How AI and personalization are redefining the future of marketing
To remain relevant in a dynamic corporate space, marketers are adopting Artificial Intelligence to pave the way for next-generation marketing and advertising that puts the customer at the center
Published - 5 days ago
The practice of collecting basic demographic information from customers to create a successful business marketing strategy is one of the past. In recent times, there has been a major shift in the way businesses interact with their customers. The digital space has spread so far and wide that it has had a lasting influence on virtually everything we do. As a result, the conventional approaches to marketing that were prevalent even as early as a few years ago are considered severely ineffective today.
To stay ahead of the game and remain relevant in an extremely dynamic corporate space, marketers are adopting Artificial Intelligence. It is paving the way for next-generation marketing and advertising that puts the customer at the center: an integral part of the messaging.
According to The Economist Intelligence Unit report, 46 per cent of executives anticipate that AI will displace humans from certain roles within the next five years.
“Artificial Intelligence (AI) is increasingly taking over human teams in digital marketing. AI can process colossal amounts of data in a fraction of time which otherwise would take a human team to accomplish in days or months. It can take over the digital media buying role in its entirety from planning, to buying and to optimizing ad campaigns. AI helps quickly analyze customer data and can decide the platforms to target for better conversions. It can also transfer budget to the best performing platform and optimise it to ensure maximum Return on Ad Spend (ROAS),” said Kuldeep Chaudhary, CEO, ADHOM.
Chaudhary also told us while AI collects, analyzes, and processes data in a fraction of a timeframe, it provides a business keen insight into customer behavior and patterns and cuts the hard work of market research. Using AI algorithms enables marketers to develop customer personas to create deep connections, and better brand values, and build better user experience as well. It also enables predictive marketing and analytics. Owing to larger data, advancing technology and science, greater awareness, and better computing, predictive analysis is mounting progressively. It uses customer behavior and preferences to provide items what they want. Besides, this data also assists businesses or organizations more reliably to foresee conversions.
“AI’s impact on marketing is evident. We are already witnessing the role of AI in content curation where personalized recommendations are based on a user’s interest. The most significant advancement has to be in searches where AI has already demonstrated some serious drive. Voice Search is the next big thing in digital, and the advent of Voice Search volume will force marketers to adapt their content close to how users’ converse. The shift from long-tail keywords to conversational ones is merely a beginning, and AI is bringing in more disruptive and exciting changes,” said Prashant Puri, Co-Founder & CEO, AdLift.
As technology gradually becomes more mainstream, Artificial Intelligence is also making inroads into fields such as Finance and Retail. The banking sector for one has openly embraced AI, making it part of its customer-facing processes, and using it to design unique machine-based intelligent assistants to address customers’ frequently asked questions and banking needs. AI has also impacted retail since customers are now looking for more personalized online and offline shopping experiences.
Sanjay Vasudeva, Founder & CEO Buzzone influencer marketing says, “AI-powered influencer marketing platforms enable brands to gain insights to further create tailored interactions with their target audience. It helps in interpreting trends and data; identifying influencers with brand affinity, higher engagement level, and ROI as compared to the number of followers; track and monitor audience engagement; and block/remove posts that do not follow brand guidelines.”
Adding, “It (AI) also helps in regularly mapping influencer content, engagement so that they ranked accordingly basis their updated content rendition, follower count and engagement rates.”
According to a recent Adobe study, 60% of content marketers struggle with personalization. This is a serious problem at a time when consumers are seeking highly unique, interactive experiences with retail brands.
Today’s digitally savvy customers actively want to forge deeper connections with the businesses they patronize. Marketers have taken note of this dynamic trend. Several marketing-automation software organizations are stepping up to this challenge by creating tools and solutions that enable marketers to focus on personalized engagement with customers.
“More than 60% of marketers struggle to personalize content in real-time. AI is a game changer in decoding a large spool of critical customer variables including psychographics and demographics. Predictive analysis helps leverage engagement on social channels and provides a more personalized communication front for the brands,” Puri added.
Satyakam Mohanty, CEO, Lymbyc Solutions said, “Personalization is an extension of ‘Segment of One’ marketing. AI will absolutely be at the heart of it, creating the right marketing and messaging mix, at the same time achieving the speed at which it is required. As consumers buy on the go, through the universal growth of e-commerce and mobile, the decision cycles have almost become real-time. This has created a demand for real-time, personalized messaging that can only be possible through AI intervention.”
“For instance, as soon as you buy a product from Amazon, it starts recommending similar or complementary products you may also want to buy. This is a classic case of a highly successful firm using AI to provide personalized recommendations. This will not be just it. Every aspect of marketing will be affected by AI, sooner than later,” Mohanty added.For more updates, subscribe to exchange4media's WhatsApp Channel- https://bit.ly/2QUdLCK