Why Artificial Intelligence is Revolutionizing Marketing

Artificial Intelligence for Marketing

artificial intelligence in marketing

According to experts, the market for AI in marketing will exceed $35 billion next year, nearly tripling in size in only four years. Another four years later, in 2028, industry insiders believe that this area of the marketing industry will have tripled once again. Statisticians expect that marketers will utilize AI to a value of nearly $108 million before the end of this decade. If utilized creatively and with the consumer’s wants, needs and desires at heart, the use of AI in marketing offers incredible rewards in terms of growth, evolution, development, and ongoing success in an increasingly competitive digital landscape.

Big data can be processed at speed, utilizing data sets from across multiple digital channels. This empowers marketers to think and act more strategically, increasing the effectiveness and ROI of marketing initiatives. We hope this has given you some ideas of how AI can enhance your customer service experience, predict future behavior, and better market to potential customers through interactive content and personalized experiences. On the company level, governance mechanism should be implemented to keep humans in the loop (e.g., Thiebes et al., 2020). To date, the development of artificial moral agents is still in its infancy (e.g., Cervantes et al., 2020).

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Empowering departments to act, solve problems, and achieve business goals without depending on feedback from a dedicated analytics team. Companies need to engage with their customers on the channels and platforms their customers using. Developments in AI are providing the opportunity for companies to communicate with their customers and learn about their needs and preferences at a previously impossible scale.

Personalization of products

This includes identifying possible potential customers based on data like purchase demographics, location, purchase history, etc. Under Armour recently made use of IBM’s Watson to combine their own customer data with third-party information to create a personalized health and fitness tracking app called “Record” for example. However, in the coming years, AI-driven applications, such as Alexa and Siri, among others, could help improve the natural use of language in marketing campaigns more adequately. Organizations will have the ability to understand the language their audiences are speaking, and how they react to these messages.

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With one foot firmly planted on both sides of the development spectrum, the next decade could bring exciting innovations for marketers, and from what we already know and use today, the coming years could be a revolutionary experience for both industries. Stand-alone applications are separate AI programs that function outside the main customer or employee channels. This AI-based software solution has been launched thanks to Open AI’s GPT models and can summarise and transcribe conversations and provide smart responses to help agents improve efficiency. In fact, a study by Deloitte states that 88% of medium-sized businesses are already using or testing AR for some purposes.

Soon, companies will be using AI to improve virtually every facet of the customer experience. As demonstrated by Maritz Motivation Solutions and HSBC, AI can be used to sift through huge amounts of data to detect behavioral overlaps between customers, including their purchasing patterns. As AI’s prevalence grows, so too will the expectations from customers that companies replicate the quality of service it provides. In the same way that businesses are expected to have websites, online shopping, and other omnichannel avenues for purchasing, customers will expect intuitive, relevant communication from companies.

Ads are expensive—and  may burn holes in your wallet if you keep testing  without evaluating their performance. AI platforms help you create targeted ads that get the right people to engage at the right time. However, what you do need is people – and more specifically, people with the relevant skills. Most marketing departments outside of large enterprise companies won’t be appointing dedicated, specialist data scientists – and neither should they need to. Marketing is one of the areas of business operations where it is widely predicted that artificial intelligence (AI) will drive enormous change.

artificial intelligence in marketing

Employing such services is an excellent way to get your AI marketing programs off the ground. Examples include data from customer relationship management (CRM), enterprise resource planning (ERM), previous marketing campaigns, organization’s website data and surveys. Establishing clear KPIs helps you assess the success of AI-augmented marketing campaigns and is essential for qualitative goals.

Because AI marketing is a newer tool in the digital marketer’s toolbox, definitive best practices haven’t yet been established to guide marketing teams’ initial deployments. Every digital marketing team should think about the long-term effects of implementing an AI marketing strategy, not just the short-term benefits they could reap. The data analytics and insight AI provides can be leveraged to produce better marketing assets and improve your campaigns in real time. This type of AI helps increase conversions, improve customer satisfaction, and measure the overall success and ROI of various marketing campaigns. There are several AI tools and software marketers can use that will trigger automated responses for your customers.

This flexibility in aggregation and disaggregation allows marketers to find the right size of segment. Mechanical AI can automate data collection about the market, the environment, the firm, the competitors, and the customers. In the digitally connected world, market data can be easily tracked and monitored. Data sensing, tracking, and collection are routine, repetitive tasks that can be easily automated by mechanical AI. Mechanical AI provides standardization benefits due to its ability to be consistent. All these applications aim to generate standardized, consistent, and reliable outcomes.

These tools utilize machine learning algorithms to automate tasks such as image retouching, background removal, object recognition, and video editing. The analytic capabilities of AI present an excellent opportunity for companies to get to grips with their data and improve the performance of their marketing. AI is integral to every stage of marketing analytics, connecting and finding insights from disparate data, automating data models, and reducing the time needed to optimize efforts by providing insights faster. Artificial intelligence is the only way to process and segment vast quantities of data and reveal insights in a timeframe where they can be utilized to drive marketing performance.

artificial intelligence in marketing

In 2020, the market for artificial intelligence technologies in marketing was valued at just over $12 billion. While that may seem impressive, it pales in comparison with the global AI market, which was valued at over $325 in 2021. However, the current market size does not reveal the true potential of marketing-related AI. As a trusted authority in digital marketing, HubSpot usually sits in the front edge of the curve when it comes to new trends or innovations—artificial intelligence is no exception.

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