaches.
Artificial Intelligence includes a variety of technologies that can replicate human intelligence. These technologies can be used to automate tasks that would normally require human intelligence, saving time and money.
Historically, four different approaches have been explored to Ai are:
- Think humanly
- Think rationally
- Act humanely
- Act rationally
The USPTO has said that technologies that are part of the AI landscape include machine learning, knowledge processing, AI hardware, natural language processing, evolutionary computation, computer vision, speech recognition, and planning/control.
AI marketing is a topic that is evolving rapidly in the digital age.
So what exactly is AI marketing?
In short, AI marketing is a way of using intelligent technologies to gather data and customer insights, predict customers’ next moves, and make automated decisions that affect marketing efforts. In marketing, AI is often used in situations where speed is crucial. AI can increase the return on investment (ROI) of marketing.
Marketers can use AI to understand their customers’ behaviors deeply, so they can target the right strategy to the right person in a time-saving and effective way.
Gmail and Google Docs use AI in Smart Compose to read what you are typing and suggest what to type next. Some examples of AI marketing use cases from big brands are in the following section.
It is important to know why AI marketing is important for your business.
Why is AI Marketing important?
The impact of artificial intelligence in digital marketing cannot be understated. According to a recent study, 76% of customers expect companies to understand their needs and expectations. AI marketing allows marketers to quickly analyze huge amounts of marketing data analytics from social media, emails, and the Web. This makes AI marketing an essential tool for any business.
The following textAI makes your marketing automation more intelligent. It can work with marketing automation to enable translating data into decisions, and meaningful interactions and positively impact your business outcomes.
AI is important for marketing because it can help marketers do their job more efficiently by scaling the number of campaigns, determining the best actions for customers, and then defining which campaign to send to them.
AI can help to increase customer engagement and the email open rate for businesses, by optimizing subject lines and tracking their performance.
AI can generate and optimize content in multiple email formats that are relevant to the receiver. Additionally, AI is used in social media automation; businesses utilize it to increase customer engagement and optimize content.
The Past, Present, and Future of AI in Marketing
. Many experts believe that the next step in marketing will be artificial intelligence. This is because scientists and researchers have been working on making data self-aware. This would allow marketing to be more efficient and effective.
If a machine can think, it might outsmart us and then we’d be in trouble. Even if we could keep the machines under control, for example by turning off the power when necessary, we would feel very humble as a species.
IBM’s artificial intelligence (AI) platform, Watson, is very talkative; it can tell jokes, answer questions, and write songs. Google’s AI can now read lips better than a professional and can master video games within hours. MIT’s AI can predict action on video two seconds before it begins. Tesla’s AI powers the company’s innovative self-driving car. All of these things seem to bring us closer to Turing’s world of machines with more intelligence than humans.
For many marketers, the anxiety and existential fear has given way to hope and excitement for a new tomorrow. If Turing’s words now ring true, this is a positive development.
Doug Dome, who has been studying the impact of data on marketing for 30 years, is excited about the potential of AI. AI has the potential to save marketers time, bring companies closer to consumers, and catch customers in stride. Dome believes that AI will completely change branding, marketing, advertising, and perhaps the world.
Dome is saying that although there are a lot of innovative technologies, they might not be making our lives more convenient. He thinks that marketers should take a different approach to problem resolution in order to benefits from data-driven marketplace.
These include: connectionism or neural networks, evolutionary programming, Bayesian inference, and rule-based systems. “Dome,” referring to Pedro Domingos’s book, The Master Algorithm, believes that this is the future of marketing. He believes that it is necessary to bring together different “tribes” or philosophies of machine learning, each with its own algorithm. These include connectionism or neural networks, evolutionary programming, Bayesian inference, and rule-based systems.
So certain is Dome that AI is the future of marketing that he has banked his time and money on it with Core7, what he calls his “entrepreneurial sabbatical.” Core7 is, in theory, a marketing platform that applies AI to marketing ecosystems via a “master algorithm.” The algorithm would be licensed to brands and agencies, which he says would create a hyper-speed version of a fully integrated marketing ecosystem. However, Dome has been unable to get the company off the ground; investors have not yet been on board with the idea. It’s an ambitious goal, he admits, and when he first started pitching the idea two years ago, it was downright audacious. The Core7 team was developing the platform and algorithm and ready to go further, but thus far, Dome has been left to study AI from the outside.
Dome still believes that he is on the right track to finding the master algorithm for marketing AI. Although he is disappointed that he has not found it yet, he is confident that he is close and that someone like him will eventually find it. He is certain that he is on the cutting edge of where the marketing industry is headed and that he has the right philosophy for finding the algorithm.
Marketing’s Quest for Singularity
Our technology and machines are a part of what makes us human. We created them to extend ourselves and our abilities, which is what sets us apart from other species.
Markus Giesler was fascinated by the idea of the HAL 9000, a villainous AI from Stanley Kubrick’s “2001: A Space Odyssey.” He was so intrigued by the idea that he and a friend tried to create a good-natured version of HAL in his own home. For weeks, Giesler would videotape his parents as they entered and exited rooms. He analyzed their language and noted their moods, realizing his AI would have to be tailored to his parents’ experiences to deliver the realism of HAL.
Giesler notes that after some time, they had set up a system where their parents could have a one-minute conversation with a computer whenever they came into the room. Although it wasn’t an in-depth conversation, it was enough to make a good impression.
Giesler, who chairs the marketing department at York University’s Schulich School of Business and directs the Big Design Lab, researches AI concepts that are further down the path of his childhood creation, such as smart homes and driverless cars. However, humans have been interested in AI long before his adventures with HAL, all the way back to antiquity before the Middle Ages, he says. There has always been a longing for what he calls “technology with a spirit.”
He is surprised that AI is only now being seen as a marketing construct, when it has been around for a while. He thinks that it is coming into everyday consumption now and makes sense for it to become more mainstream.
The awareness of AI has increased, particularly in marketing. This change in awareness seemed to happen in 2012 when Target figured out a young woman was pregnant before her father did, by analyzing her shopping habits and sending her advertisements for baby necessities. Now, companies have convinced themselves of AI’s impact. In a June 2016 report, Weber Shandwick found that 68% of CMOs report their company is “planning for business in the AI era” with 55% of CMOs expecting AI to have a “greater impact on marketing and communications than social media ever had.” This change in awareness may go a long way toward marketing and other industries accepting AI. Giesler says a shift in the decision-making process takes as much change in humans as it does in technology.
” The thing that fascinates him most about AI in marketing is when it’s invisible. He says it’s one thing to talk about AI creating applications that give consumers extraordinary experiences, and another to see how it has invisibly influenced everyday aspects of our lives, shaping who we are as individuals and families. For example, cellphones have become an extension of who we are.
AI is having a big impact on the market and on customer experience. It is also changing who we are as individuals and groups.
THE PROBLEM: YOUR BUSINESS ISN’T GROWING AS FAST AS IT SHOULD!
Your sales have stagnated or decreased, and you can’t figure out why. Discover what’s holding you back from achieving predictable sales growth in your business.
If you want to grow your business, you need a proven plan and framework. That’s what you get with the 2X Your Sales Discovery Session.
Want to learn about a formula for Predictable Growth that will put your business on a 90-day path to 2X Your Sales?