Introduction: What is AI and How will it Continue to Transform Marketing?
AI (also known as ‘artificial intelligence’) has become one of the most hotly debated topics in marketing. But what is it and why should marketers care? After all, you could argue that organisations don’t pay attention to AI because it doesn’t impact on their core marketing activities (such as advertising), and so they are not really concerned (at least in words). However, the success of AI – especially with regard to disruptor products, such as Uber and Google – suggests that it does have a major impact and will continue to transform marketing.
In this article, we will attempt to unravel what AI is and how it is already affecting marketing.
What does AI mean?
Artificial intelligence is a broad term that means different things to different people. For example, we can divide the definition of AI into three parts: machine, knowledge and intelligence.
Machine : A machine is a device constructed by humans, often with the ability to move itself and/or carry out a task. For example, cars, industrial machines and even computers.
AI’s Impact on Tribal Marketing as Predicted by Google
This transformation is already happening. Google Global Marketing SVP, Lorraine Twohill, predicts that “Offline will lose to online, TV will lose to digital video, and outbound advertising will lose to inbound marketing” (Fox News). Since the invention of the first advertising by handbill in 1837 (which was considered disruptive at the time), there has been an ongoing battle between outbound and inbound marketing (i.e., interruptive vs. non-interruptive), as summarised by this chart:
The “digital” trend is still in it’s early days, and the battle between these two marketing approaches is ongoing today.
A recent analysis of the volume of global advertising by the International Association of Research Consultants (IARC) found a great deal of variation in its impact between different types of advertising: however, inbound marketing was found to have a positive effect on sales, outbound advertising was shown to have no effect (and some negative effects), and traditional media such as TV had no measurable effect.
These findings came in the wake of a report on Digital-Outbound Marketing and Advertising by Cisco, demonstrating an increase in impact (or differentiation) of Google over outbound ads alone.
How AI can be Used to Boost Creativity in Market Research
As a result of this success, the next step is to use AI to ‘compile insights’ and show what consumers want before they know they want it [ARTICLE END]
Artificial Intelligence is set to revitalize the market research industry in a way not seen since market research was first introduced. Here, data is collected and measured using long-established statistical models, augmented by behavioural data of how consumers behave in their daily lives. These insights categorize and quantifies human behaviors with mathematical precision in order to give insight into what consumers want.
The next wave of innovation in the market research industry will be to focus on how consumers behave and how they interact with their surroundings. The main purpose of this is to improve the accuracy of future market reports.
How Businesses Can Benefit from an Intelligent Customer Service Solutions
AI can transform corporate processes and help businesses keep up with consumers’ high expectations. It helps companies in many ways, including:
● Helping professionals better understand their customers by helping them analyze data and find key insights.
● Identifying new opportunities for growth and revenue by identifying patterns in customer behavior.
● Developing customer-centric business processes that can help companies improve their throughput with ancillary benefits like automating tasks, reducing costs, and boosting brand recognition.
Conclusion: These 5 Ways AI Will Shape Your Business in 2018
AI is now a ‘foregone conclusion’. All businesses will be using it. The question is no longer whether AI will be used, but how it will be used. The main role of marketing teams in this context will be to work with IT and communications groups to ensure that the right systems are in place and that data is gathered and analysed effectively. In doing this, marketers can help businesses better understand consumers, act on that understanding and interact with them more effectively.
The key take-aways from this article: