The Past, Present, and Future of Artificial Intelligence in Marketing
What if we tell you that the last customer executive you’ve had a chat with could’ve been a chatbot, or the personalized content that you get on a particular website is because an AI bot is continuously tracking your online activities? Artificial Intelligence in marketing is an all new but very impactful feature and according to a study by gartner, by 2019 more than 10% of IT hires in customer service will mostly write scripts for bot interactions.
“If a machine can think, it might think more intelligently than we do, and then where should we be? Even if we could keep the machines in a subservient position, for instance by turning off the power at strategic moments, we should, as a species, feel greatly humbled.” – Alan Turing, the father of modern computing.
By 2019, artificial intelligence platform services will cannibalize revenues for 30% of market-leading companies. But before talking about the future, let’s discuss about the current role of artificial intelligence in marketing.
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Artificial intelligence in marketing
Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. – Philip Kotler
Companies look for ways to get closer to their consumers. They want to act more like humans and build relationships with them. Marketing is taking a new direction of personalized communication or rather humanized communication. Artificial intelligence has a great role in this new era of marketing. Companies now have the data about your every wants and needs. All this has happened because of the introduction of technology in marketing and the next phase of technology is AI. Artificial intelligence has given them the ability to fulfill your needs and wants in a differentiated and personalized manner as you would like them to be.
The potential of AI has given way to the belief that AI will completely change branding, marketing, advertising and perhaps the world in future. It has already started actually. IBM’s artificial intelligence (AI) platform, Watson, is loquacious; it can tell jokes, answer questions and write songs. Google’s AI can 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.
The current role of AI in marketing
The usual practice of guessing which type of communication and engagement technique might appeal to which audience has been replaced by detailed researches and analytics based on the big data. This involves a huge role of artificial intelligence in marketing practices of the brands. Few methodologies that the marketers use to make conversions happen, engage with the customers and satisfy their needs and wants are –
These days marketers don’t need to guess what all will work for what audience. They have thousands of data points on their target audiences to understand which message is going to appeal to whom.
AI closes the gap by moving far past human limitations to consume and analyze data on a scale no human can. The “intelligence” in artificial intelligence is exactly what it sounds like: the ability to think independently, to grow more knowledgeable from being exposed to more information and to adapt and adjust when things change.
There are recommendation engines that make suggestions based on everything they know about a shopper, not just what they bought before but their browsing habits, their interests, their location and age etc.. There even are systems that analyze advertising markets and messages and respond to changes by altering ads and emails on the spot for different users.
The marketers usually divide their audience based on demographics and geographics. But this actually is not a a good idea to think that all the men of a certain age or residing at a specific area will get the same message because of their demographics. Today, psychographics shape the marketing and marketing communication activities of the brands more than demographics and geographics. Psychographics is the study of personalities, attitudes, opinions, interests and lifestyles of the consumers.
With the availability of big data and technologies which involve artificial intelligence and machine learning. Marketers try to communicate with you in a way you would want them to.
Haven’t you experienced different newsfeed for different users on Facebook even though they have same friends and similar liked pages? This is because Facebook’s newsfeed algorithm is designed to serve content based on your activities on the website. Many factors like – family, friends, interests, time spent on posts, etc. are taken in consideration while preparing the your newsfeed.
Targeted marketing activities
Not just internet, but marketers now have access to to your viewing habits on TV, usage habits on phone, and other devices like fridges and air conditioners too. This access has opened the doors for targeted marketing activities as well. You’ll soon get to see a different TV advertisement than others just because you have different interests than them. Your fridge might soon be able to order dairy products on your behalf as soon as their stock reduces. Artificial Intelligence will not only help marketers sell new products but help you in receiving everything which you want to, when it comes to communication and products.
Future of artificial intelligence in marketing
It’s the era of the bots. Era of automation. Era of visuals. Era of personalization. AI currently help marketers and users in fulfilling their tasks. But the time isn’t far when it’ll be the one designing the websites and applications, creating advertisements, and improving itself. There soon can be a world ‘beyond human’ which could be as scary as it seems where AI will perfect the art of creating a demand and which will lead to excessive capitalization. There are no limitations to the potential of artificial intelligence in marketing.
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