Over the past few decades, artificial intelligence (AI) has emerged as one of the most influential digital innovations. AI refers to computer systems or machines that imitate human cognitive abilities, including machine learning, tics, artificial neural networks, and natural language processing. These algorithms and features are versatile and adaptable to various industries such as telecommunications, finance, healthcare, and pharmaceuticals. As a result, the global AI market was valued at approximately $327 billion in 2021.
AI at the Marketing’s Driver Seat
Data, data, data. Data might be considered a currency, and in some cases it is. Data is the driver for innovation and the spark for change, even more so in the marketing ecosystem. A key advantage of AI is its ability to quickly process large amounts of data making it the driver for innovation in terms of marketing technologies. We can collect this information using a variety of data sources, including social media, customer feedback, and website analytics.
According to recent reports, over 80% of digital marketing experts use AI technology for various marketing activities, which is not surprising given the benefits it offers, such as task automation, personalized campaigns, and data analysis. A survey conducted among marketers from the US, Canada, the UK, and India revealed that about 50% of them use AI for ad targeting, while others use it for personalizing content, optimizing email timing, and calculating conversion probability.
Predict, Adapt, Overcome
Often times the quality of the Customer Experience (CX) is the deciding factor in terms of conversions for a business. Streamlining and creating a frictionless CX is key to generating revenue. AI algorithms can use customer behavior and preferences data to create highly customized experiences for individual users. This can be done in real-time and helps businesses build stronger relationships with their customers. For example, AI can help businesses provide personalized product recommendations, send targeted email campaigns, provide personal customer support via chatbots, and much more.
Another use of AI in marketing is the ability to automate processes. This includes tasks such as lead generation, lead scoring, and even entire marketing campaigns. By automating these processes, businesses can save time, reduce costs, and free up marketing teams to focus on higher-level tasks such as strategy development and creative work. AI algorithms also help optimize campaigns in real-time to ensure optimal performance at all times. AI is also having a major impact on the world of advertising. By analyzing consumer behavior, AI algorithms can help businesses predict which ads are most effective and target the right audience at the right time. This results in a more efficient use of your advertising budget and a better overall advertising ROI. Additionally, AI-powered advertising platforms can automate bidding, placement, and targeting so businesses can get the right message to the right people without manual intervention.
Content marketing reigns as the most effective process for marketers. However, it is not only costly but also time-consuming, especially with the abundance of information available. AI tools utilizing NLP (Natural Language Processing) can assist in identifying topics, generating content, and personalizing it. The Guardian’s article “A robot wrote this entire article. Are you scared yet, human?” showcases the capabilities of OpenAI’s GPT-3 neural network in creating human-like text. While commercially available tools are not as advanced, startups such as Copy.ai, Snazzy.ai, and Otherside.ai offer assistance to marketers with writing copy and improving SEO. Although copywriting is the most known implementation of AI, there are a number of exciting solutions for design purposes and visual creation.
Data without the ability to decipher it are just numbers. Intricate, hard-to-understand batches of data can now be visualized and analyzed using AI tools. Businesses can better understand what works and what doesn’t by using AI algorithms to analyze real-time campaign data. This allows you to make data-driven decisions, continuously optimize your campaigns, and deliver better marketing results over time.
AI is here to stay
In 2022, the market for artificial intelligence in marketing was estimated at 15.84 billion U.S. dollars, with no signs of slowing down, the projected value is expected to increase to more than 107.5 billion by 2028. The market for AI in MarTech is only in its infancy but already promises to be the next gold rush for businesses, investors, and marketers alike.
AI is rapidly changing the world of marketing and will overtake the field over the next few years. With its ability to process vast amounts of data, personalize customer experiences, automate processes, and provide insights, AI is the enabler for modern marketers to succeed in today’s rapidly changing, data-driven world.
AI is continuously bringing innovation to the marketing industry across all segments. It’s able to effectively address many challenges the industry faces and in only expected to be better as time goes by.
Storm5 is your partner in growth
As the MarTech industry continues to grow, so does the need for talent to facilitate this. At Storm5 we have specialized in connecting RetailTech talent with disruptive RetailTech players. We can assist in any stage of your growth by connecting you with the right people. Please don’t hesitate to get in touch and we would be thrilled to see how we can help and support you in your journey and with your recruitment needs.