Artificial Intelligence startups have grown 14 times since 2000 and 6 times by venture capitalists. This and several other statistics signify that Ai is not a thing of fiction anymore. Artificial Intelligence is here in a big way and it very likely that it is already changing your life without you realising it. From virtual chatbots to content curation, SEO and email marketing, AI is being used by every other brand to further their reach and offerings to end users. The end results are highly optimised marketing processes helping businesses achieve more. Apart from that, AI also frees a lot of time for core critical thinking which would otherwise have been spent in repetitive rote tasks.
AI and Digital Marketing – The Relationship
AI has been churning up smart products like Siri, Tesla’s self-driving cars, Google’s Deep Mind and a lot more. AI has been revolutionising pretty much every industry that exists in the world and marketing has been one of the major recipients. The influence has been so much that marketers and finding it impossible to have an event without the use of AI. The increasing interest has been spurred for several reasons including, more accessible and affordable data analytics, growth of rich datasets, machine learning, and lastly, a growing acceptance. Today, thanks to AI and Big Data, marketers have more insights at their disposal to make data driven decisions. AI is also helping marketers to each out personally to customers and clients and making automated conversations using technologies like Deep Learning. If you have recently browsed the Amazon website, you would have noticed how carefully they suggest that products that you would like to check out. This is achieved by an understanding of your browsing history, interests, age, sex, place and a lot of variables that are easily taken care of by an AI in place.
Applications of Artificial Intelligence in Digital Marketing
1. Content Creation and Curation: AI is being used to attract more number of visitors to websites while creating an engaging and mutually profiting experience. In fact, AI technologies like Natural Language Generation (NLG) is being used to create reports that read natural. AI and machine language can be used to write complete columns, give news updates, or start and engage in a real conversation with a client/customer. Added to this are technologies like voice search, speech recognition that make the interactions easier.
2. Propensity Modeling and Predictive Analysis: Machine Learning, fed with huge amount of historical data has been used to make marketing predictions that are more accurate than past models. This amounts to predicting the likelihood of a conversion or predicting a price range that a consumer is comfortable in or the chances of a repeat purchase.
3. Ad targeting: Using a vast amount of personal information and historical data, AI algorithms can establish the best ads suitable to a particular person at a given time. This increases the chances of a click and conversion several folds.
4. Dynamic Pricing: For marketing, tools like discounts and coupons have been extremely helpful in pushing sales, especially when a customer is shying away from it. Using tools like Dynamic Pricing, marketers can target only those customers who can likely be converted with special offers. This saves he brand from losing out with discounts to consumers who might have been interested in the product without the cut. Overall, it helps maximise the profits.
5. Customer Service (Chatbot and Predictive Customer Service): A website is a 24x7 game but how much money would a brand invest in keeping someone live and available to help, should a customer come up with a query. Using virtual assistants and chatbots, brands can now replace human representatives to engage customers in a natural conversation and push sales or facilitate customer service. At the end of the day, it saves money while ensuring the credibility of the brand.
6. Web and App Personalisation: Again, feeding off the historical data, browsing history and the individual customer behaviour on a shopping platform, AI can help in personalisation. This range from the kind of content an end user would like to see to the products that are most likely to engage him/her. Personalisation has always been the key to selling and with AI in place; things got a whole lot easier.
7. Marketing Automation: We have talked about chatbots that are capable of engaging in a natural conversation. Well, this comes from a highly evolved machine learning that continuously feeds off demographic behaviours. Apps have put brands at the palms of end users but it is this AI that makes them successful.