Marketing with AI (Artificial Intelligence) may sound fancy; the term is thrown around in marketing tool ad copy by the marketing gurus and hyped by the media. Though the hype around what AI might do in the next few years is overstated, the reality of how it is used today in marketing is often under-recognized.
• Google uses deep learning to rank search results.
• Amazon uses natural language processing for Alexa.
• Facebook uses facial recognition to suggest who to tag in photos.
• The Washington Post uses natural language generation to write data-driven articles.
• Netflix uses machine learning to personalize recommendations for its users.
So, our lives are already machine-assisted, and similarly, marketing can be, too.
Your marketing team is losing the competitive edge as long as you postpone using innovative AI-powered marketing tools. The Artificially Intelligent systems continuously work on the background of popular products and services such as Amazon, Netflix, and Google.
In recent years, AI has entered into marketing by helping brands to improve and enhance every step of their customer's journey. Also, tools that were previously available to enterprise-level companies have now become affordable and accessible to medium and small-sized businesses.
Here are five ways in which AI can be used for your marketing campaigns:
Messaging apps such as WhatsApp, Viber, and Facebook Messenger have made it easier for customers to reach out to companies and businesses for inquiries, buying, or complaining. These apps are free and easy to use. However, the sad reality about using these apps for businesses, especially the big brands, is that it can be tough to reply every time a customer sends a message. Moreover, it could get tedious when you have to respond to thousands of messages within your work hours, and most of them are asking you the same question!
A chatbot is an AI program that can simulate a conversation with a user in natural language. This helps businesses keep up with their customers and answer their queries. Now, big brands can set predetermined answers to the frequently asked questions of their customers. And also, chatbots can help your customers to find and buy a product they like. All this will significantly reduce the time required for human intervention and response, thus, save both your time and money.
2. Content Generation
We all know how the manual generation of content is a tedious process. Now, imagine having a website that can generate its own content. You don't have to hire writers or editors as you'll have a self-sustaining site that can earn for you.
AI machine learning algorithms can make life easier for you as a marketer, and this is called content generation. Unfortunately, it can't create long and eloquently written articles by industry leaders, CEOs, bloggers, and other talented writers who offer in-depth knowledge about any given topic.
A content generation or writing can only cough up simple financial reports, stock updates, sports news, etc. However, if you need help in generating personalized content for your website, use content intelligence. It provides creators with data-driven feedbacks and insights for effective content that will yield better results.
3. Programmatic Ad Targeting
It involves automating all or parts of the ad-buying process by using software-driven technology. The traditional way of buying/selling ads is a long and tedious process that begins with talking to a salesperson, setting up the terms of a contract, and finally executing it. However, AI in digital marketing changes the conventional way to a simple automated process.
The AI uses the data from the cookies of websites and mobile applications used or visited by users to target specific customers that match the advertiser's or businesses' criteria. In the case of a match, the ad-buying system will automatically bid on the impression and show the user's winning content.
Facebook ads allow marketers and advertisers to use data analytics in digital marketing to create custom profiles to target and retarget their ads. Note that this is the data you share on the social media platforms when you click on to agree on the end-user license agreement (EULA).
4. Dynamic Pricing
It involves using a personalized pricing strategy, in which its demand and/or supply determines the price of a product or service. For instance, the prices of ride-sharing apps increase as the demand rises. A website or application bot can monitor your customer's predictive analytics using their searches, history, cookies, and other activities to provide them with real-time pricing. However, this could mean they get higher prices or fewer discounts for the services or products they need at the moment. Though it sounds unfair, there are always two sides to a story.
Your customers can benefit from the dynamic pricing when the demand for a product or service is down. For example, when hotel rooms go unsold, dynamic pricing can offer competitive pricing to attract customers and help reduce vacancy chances.
5. Speech Recognition
At present, we have AI's with speech recognition capabilities that can recognize spoken words and convert them into text for executing the command. Alexa, Siri, and Google Assistant are some of the most popular chatbots that use speech recognition technology. Moreover, speech recognition is used in apps such as Google Maps, Shazam, and other hands-free systems.
But how can marketers take advantage of speech recognition for their campaigns? It is estimated that around 55% of households will have a smart speaker by 2022, compared to 13% in 2018. Further, sales from voice shopping are expected to reach USD 40 billion in 2022, from USD 2 billion in 2018. Based on this data, marketers should not miss out on using speech recognition in their marketing campaigns.
Considering all the above benefits of AI Marketing, does it mean that AI will soon take over marketers and content creators' jobs? Although machine learning is making a huge improvement in its algorithm, you can rest assured for the next few years, as AI's are still far from perfect.
Nonetheless, AI in marketing is a powerful tool that enables companies to engage with every individual customer in a personalized and meaningful way. It is time to start applying AI products and marketing analytics techniques to deliver personalized experiences to your users. This will help marketers to achieve better results, possibly boosting their business's ROI (Return-On-Investment).